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Related Flashcards
Related Topics
Cards In This Set
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The human resources management (HRM)/ payroll cycle
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A recurring set of business activities and related data processing operations associated with effectively managing the employee workforce
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Important tasks of HRM/payroll cycle
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1. recruiting and hiring new employees 2. training 3. job assignment 4. compensation (payroll) 5. performance evaluation 6. discharge of employees due to voluntary or involuntary
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Payroll systems primary function
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Compensating employees
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Who manages the payroll system
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Controller
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Five major sources of inputs to the payroll system
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1. HRM department 2. employees 3. various departments (hours worked) 4.government agencies 5. insurance and other companies
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_______ are the payroll system's principal output
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Checks
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Payroll check
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Sent to the bank to transfer funds from the company's regular accounts to its payroll account
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The costs associated with replacing an employee are _____ times that of an employees annual salary
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1.5
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Four key attitudes
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1. employees believe they have the opportunity to do what they do best 2. they believe their opinions count 3. they think that coworkers are committed to quality 4. they understand the connection between their jobs and company's mission
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The payroll system should be integrated with the HRM system so that management has easy access to
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Data about employee related costs but also to info about employees skills and knowledge
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Activities in the HRM/payroll cycle
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1. update payroll master file 2.update tax rates and deductions 3. validate time and attendance data 4. prepare payroll 5. disburse payroll 6. calculate employer paid benefits and taxes 7. disburse payroll taxes and misc deductions
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Updating payroll master file
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New hires, terminations, changes in pay rates, or changes in discretionary withholdings-edit checks, records of employees who quit or are fired should not be deleted immediately
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Badge readers
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Used to collect job time data for production employees
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To prepare payroll you must first
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Sort by employee number so that it is in the same sequence as the payroll master file
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Second step in preparing payroll
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Sum deductions and subtract from gross pay to obtain net pay
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