Become More Astute In Payroll Compliance

Advanced Payroll

Bookkeeping and Accounting

By: Evelyn Jacks

PROGRAM: Bookkeeping Services Specialist

Most employers over-deduct withholding taxes, err in accounting for taxable and tax free benefits and incur inefficiencies and deficiencies accounting for vacation pay, termination pay and other technical aspects of payroll preparation. This circumvents a valuable opportunity for employees to save money on a pre-tax basis for retirement and other needs. An astute bookkeeper will ensure tax planning begins right at the primary source of wealth creation.

CONTENT DESCRIPTION & KEY CONCEPTS:

It should go without saying that bookkeepers must be able to produce an accurate payroll on time, every time. However, this course takes the student further, teaching completion of a full payroll cycle, TD1/T1213 form completing, accounting for statutory and non-statutory deductions, taxable and non-taxable perks and benefits, T slip preparation, for any business within Simply Accounting.

CERTIFIED SKILLSETS: The student will be able to produce a payroll run for any payroll period, for a payroll of any level of complexity and understand and calculate all employer remittances for deductions taken at source, while fully understanding the consequences of non-compliance. Specifically the student will:

• Understand the compliance requirements federally and under provincial Employment Standards Codes in their area of operation;
• Complete TD1 forms, T1213 forms, with a view to reducing withholding taxes and thereby increasing private pension contributions (RRSP, RESP);
• Account for a variety of compensation plans including hourly, salary, commissions, piece work, bonuses, retroactive payments, and vacation pay.
• Account for an extensive list of taxable and non-taxable benefits.
• Account for differences in pay structure for workplaces governed by a union.
• Provide tax-specific information required by certain profiles including commission salespeople, northern residents, truckers, tradespeople and executives.
• Account for termination pay, Records of Employment, T4, T4 Summary, workers compensation, employer health taxes, other public health care plans.

PRACTICE MANAGEMENT THESIS: Formal Case Study. This comprehensive review requires accurate payroll completion for a sample company, including preparing T4 slips.

KNOWLEDGE BUREAU TOOLS INCLUDED:

• EverGreen Explanatory Notes

MARKS ALLOCATION: