Information for Employers regarding how and when deductions can be made.
Connecticut Employer Training Memo - Payroll Deductions
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The standard payroll deductions are those that are required by law. They include federal income tax, Social Security, Medicare, state income tax, and court-ordered garnishments.
What are payroll deductions?Income tax.Social security tax.401(k) contributions.Wage garnishments.Child support payments.
The journal entry will record the wages expense and any deductions from the employee paychecks.Debit "Wages Expense" for the full amount the company must pay for the pay period.Credit "Net Payroll Payable" and any deductions required.Add the total number of debits and then add the total number of credits.More items...
Mandatory payroll deductions are the wages that are withheld from your paycheck to meet income tax and other required obligations. Voluntary payroll deductions are the payments you make to retirement plan contributions, health and life insurance premiums, savings programs and before-tax health savings plans.
Allowable Paycheck DeductionsPersonal loans (cash advances, 401(k) or retirement loan payment, bail or bond payments, etc.)Personal purchases of a business's goods or services such as: Food purchases from the cafeteria.Employee's health, dental, vision, and other insurance payments or co-payments.
Some mandatory payroll tax deductions that employers are required by law to withhold from an employee's paycheck include: Federal income tax withholding. Social Security & Medicare taxes also known as FICA taxes. State income tax withholding.
The law on wage deductionsTaking money from wages without consent or contractual provision can result in a claim for unlawful deduction of wages, even if the individual has been employed for less than two years.
Mandatory deductions: Federal and state income tax, FICA taxes, and wage garnishments. Post-tax deductions: Garnishments, Roth IRA retirement plans and charitable donations. Voluntary deductions: Life insurance, job-related expenses and retirement plans.
The amount that can be garnished is limited to no more than either: 25 percent of your employee's disposable earnings (meaning, earnings after legally required deductions like payroll taxes, workers' compensation, or unemployment compensation premiums);or.
Many deductions require an advance agreement between the employee and the employer. Other paycheck deductions are mandatory such as federal income taxes, Medicare, workers' compensation, etc. Some deductions are not allowed to take an employee's net pay below the minimum wage.