Preparing Payroll Time Cards Lesson 12-1. Paying Employees Salary: money paid for employee services Salary: money paid for employee services Weekly Weekly.

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© 2014 Cengage Learning. All Rights Reserved.

LESSON 12-1 Preparing Payroll Time Cards

© 2014 Cengage Learning. All Rights Reserved.

© 2014 Cengage Learning. All Rights Reserved.

© 2015 Cengage Learning. All Rights Reserved.

BENEFITS AUTHORIZATION

© 2014 Cengage Learning. All Rights Reserved.

LESSON 12-1 Preparing Payroll Time Cards

ANALYZING A PAYROLL TIME CARD

© 2014 Cengage Learning. All Rights Reserved.

LESSON 12-1 Preparing Payroll Time Cards

Preparing Payroll Records

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

ANALYZING A PAYROLL TIME CARD

Presentation transcript:

Preparing Payroll Time Cards Lesson 12-1

Paying Employees Salary: money paid for employee services Salary: money paid for employee services Weekly Weekly Bi-weekly Bi-weekly Twice a month – specific days Twice a month – specific days Monthly Monthly Salary – an annual amount divided by the number of pay periods Salary – an annual amount divided by the number of pay periods

Paying Employees Pay Period: period covered by a salary payment Pay Period: period covered by a salary payment Payroll: total amount earned by all employees for a pay period Payroll: total amount earned by all employees for a pay period Wages and salary are used interchangeably Wages and salary are used interchangeably

Payroll Systems Keep an accurate record of the time each employee has worked Keep an accurate record of the time each employee has worked Time Cards Time Cards Record only the total hours worked each day Record only the total hours worked each day Record arrival and departure times Record arrival and departure times Personal Identification Cards Personal Identification Cards

Analyzing a Payroll Time Card *Round to the nearest quarter hour

Calculating Employee Hours Worked 1.Calculate the number of regular hours for each day and enter the amounts. 2.Calculate the number of overtime hours and enter the amounts. 3.Add Hours Reg and Hours OT columns and enter the totals. 4.Add the Hours column

Calculating Employee Total Earnings 1. Enter the rate for regular time in the Rate column. 2. Calculate the regular earnings. Enter the amount. 3. Enter the rate for overtime times the regular rate 4. Calculate the overtime earnings. Enter the amount. 5.Add the Amount column to calculate total earnings. Enter the amount of total earnings

Questions What is a payroll? What is a payroll? What is overtime? And how is it calculated? What is overtime? And how is it calculated? Seth works at the Wendy’s. He arrived at 6:28 a.m. and departed at 5:07 p.m. How many hours did he work? Seth works at the Wendy’s. He arrived at 6:28 a.m. and departed at 5:07 p.m. How many hours did he work?