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Payroll Service Bureau
A financial bureau is an accounting business whose main focus is the preparation of finance for other businesses. In the USA such firms are often run by Certified Public Accountants, though a typical financial processing company will refer to itself as a bureau rather than a CPA firm, to distinguish its finance from the general tax and accounting that are generally not offered by a financial bureau. The typical client of a bureau is a small business - one just large enough for finance to be complicated to the point of a hassle, but one still small enough to not merit its own full-time finance department. The tasks that can generally be expected of just about all finance bureaus in the USA are as follows: * Printing of employee pay checks on time for payday * Direct deposit of pay into employee bank accounts, when desired * Appropriate calculation and withholding of federal, state, and local taxes * Calculation of financial taxes to be paid by employer (such as Social Security an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certified Public Accountant
Certified Public Accountant (CPA) is the title of qualified accountants in numerous countries in the English-speaking world. It is generally equivalent to the title of chartered accountant in other English-speaking countries. In the United States, the CPA is a license to provide accounting services to the public. It is awarded by each of the 50 states for practice in that state. Additionally, all states except Hawaii have passed mobility laws to allow CPAs from other states to practice in their state. State licensing requirements vary, but the minimum standard requirements include passing the Uniform Certified Public Accountant Examination, 150 semester units of college education, and one year of accounting-related experience. Continuing professional education (CPE) is also required to maintain licensure. Individuals who have been awarded the CPA but have lapsed in the fulfillment of the required CPE or who have requested conversion to inactive status are in many states permitt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security (United States)
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The original Social Security Act was enacted in 1935,Social Security Act of 1935 and the current version of the Act, as amended, 2 USC 7 encompasses several social welfare and social insurance programs. The average monthly Social Security benefit for August 2022 was $1,547. The total cost of the Social Security program for the year 2021 was $1.145 trillion or about 5 percent of U.S. GDP. Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax (FICA) or Self Employed Contributions Act Tax (SECA). Wage and salary earnings in covered employment, up to an amount specifically determined by law (see tax rate table below), are subject to the Social Security payroll tax. Wage and salary earnings above this amount are not taxed. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Medicare (United States)
Medicare is a government national health insurance program in the United States, begun in 1965 under the Social Security Administration (SSA) and now administered by the Centers for Medicare and Medicaid Services (CMS). It primarily provides health insurance for Americans aged 65 and older, but also for some younger people with disability status as determined by the SSA, including people with end stage renal disease and amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease). In 2018, according to the 2019 Medicare Trustees Report, Medicare provided health insurance for over 59.9 million individuals—more than 52 million people aged 65 and older and about 8 million younger people. According to annual Medicare Trustees reports and research by the government's MedPAC group, Medicare covers about half of healthcare expenses of those enrolled. Enrollees almost always cover most of the remaining costs by taking additional private insurance and/or by joining a public Part C or P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Form W-2
Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. An employer must mail out the Form W-2 to employees on or before January 31. This deadline gives these taxpayers about 2 months to prepare their returns before the April 15 income tax due date. The form is also used to report FICA taxes to the Social Security Administration. The Form W-2, along with Form W-3, generally must be filed by the employer with the Social Security Administration by the end of February. Relevant amounts on Form W-2 are reported by the Social Security Administration to the Internal Revenue Service. In territories, the W-2 is issued with a two letter code indicating which territory, such as W-2GU for Guam. If corrections ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". Background A health i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cafeteria Plan
A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. Its name comes from the earliest such plans that allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria. Qualified cafeteria plans are excluded from gross income. To qualify, a cafeteria plan must allow employees to choose from two or more benefits consisting of cash or qualified benefit plans. The Internal Revenue Code explicitly excludes deferred compensation plans from qualifying as a cafeteria plan subject to a gross income exemption. Section 125 also provides two exceptions. If the cafeteria plan discriminates in favor of highly compensated employees, the highly compensated employees will be required to report their cafeteria plan benefits as income. The second exception is that if "the statutory nontaxable benefits provided t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Clock
A time clock, sometimes known as a clock card machine or punch clock or time recorder, is a device that records start and end times for hourly employees (or those on flexi-time) at a place of business. In mechanical time clocks, this was accomplished by inserting a heavy paper card, called a time card, into a slot on the time clock. When the time card hit a contact at the rear of the slot, the machine would print day and time information (a timestamp) on the card. One or more time cards could serve as a timesheet or provide the data to fill one. This allowed a timekeeper to have an official record of the hours an employee worked to calculate the pay owed an employee. The terms Bundy clock, bundy clock, or just bundy''Bundy.'' (n.d.). ''Collins English Dictionary'' – Complete & Unabridged 10th Edition. Retrieved April 10, 2014, from Dictionary.com website: http://dictionary.reference.com/browse/bundy have been used in Australian English for time clocks. The term comes from br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MICR
Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the ''MICR line'', is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, cheque number, cheque amount (usually added after a cheque is presented for payment) and a control indicator. The format for the bank code and bank account number is country-specific. The technology allows MICR readers to scan and read the information directly into a data-collection device. Unlike barcode and similar technologies, MICR characters can be read easily by humans. MICR encoded documents can be processed much faster and more accurately than conventional OCR encoded documents. Pre-Unicode standard representation The ISO standard ISO 2033:1983, and the corresponding Japanese Industrial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automated Clearing House
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. The ACH system is designed to process batches of payments containing numerous transactions, and it charges fees low enough to encourage its use for low value payments. History The first automated clearing house was BACS in the United Kingdom, which started processing payments in April 1968. In the U.S. in the late 1960s, a group of banks in California sought a replacement for check payments. This led to the first automated clearing house in the US in 1972, operated by the Federal Reserve Bank of San Francisco. BACS operated from the beginning on a net settlement basis. Netting ACH transactions reduces the amount of deposits a bank must hold. Operation ACHs process large volumes of credit and debit transactions in batches. ACH credit tr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cafeteria Plan
A cafeteria plan or cafeteria system is a type of employee benefit plan offered in the United States pursuant to Section 125 of the Internal Revenue Code. Its name comes from the earliest such plans that allowed employees to choose between different types of benefits, similar to the ability of a customer to choose among available items in a cafeteria. Qualified cafeteria plans are excluded from gross income. To qualify, a cafeteria plan must allow employees to choose from two or more benefits consisting of cash or qualified benefit plans. The Internal Revenue Code explicitly excludes deferred compensation plans from qualifying as a cafeteria plan subject to a gross income exemption. Section 125 also provides two exceptions. If the cafeteria plan discriminates in favor of highly compensated employees, the highly compensated employees will be required to report their cafeteria plan benefits as income. The second exception is that if "the statutory nontaxable benefits provided t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Office And Administrative Support Occupations
An office is a space where an organization's employees perform administrative work in order to support and realize objects and goals of the organization. The word "office" may also denote a position within an organization with specific duties attached to it (see officer, office-holder, official); the latter is in fact an earlier usage, office as place originally referring to the location of one's duty. When used as an adjective, the term "office" may refer to business-related tasks. In law, a company or organization has offices in any place where it has an official presence, even if that presence consists of (for example) a storage silo rather than an establishment with desk-and-chair. An office is also an architectural and design phenomenon: ranging from a small office such as a bench in the corner of a small business of extremely small size (see small office/home office), through entire floors of buildings, up to and including massive buildings dedicated entirely to one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
