Payroll Management 12-3.

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Presentation transcript:

Payroll Management 12-3

Goals Describe the components of a business’ payroll system Identify information included in payroll records and paychecks.

Payroll Systems Payroll – the financial record of employee compensation, deductions, and net pay. Includes the following Salary/Wages Additional Pay (commissions, & bonuses) Benefits (insurance, vacation, leave time, retirement plans, educational assistance) Payroll taxes

Payroll Taxes Income Taxes – based on the amount of wages and income and the number of employee dependents Social Security and Medicare – gov. requires employers to w/h and deposit these contributions form employees’ paychecks Employer has a make a matching contribution AKA: FICA (Federal Insurance Contributions Act)

Payroll Taxes (cont.) Unemployment Taxes – Federal Unemployment Tax (FUTA) Based on the business’ total employee wages. Employers and employees pay into this tax

Preparing A Payroll Payroll records holds the employee’s name SS# Address Individual tax info. Benefits Earnings

Preparing Paychecks Earnings Report – allow an employee to see how his/her pay was calculated. Direct Deposit – allows the employer to transfer the employee’s net pay into his/her bank account.