chapter 13 payroll. payroll time card employee number name pay period ended...
TRANSCRIPT
Chapter 13Payroll
Payroll Time CardEmployee Number
Name
Pay Period Ended
Morning Afternoon Overtime Hours
IN OUT IN OUT IN OUT Reg OT
7:58 12:02 12:59 5:06 8
7:59 12:00 12:57 5:01 8
7:55 12:01 12:56 5:02 7:01 9:33 8 2.5
Hours Rate Amount
Reg 88 12 $1,056.00
Overtime 4.5 18 $ 81.00
Total Hours 92.5
Total Earnin
gs $1,137.00
Some Definitions Total Earnings – the total amount of money
that we have learned. This is also called GROSS PAY. This is before taxes.
Regular Time – If you are working for $5.00 per hour then you take the number of hours and multiply it by the pay and that is what you get….
Definitions Overtime – is considered to be what you
make plus half of that, so if you are making $5.00 per hour then you would be making $7.50 an hour during overtime pay.
$5.00 + $2.50 = $7.50 per hour.
Payroll Time Card (Partial)Employee Number
Name
Pay Period Ended
Morning Afternoon Overtime Hours
IN OUT IN OUT IN OUT Reg OT
7:58 12:02 12:59 5:06 8
7:59 12:00 12:57 5:01 8
7:55 12:01 12:56 5:02 7:01 9:33 8 2.5
Hours Rate Amount
Reg 88 12 $1,056.00
Overtime 4.5 18 $ 81.00
Total Hours 92.5
Total Earnin
gs $1,137.00
Please work on “On your Own” on page 315
Section 2 Taxes Payroll taxes – are taxes that are based on
the payroll of the business. Payroll – is that amount of money that is
earned by its workers. Businesses are required to hold back a
certain amount of money from each of your paychecks and then pay that amount to the government.
Withholding taxes from your paycheck
W-4 is a from that when you get a job you fill this out that says how much in taxes do you want to hold back.
When you are in charge of and legally support a person we call them allowances.
The more the allowances the less taxes are taken from the paycheck.
Please look on pages 318 and 319 These are federal income tax withholding
charts. It is based first on being single/married, then on how much you make per pay period, and then on how many allowances you have.
FICA Tax Federal Insurance Contributions Act.
(FICA) This is a tax that helps support a federal system
for old age, survivors of the wars, disabilities and such.
The two major taxes that are related to FICA are Social Security Taxes Medicare Taxes.
Tax rates for FICA Social Security is 6.5% of Gross Earnings Medicare is 1.5% of Gross Earnings.
These taxes also have a tax base. This means that after you make a certain amount of money you do not have to pay this tax anymore. $65,400.
Please work on “On your Own” on page 321
Payperiod Ending December 15, 2003 Payroll Register Date of Payment December 15, 2003
Employees Name
Marital Status
No. of Allowances
Earnings Deduction
Net Pay
Regula
r
Overtim
e Total
Fed Inc. Tax
`Soc. Sec Tax
Medic
are Tax
Healt
h Insur Other
Total
Check No.
Aranda, Susan M 2 968 968 72 62.92 14.52 45.6 10205.04 762.96 483
Drew Paul S 1 105 105 6.83 1.58 8.41 96.59 484
Hakala, Erik M 1 598.4 10.2 608.6 22 58.06 22.03 20 122.09 486.51 485
Mendel, Ann S 1 78.75 78.75 2.12 4.18 6.3 72.45 486
Selby, Rick M 4 1056 81 1137 63 73.91 17.06 60 20233.97 903.03 487
Yourng Justin S 1 906.4 906.4 103 58.92 13.6 38.4 25238.92 667.48 488
Totals 3712.55 91.2 3803.75 260 262.76 72.97 164 55814.7
3 2989.02
Payroll Register (Page 322)
Some Definitions you need to know. Payroll Register – keeps track of each of
the employees for a certain pay period. Earnings record – keeps track of a single
employees earnings for the whole year. Also keeps track of the total earnings so we
can determine tax bases for certain taxes. You must first do the Payroll Register and
then the Earnings Record.
Please work on “On your Own” on page 326
Section 4 Preparing Payroll Checks Two checks are prepared each payroll. We write a check to our payroll account and
then the separate checks are written to the employees.
Problems 3-1, 2,3,4,5,