Paychex – Flashcards
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Time and Labor Services
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Solutions that provide an easy and cost-effective way to automate a client's time and attendance process.
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Paychex Insurance Agency, Inc.
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This service provides clients with administrative services for insurance products, such as health and life insurance.
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Small Business Resources
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An online resource that gives business owners access to more than 1,200 lenders offering a variety of loan options that fit businesses' specific financing needs.
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Our payroll product package contains...
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The fundamental payroll components every new small business owner requires and is the most competitively priced product group of its kind on the market.
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Paychex offers three different packages
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1. Paychex Professional 2. Paychex Proprietor 3. Paychex Productivity
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Paychex Professional
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Standard package geared toward small business owners. Contains all fundamental payroll components every business owner requires, while offering an additional suite of services that provides unmatched value. Most competitively priced product of its kind in the market.
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Paychex Proprietor
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More basic package, contains all the services a business owner needs to record, review, and submit payroll quickly and accurately.
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Paychex Productivity
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This package encompasses a much more comprehensive suite of Paychex Professional and Paychex Proprietor packages.
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Additional Services Included in Paychex Professional
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-Garnishment Payment Service -General Ledger Reporting Service -SUI Service -Workers' Comp. Pmt. Service -Workers' Comp. Report Service
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Payroll Processing
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Calculates and produces payroll checks, reports and tax returns for companies choosing to outsource the payroll function. Benefits: -eliminates the cost of in-house payroll dept. -provides each client with a dedicated, local specialist as the single point of contact for all payroll processing and tax needs -reduces the complexity and risk of running payroll, while helping ensure greater accuracy -provides payroll submission and management options designed to fit the client's needs
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Taxpay
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Paychex assumes responsibility for tracking, reporting and paying a client's federal, state and local payroll tax liabilities.
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Check Signing/Check Insertion
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Physically prints out all employee paychecks, places them individually in sealed security envelopes, and ships them to the business owner. Eliminates time and effort small business owners would normally dedicate to signing individual paychecks.
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Check Logo Service
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Clients can have their business logos display on their employees' payroll checks.
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Readychex
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Allows Paychex client to distribute paper checks to employees without the administrative hassle associated with a paper check. All paper checks are drawn on a Paychex bank account, enabling Paychex to perform check reconciliation for the client. Best for simplified record keeping.
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Direct Deposit
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The process of electronically transferring net payroll earnings through the ACH network from the client's preauthorized payroll bank account into the employee's preauthorized checking, savings, Skylight ONE Prepaid MasterCard accounts, or any combination of these accounts.
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Skylight ONE Prepaid MasterCard
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Allows employees without checking accounts to participate in the benefits of direct deposit.
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Paychex Flex
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Software that offers clients an online way to manage their company, people and payroll. Encompasses all Paychex services - payroll, reports, employee access, etc., all online, on a cloud-based platform.
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Online Payroll
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Allows Core payroll clients to access and report per-pay-period information over the Internet.
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Report Center
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Internet application residing securely within Paychex Flex. One stop shop for more than 140 standard, customizable and exportable reports for businesses and their accounting partners.
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Employee Access Online
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Enables clients' employees to access Paychex Flex to view their Forms W2, check stubs and personal and payroll information online.
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New Hire Reporting
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Paychex performs this reporting for any client that signs up for one of our payroll bundles.
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General Ledger Reporting
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The report automatically break down the payroll data, giving clients a complete record or payroll expenditures in an easy-to-use format. Clients can then use the report to post their payroll information to their account software accurately.
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Retirement Plan Summary
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Serves as a quick reference tool for clients and plan administrators. Generated every pay period, offers an overview of per-pay-period, MTD, QTD and YTD retirement information.
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Labor Compliance Poster Kits
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Paychex offers all in one State and Federal Poster Kit to keep all businesses up with ongoing updates. Included in all packages.
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Online HR Library
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Comprehensive, Web-based library key to HR-related information, news and resources available to all clients on our payroll packages.
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Garnishment Payment Services
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Administers and automatically withholds and remits garnishment payments to the appropriate agency through electronic fund transfers where accepted or required.
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General Ledger Service
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Allows users to electronically import payroll-related general ledger data directly into their accounting software, eliminating the need input it by hand.
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SUI Service
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Keeps employers in compliance with the ever-changing and demanding state unemployment regulations and the mountain of admin. work and analysis required with unemployment matters.
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SUI Rates are based on
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Claims and claims management.
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Workers' Comp Pmt. Service
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Calculates premium each pay period, based on actual wages, and allows employers to pay their workers' comp. insurance premium on a per-pay-period basis. This means that the client's payment is based on actual payroll, not estimates, which reduces any audit surprises or balloon pmt. at the end of the year.
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What are the two most important reports?
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1. Payroll journal 2. Cash requirements
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Time Sheet
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A worksheet clients can use to record and report current payroll information to their payroll specialists.
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Paycheck and Earnings Statement
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Pay employees for services rendered and provide a document as proof of payment.
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Payroll Journal
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Lists all employee journal activity for the current payroll period. Documents all earnings, tax withholdings, deductions, and net pay with the corresponding check number for the pay period.
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Department Summary
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Provides the liabilities and expenses the client needs to post payroll transactions to the general ledger.
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Cash Requirements
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Provides proof of taxes paid for clients on Taxpay.
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Employee Earnings Record
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Separately lists all payroll activity for each employee and includes both payroll and personnel info.
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HR Online
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Internet-based HRIS service that helps clients manage performance, training and other HR-specific tasks.
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Section 125/POP
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Assists employers by allowing the employee-paid portion of health insurance to be deducted on a pretax basis. This decreases the employer tax expense and provides an increase in the employees' take-home pay.
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Labor Distribution
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The allocation of payroll expenses to specific labor assignments.
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Job Costing
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The allocation of time, material and expenses to an individual project or job.
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Merchant Services
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A suite of products and services that provides businesses the ability to accept and process credit cards as payment from their customers.
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Payroll Sales Cycle
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Prospecting Pre-Call Planning Presentation Pickup Delivery
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Components of Presenting
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Purpose Introduction Probing Presentation Close
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Sole Proprietorship
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A business structure where the individual owner and the business are considered a single entity for tax and liability purposes.
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Partnership
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A business structure where two or more individuals contribute money, effects, labor and skill to a business and both are liable for the profits, losses and assets.
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Corporation (C Corp)
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A business structure where the business is a legal entity of its own, which means that all assets and liabilities belong to the corporation.
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Subchapter S Corporation (S Corp)
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A business structure with 100 or fewer shareholders that report the business income or loss on their personal income tax returns.
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Limited Liability Company (LLC)
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A business structure governed by state statutes that combines aspects of partnerships or corporations.
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