7 Eleven Past Present Future. The Past 7 Eleven, Inc was founded in 1927 in Dallas. The name originated in 1946 because the store was open from 7am to.

Slides:

Advertisements

Similar presentations

Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved. 6-1.

Advertisements

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

G Personal Finance G  Almost 31% of an individual’s paycheck is deducted  Taxes are the largest expense most individuals will have 

1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Thursday, May 3, 2012 Good morning Moment of silence/Pledge/Announcements Bell Ringer Chapter.

Chapter 21: managing payroll and inventory

College Accounting, by Heintz and Parry

Preparing Payroll Records

Chapter 13 – Preparing Payroll Records

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

Chapter 12 Preparing Payroll Time Cards. 2 L 12-1 Paying Employees page 341 Money paid for employee services is called a salary. The period covered by.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

G1 © Family Economics & Financial Education – Revised November 2004 – Paychecks and Taxes Unit – Understanding Your Paycheck and Tax Forms Funded.

Payroll Computations, Records, and Payment

1.3.4.G1 © Take Charge Today – February 2006– Planet Paycheck – Slide 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

Copyright © 2015, 2011, and 2007 Pearson Education, Inc. 1 Chapter 6 Payroll Section 3 Social Security, Medicare, and Other Taxes.

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-2 Determining Payroll Tax Withholding.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-2 Determining Payroll Tax Withholding  Payroll taxes  Employee’s withholding allowance.

Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.

1 / 9 Introducing the Tax Estimator. © 2006, Universal Tax Systems, Inc. All Rights Reserved. The Tax Estimator Objectives –In this chapter you will learn:

Understanding Paychecks Where Does Your Money Go?.

Unit 43 Paycheck Calculation. Basic Principles of Paycheck Calculation Two main terms are used regarding payroll: gross pay and net pay. –Gross pay is.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 12-1 CHAPTER 12 OBJECTIVES PREPARING PAYROLL RECORDS DEFINE TERMS RELATED TO PAYROLL RECORDS COMPLETE.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-3 Preparing Payroll Records.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards  Paying employees  Analyzing a payroll time card.

7 Eleven Past Present Future. The Past 7 Eleven, Inc was founded in 1927 in Dallas. The name originated in 1946 because the store was open from 7am to.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

7-1. Unit 7 Employee Earnings Records McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

PAYROLL ACCOUNTING Chapter 12. Using a Payroll System  Payroll – list of the employees and the payments due to each for a pay period  Pay Period – the.

G1 © Family Economics & Financial Education – Revised March 2008 – Paychecks and Taxes Unit – Understanding Your Paycheck Funded by a grant from.

1.3.4.G1 Paycheck Basics Take Charge Today Introductory Level.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze a payroll transaction. LO2.

Payroll Chapter #13. Terms Salary – The $ paid to employees for the work they do. Pay Period – The period of time for which an employee is paid –Weekly.

Payroll Computations, Records, and Payment Section 3: Recording Payroll Information Chapter 10 Section Objectives 7.Journalize payroll transactions.

G1 © Family Economics & Financial Education – February 2006– Get Ready to Take Charge of Your Finances – Planet Paycheck – Slide 1 Funded by a grant.

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Chapter 3 Objectives 1.I can define accounting terms related to a departmental payroll system.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.

LESSON 12-2 Determining Payroll Tax Withholding

LESSON 12-1 Preparing Payroll Time Cards

Take Charge Today Introductory Level Paycheck Basics.

Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

© 2014 Cengage Learning. All Rights Reserved.

PAYROLL REGISTER 1. Pay Period Date 8. Health Insurance

LESSON 12-3 Preparing Payroll Records

LESSON 12-4 Preparing Payroll Checks

LESSON 12-2 Determining Payroll Tax Withholding

Take Charge Today Introductory Level Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

Take Charge Today Introductory Level Paycheck Basics.

Preparing Payroll Records

Take Charge Today Introductory Level Paycheck Basics.

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-2 Determining Payroll Tax Withholding

LESSON 12-3 Preparing Payroll Records

LESSON 12-2 Determining Payroll Tax Withholding

PAYROLL REGISTER 1. Pay Period Date 8. Health Insurance

LESSON 12-3 Preparing Payroll Records

Take Charge Today Introductory Level Paycheck Basics.

Presentation transcript:

7 Eleven Past Present Future

The Past 7 Eleven, Inc was founded in 1927 in Dallas. The name originated in 1946 because the store was open from 7am to 11pm.

Human Resources: Payroll Payroll was done by hand on paper ledgers. Accountants went by what the time cards of the employees had. Accountants would multiply the time by the hourly wage for each employee.

Payroll of the Past (the end) After the wages for each employee was figured out the deductions began. The accountant would have to know exactly how much to deduct from each check. By hand the accountant would deduct the social security, medicare, us income tax. The accountant would then have to write the check and wait for the person that would sign them.

7 Eleven in the Present

Human Resources of the Present: Payroll Employees enter their time into a computer. The computer automatically adds up each employees’ regular weekly hours. When the time comes to do payroll, the computer automatically knows how many hours and at what rate it is to multiply by to figure out each employee’s time.

Today’s Payroll Continued... Once a total is figured, the computer computes the deductions it is to take out of the employees’ checks. A new total is figured. Up to date information can also be given to employees about what they’ve earned so far and how much in deductions has been taken so far.

Today’s Payroll (the end) Payroll for employees can now be figured out in about an hour because the computer does a lot of the work and also prints out the checks. The accountant; however, must pay attentions and watch out for any discrepancies computer can make, for example, checks for employees who no longer work there or employees who have gotten a raise but it has not been registered in the computer.

7 Eleven in the Future

Human Resources in the Future: Payroll Employees will be given an credit card like card that will contain their information: name, date of birth, ssn, address, position, length of time working there, hourly wages, what the wages are so far, and what days they are to show up for work, and at what time. This card will be scanned when the employees show up for work. It will keep accurate time in and time out.

Payroll in the Future (cont.) When the payroll is to be figured, all the accountant will have to do is type in the names of the employees to receive a check. This computer will figure out the wages and deductions with the click of a button.

Payroll in the Future (cont.) Checks will be obtained by having the employee id cards scanned by the computer. A print out of the check will follow. Accountants will no longer have to chase employees to give them their checks. It will be the employees responsibility to obtain it themselves. A scan of this card will also provide up to date information on wages and deductions.