Mark any checkboxes that are appropriate for this employee. If the employee is a nonresident alien, mark the Nonresident alien checkbox, and if the employee is tax exempt, mark the Tax exempt checkbox.

You just enroll in the Electronic Federal Tax Payment System , then make your payment online. It’s the only way to make a payroll tax payment (mailing checks isn’t allowed). Combined, the FICA tax rate is 15.3% of the employee’s wages. This is the employee’s total earnings from all income sources prior to any deductions the employee is eligible for. Add lines 1b and 2a to find the amount to withhold from the employee’s wages and record it in line 2b.

How to calculate accrued payroll

A payroll tax cut would mean that less Social Security and Medicare taxes are withheld and taken out of paychecks. The idea is that workers and businesses would take home a little extra with each paycheck and that would encourage them to spend more and stimulate the economy. Payroll can also refer to the list of a company’s employees and the amount of compensation due to each of them. Payroll is a major expense for most businesses and is almost always deductible, meaning the expense can be deducted from gross income lowering the company’s taxable income. If you’re overwhelmed with the many aspects of learning how to do payroll accounting, you’re not alone. It’s important to choose a quality accounting program that will make documenting transactions easier.

• She has also worked in desktop support and network management.
• Withheld amounts represent liabilities, as the company must pay the amounts withheld to the appropriate third party.
• The result was that several of its top executives went to jail, committed suicide, or died from heart attacks when the fraud was discovered.
• Small business owners benefit from accounting software because it helps them track accounts receivable and accounts payable, gauge their profitability, and prepare for tax season.
• Identify the major provisions of the Fair Labor Standards Act and how each affect minimum wage and overtime.
• She has worked in multiple cities covering breaking news, politics, education, and more.

The deductions from the employees are entered on the balance sheet as payables under current liabilities. Before exploring the journal entries and financial statements, net pay is calculated, because it’s a part of the entries and statements.

Accounting Topics

Small, midsized or large, your business has unique needs, from technology to support and everything in between. https://www.bookstime.com/ See how we help organizations like yours with a wider range of payroll and HR options than any other provider.

Sage 100 Contractor Accounting, project management, estimating, and service management. Accounting Native-cloud accouting software for small business. Learn how to electronically file your employment tax forms. Let’s work through a fictitious example for the Elephant Store, LLC, which has two employees.

Payroll Tax Expense

In other places, the responsibility of paying payroll taxes is entirely handled to employees on an annual basis; and in some other cases a mix of these two methods is used. The accounts that you need to set up to track payroll will generally be an expense account or a liability account.

You can avoid accruing vacation and sick time — and paying departing employees for unused time off — by adopting an unlimited PTO policy. Outline the importance of a payroll register and employee earning records. In the State withholding section, enter state withholding information. Other than payroll accounting the State field, the fields in this section vary by state, because they are based on the fields for each state’s W-4 form. If the employee is eligible for earned income credit, select their EIC status from the drop-down list and, if applicable, mark the Spouse has form W-5 in effect checkbox.

Credit the FICA tax payable, federal income withholding payable, state income withholding payable, and any other withholdings on employee paychecks. You must deposit federal income tax and Additional Medicare Tax withheld and both the employer and employee social security and Medicare taxes. You also must report on the taxes you deposit, as well as report wages, tips and other compensation paid to an employee.

Calculate the amount you will owe for the employer portion of FICA taxes and set this aside with the employee portion of these taxes. Federal income and FICA taxes are sometimes referenced as “941 taxes” because they are included on the IRS Form 941, which is the quarterly wage and tax report. IRS is offering coronavirus relief to taxpayers and many businesses will qualify for two tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit. It ensures that all citizens are judged equally based on their income. Let us assume that Gemma works for Black PLC. As of March 31, 2022, her annual salary is $60,000. Now, calculate the payroll tax contribution deducted from Gemma’s salary .

Payroll Accounting Journal Entries

Before examining the expense portion of the income statement, remember only taxes and deductions that the employer owes are included on the income statement as expenses. The payroll expenses are shown on the income statement with actual numbers. The other expense accounts have xxxxxxx instead of numbers. You’ll notice I’m not accruing anything for FUTA and SUTA, two employer-paid payroll taxes. That’s because both taxes usually fizzle out early in the year for full-time employees. FUTA only applies to the first $7,000 of an employee’s wages, resetting every January. Federal Insurance Contribution Act taxes support the federal Social Security and Medicare programs.

As the Global village grows with modern technology, the higher education model is moving towards a liberal way to make a student evolve as a Corporate Achiever and Entrepreneur. The campuses are introducing Liberal education concept with entrepreneurship as a curriculum and bringing into them comprehensive leadership programs that cast students and faculty in entrepreneurial roles. Leadership studies in such schools give a role for one to provide an understanding for new initiatives that try to bring in both liberal education and practice of entrepreneurship under single gambit.

Understanding the basics of a liberal education are essential to the evolution of an ideal entrepreneurial mindset. Further, an Entrepreneurship aspect in one’s study is an in-depth inquiry that is engaging all departments of colleges. The study of entrepreneurship and the liberal education becomes complementary to the way of life of a student and college. The liberally educated student is open-minded, tolerant, intellectually curious, experimentative. The student values his or her own education for evolving themselves, to understand the natural world, human rights, cultures, and the common good. The liberally educated person is actively engaged with the world in all of its complexity, diversity, and dynamism. Such an individual is characterized by openness and curiosity and seeks to make a positive contribution to the future of humankind.

Social Commitment and Entrepreneurship

One of the most powerful developments in liberal education in recent years has been the emergence of service learning and civic engagement on campuses. As more liberal education universities encourage this kind of engagement, students become better to meet the challenges one face in society. This makes them understand and share new ideas, new technologies with new solutions. When coupled with a liberal education in campus, these off-campus, co-curricular learning experiences will prepare them well to take on responsibilities of leadership and to become the entrepreneurs we need in both our workplaces and our communities.

The social interest entrepreneurship education has evolved and has begun to spread to non-business disciplines where students in engineering and other streams are interested in becoming entrepreneurs. The burgeoning new field of entrepreneurship education includes not only business-related entrepreneurship but also social entrepreneurship. The more recent concept of social entrepreneurship resonates particularly well with the goals of liberal education. The social entrepreneurs play the role of change agents in the social sector by Evolving, creating and sustaining social value, pursuing new opportunities to serve that mission, continuous innovation, adaptation, and learning, managing effectively with limited resources, exhibiting a heightened sense of accountability

Concerted Effort

Liberal Education university offers the opportunity for a holistic educational experience that is well suited to the needs of the potential entrepreneur. As a new entrepreneur needs to encounter a wide variety of perspectives, ethical norms and the development of critical thinking and communication skills makes one more evolved. Further, Liberal education gives the opportunity to become independent, interactive and active learners for charting their own way of life. The ideal liberal education models a process of continuous adaptation and innovation and it is becoming a “metaphor for entrepreneurship.”

As one connects leadership, entrepreneurship, and civic engagement, it yields powerful results that are greater than the sum of the parts mentioned. This enables the emergence of creativity to the core. This is the kind of academic leadership and entrepreneurship that one needs to create synergies between these discrete areas. Leadership programs for students, when combined with curricula that focus upon entrepreneurship and then coupled with extracurricular programs engage students with their communities resulting in producing liberally educated social entrepreneurs. These entrepreneurs would be committed to addressing social problems through innovative solutions that are empowering and produce value-added outcomes.

Business world has shown a remarkable interest in social media and made it as one of the major domain areas of the Click & Mortar world, needless to mention the flip world which runs only on the advancements made by information & technology. The way IT has innovated and help the business world grow in this era is remarkable!!!

The way the intermediation of IT & Business has happened off late it can be said that one cannot survive without the other and constitute to build up an inseparable relationship, and so mentioning one without other is often construed as a pointless utterance. The innovation of all the new software’s has made operations of a company smooth and faster than ever. The overall processes that can be tracked with the help of IT are remarkable

The emergence of concepts as IoT has attracted the business world and they utilised this concept so beautifully by giving this a practical approach and a new direction to run a business. The design concept introduced to the world by APPLE and later followed by AIR bnb and Ebay are all examples of the beautiful amalgamation of IT and arts /Innovation. All this wasn’t possible without Information technology.

Over a period of time IT has upgraded its importance and became indispensable for Business houses especially in there operational areas .As the small and medium sized enterprises being adaptive to any cultural,  regional or political change as per its dynamic nature has taken IT and innovation very intrinsically  into themselves.

Innovation is driven by IT which becomes the path to business success; Innovation has given business the same impact that Food does to a hungry stomach.

Digital revolution fed all the businesses with immense benefits ,even Farmers started using computers for getting into the modern methods of agriculture, Production records, Financial planning ,procurement, whether conditions etc. are some of the major areas where farmers seeks the help of computers.

The innovation driven by information technology has been the spin-off of the following major areas. Some of the significant development which has been achieved as a result of evolution and growth in information technology is as follows:

FLEXIBILITY

SPEED

NETWORKING

USER FRIENDLINESS

SOCIAL INTERACTIVITY

MINITURISATION

FUN

Information Technology & Business

Almost past a decade now, the major innovations and upscalement that has been witnessed in the business world is only possible because of information & Technology, the introduction of cloud computing, Big data analytics, click & mortar marketplaces, digital marketing, social communications & networks are a few examples to name some leading innovations that has helped the business world grow at a rapid speed.

With the birth of cloud computing, enhancement in privacy and security settings for the data sets to be effective and time saving, the role of IT in business cannot be undermined as virtually all working business houses these days heavily rely on computerized systems.

With the advancements in lowering down the cost of communications in business has laid the employees concentration more on process building and executions as well as process automations taken  took place in offices taking away the burden from the employees to thus enabling them shift their focus on other vital work and execute them efficiently. Meanwhile, the computerized systems handle variant processes like tracking projects, preparing reports and supervising financials among taking care of other official chores without requiring the intervention of staff. As a result, improved productivity is the result a company experiences. Electronic storage systems help in clamping down outside threats as unwanted intrusions through cyber space or hacking. Investing in technology and choosing the path of innovation increases the market share, share price, effectiveness, competitiveness of the company. Information technology has given the world the window   to scrutinise the data and plan ahead accordingly. In Today’s era digital marketing is a phenomenal tool that has helped the business to upscale their products and services by repeated promotions in relatively lower costs in the global market while sitting at your desk itself.

 

CONCLUSION

The Concoction of the these domains is helping this world to build up an all new Business age, the  epoch of digital revolution wherein common people will even feel a trendsetting  change. Rapid changes in terms of rendering substantial values to industries by helping them improve the efficiency and mitigating major financial overhead costs will be witnessed. Some of the leading and prospering IT advancements in the past few years can be Internet, Social media and digital marketing.  Nevertheless, Information technology has not only made it easier than ever for people to start businesses and earn their daily bread but even has encouraged the youngsters to come up as budding entrepreneurs and support the country economically. Now no longer need Millions and billions of rupees to start up a company, all one needs is a good IT infrastructure to its domain which can help in the rapid and speedy incremental growth the venture. So, surely the business world and the people running it owe a great deal of their success to Information Technology.

 

INTERNATIONAL CONFERENCE ON OPERATIONS AND INFORMATION TECHNOLOGY 2018

BIG DATA ANALYTICS FOR THE DIGITAL ERA

 

On 24^th February, 2018, IILM Graduate school of Management was privileged to host the International Conference on Operations and Information Technology. This write up captures the essence of the presentations, panel discussions, real world examples, interactive dialogue, and research papers at the conference on big data analytics for digital era.

 

INAUGURAL SESSION:

The Conference began with a Welcome Address by Dr. Taruna Gautam, Director, IGSM followed by an introduction to the Conference theme by Dr. Sandhya Rai. The keynote speakers to the conference were the very prominent Mr. Gaurav Diwan and Mr. Pankaj Krishna. The pace of the conference was set by our keynote speakers, with an apt introduction into Big Data Analytics. Mr. Diwan’s insight into Big Data was particularly invigorating. He stated that Big Data will change rapidly in recent times. There is a whole lot of information goes through networks with great intensity for which it is essential to manage data in value chain. Decision making as we know has been changing towards more of a business decision making.

Our next keynote speaker, Pankaj Krishna maintained the pace set to go on to say that data is a driving force in different sectors. Business exists for three factors and three factors only: Volume, Profitability and Image. Every single company is revolving around data whether it is agriculture, manufacturing, healthcare, telecom, food and beverages. And it is here that mathematics plays a key role in data analytics. All the work done uses mathematic algorithms. In India analytics is estimated to generate about 2.03 billion dollars in revenues.

SESSION 1: TECHNICAL SESSION

After the inaugural session, the conference proceeded to its first technical session with professors, industry personnel and even students presented their papers. It was Dr. Hemlata Bhatt with her “Big data trends-A Study of Self Service Analytics”, who started off the technical session. Her extensive research and presentation on Self service analytics yielded information such advanced visualization, freed data mash up, data architecture and predictive analysis. She concluded by stating that company people are dependent upon certain people and this software can help to reduce cost and long process. BI tools can help those who are not from operations or IT background.

The next presenter of the day was Dr. Kamal Gupta who presented on “Asset Pricing Model”. He mentioned that the mutual fund process starts with the selection of the literature review. Investors put money in funds and managers put money in securities. The audience was bombarded with information regarding how selection ability is based on the Jensen model and null hypothesis is accepted at 99% significant level if Jensen model. He concluded with the fact that study helps in getting a better prediction on daily return. Greater prediction of daily returns helps investors to buy more with higher returns. Dr. Gupta’s presentation revolved around how Big Data analytics can benefit the study and application of Asset Pricing Models.

Dr. Smriti Asthana was handed over the baton next and she presented her paper on “Integration of Supply Chain Management”. Supply chain management has been an integral part of most organizations. She began her presentation by stating a very obvious fact: any business focuses around the fact that everything starts from planning and ends with the delivery of products and services. To provide efficient services, the company pulls all structured and unstructured data to provide services. And with the advent of 4^th generation digital platform era, Just-in-Time is now the trend. Dr. Asthana completed her presentation with the summary of how big data plays an important role in supply chain and how by using its analytics any company can identify how their products are moving in and out.

Dr. Saurabh Agrawal’s “Sustainability through block chain technology” carried on the flame with his in-depth knowledge on bitcoins which he considered as a scarce asset. Block-chain is a historical database. It is distributed ledgers that can contain financial and non-financial transactions. Each transaction a person creates; it creates a block in the block chain. Dr. Agrawal also closely touched on the topic of sustainability reverse supply chain, managing product returns- all of which are key portions of block chain technology.

Dr. Vidyanto with his “Customer Behavior Analysis of Indonesia Sharia Bank in using Internet and   Mobile banking” was particularly a focused presentation onto the subject of Big Data Analytics. He provided information on how data is collected from Sharia Bank and SSE method is used to determine the optimal number of clusters. His study brushed on the behaviors of customers using internet and mobile banking on payment and purchasing. He concluded on the fact of how big data can be used to quantify the accuracy of data to make the performance better than before.

The next presenter of the day was Mr. Praveen Kumar who presented on “Application of Big Data in Supply Chain Management”. He adds on more details on supply chain.

The final presenter of the first session was Shubham Roy with his paper on “Big Data in Marketing”. He threw light on need for marketing information system, Big Data Decision in Marketing and imitations of Big Data.

The judges for the first technical session were Prof. Rajkishan Nair and Dr. Vikas Kumar.

SESSION 2: TECHNICAL

The evening session began with presentation by Dr. Lilia Safxi on “Thinking Big” which she presented over Skype. She focused on topics related to data issues, principles of Big Data, type and scale, big data security and other trends.

Prof. O. Gabriel followed the theme of the conference with his presentation on “Analysis your website to acquire customers: An e-commerce perspective” his study elaborated on e-commerce, content marketing, search optimization that uses tools such as Google analytics, Webster analytics, Kiss Metrics, Web Trend analytics.

Md. Belal Akbar and Rahul Sharma were called upon next and they put forth their presentation on “Internet Marketing- A study on the acquisition processes”. The object of their study was to identify the various acquisition processes and how it can help any organization in acquiring customer on online platform through internet marketing.Next we saw a joint presentation by Gandham Kumar and Kamal Irukulla who came forward with their presentation on “Data Analytics and Information Technology are driving the present world”. Their discussion focused on the usage of cloud computing and enterprise resource planning.

The final presentation of the evening was by J Manoj Kumar who spoke on “ Customer analytics and big data analytics” His presentation entailed how predictive analysis deals with different types of statistics, techniques and lean management helping organization in today’s world. He concluded aptly by saying how by interpreting the data we can have a whole view of customer purchasing trends. The judges for this session were Prof. Raju Majumdar and Dr. Anuradha Konidena.

AWARD CEREMONY

The conference came to an end with felicitation of all presenters. After much deliberation the judges awarded the best paper to Prof. O Gabriel for his paper titled “Analysis your website to acquire customers: An e-commerce perspective”. Dr. Shruti Choudhary delivered the vote of thanks to the director, all the esteemed judges, the faculty members and everyone present.