Payroll courses ideal for those who are looking for a job in the accounts department and have no prior experience. Our Payroll Courses help learners to understand the basics of how to manage payroll accounts with real-life examples.
The term payroll described, and it has many meanings.
- The salary paid to all employees in a payday, as in "we ran payroll this morning for tomorrow's payday."
- The monetary statement of a company relating to the payment of salaries to employees
- The gross history of earnings of all employees for a year.
Important Terms used in Payroll
Gross pay is the sum total paid to a worker each pay period, and it determines differently for both salaried and hourly payment. For a fixed salaried employee, gross pay is declared on a yearly amount, To decide gross pay for a payment period, the annual salary is split into numbers of pay time in the financial year. For hourly-paid workers, the fee is fixed beforehand on the hourly bases of an employee; if a worker works overtime, that also includes in gross pay. Gross pay is the total amount paid by the firm to employees, and on the same amount, employees pay income tax.
Net pay is the total amount an employee receives after deducting all the withholdings and taxes from gross pay. In other words, Net Pay is the final amount receives by an employee as a salary. The calculation for net pay starts with gross pay. The net pay amount calculated after deducting federal and state income tax deduction of FIC tax and deduction like health plan and retirement plan.
Withholding is the amount taken from the employee's paycheck as an income tax. Retention determined for federal or state income tax.
Overtime refers to an additional amount paid to an employee who has worked more than 40 hours in a week or on weekends. Overtime worked are calculated differently for hourly bases employees as well as for salaried employees.
A Pay period is the extent of time over which employees pay is recorded and paid. Payment can be on a monthly bases, semi-monthly bases or weekly bases.
Maximum of time Compensation word is used instead of pay, but in general term, it includes other payments to the employee. Compensation, in short, is the extra income of an employee but even on that income employee has to pay tax.
Types of compensation income are as follows:
- Stock income.
- Awards, gifts and bonuses.
- Tip income.
- Advantages of using a company car.
- Transportation benefits.
- Education benefits.
Exempt vs non-exempt employees
Exempt means free from obligation and non-exempt are the workers who are entitled to pay tax on working. Exempt employees are the one who is working professional, managerial and executive positions and remaining are non-exempt employees. In short Exempt and non-exempt employees are categorized on the bases of work they do.
Why Choose Future Connect Training for Payroll Courses:
Hands-on Practical Training:
Theoretical, as well as practical training, is included in our Course. Our programme includes practical hands-on training with real-world practises to prepare you thoroughly for the future job.
Guaranteed work placement
Our payroll training programmes come with a guaranteed work placement at the end of the training.
Flexible finance option
Our programme price is comparatively low to other training classes, and we also provide interest-free monthly instalments option.
Our payroll courses combines globally recognized software like Sage, Xero, QuickBooks, VT, Iris etc.
Trainers at Future Connect are skilled, and experts with industries experience in delivering training.
Payroll Training includes:
- Payroll reconciliation training
- Comprehensive Tax Year-End training
- Refresher Tax Year-End training
- Basic User training
- Payroll Administration training
- Payroll Pro training
- Leave Administration training
- Report Writer training
- Principles of Payroll Tax training
- Sage Intelligence Connector training
- Sage Intelligence Report Manager training
- Open Database Connectivity (ODBC) training
- Employment Equity training
- Skills Development training
Get familiar and excited to learn Sage 50 payroll training with Future Connect. We are based in London, Harrow & Birmingham and planning to open a new training centre in London. If you are looking to develop your future in the accountancy sector or want to enrol in our payroll courses, enquire now on 02037908674 or 01212959988 for further information or email us on firstname.lastname@example.org.