Performance obligations are related to deductions to be made from the wages/salary of employees. The retentions/deductions in the short run are not directly paid to employees, but they are generally paid to government institutions or private companies. The most common withholdings as per the U.S. laws are
Federal withholdings: Holdings for federal income taxes
State withholdings: Holdings for state level income taxes
FICA payable: Holdings for social security and Medicare
State disability taxes
Employee health insurance: Insurance coverage of the employees to provide support to the employees and their family in case of any unfortunate incidents during the service period
401K: Holdings for retirement benefits
Court-order withholding: Deduction from salary on order by the court
Establishing Payroll Accounting System:
For establishing the payroll accounting system, the U.S. federal legislation provides certain requirements to be fulfilled.
A corporation must get a federal employer identification number (EIN) from IRS, which is used to track tax payments.
A corporation must select the payment type and payment period. Payment period can be weekly, bi-weekly, or monthly but cannot be longer than the monthly basis.
A corporation must select if they are offering extra benefits to employees, such as insurance or a 401K retirement plan. If yes, then the cost of it to the employee and share of contribution by the employer should be given.
The employer should collect all the information and forms from employees, including 1-9 forms, W-4 forms, and direct deposit forms.
Calculation of Payroll:
Direct compensation for labor: Direct compensation for labor includes salaries, wages, and overtime.
Indirect compensation for objectives: Indirect compensation for objectives includes commissions or bonuses. They are based on the objectives or targets.
Legally required expenses: Employers are required to establish provisions for the expenses that are required to be paid in future as a result of legal requirement, such as holidays, vacations, and sick leaves.
Employers calculate, manage, and record the compensation of employees in the books. The sum of direct and indirect component of compensation is calculated, withholdings and deductions are deducted from that sum, provisions are created, and then the payment is generated to an employee.
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