© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Paying, Recording, and Reporting Payroll and Payroll.

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Presentation transcript:

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Paying, Recording, and Reporting Payroll and Payroll Taxes: The Conclusion of the Payroll Process Chapter 8

Learning Objective 1 Recording payroll and payroll taxes © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1

Record Salaries Expense Use Employee’s Payroll Register Salary/Wages Expense = gross salary of all employees Salaries/Wages Payable = net pay Amounts of taxes withheld = “payable” accounts © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-1

Record Salaries Expense © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Sep 30 Wages & Salaries Expense FIT Payable SIT Payable FICA-OASDI Payable FICA-Medicare Payable Wages & Salaries Payable LO-3

Learning Objective 2 Paying payroll and recording the paying of payroll Learning Objective 3 Calculating employer taxes for FICA OASDI, FICA Medicare, FUTA, SUTA, and workers’ compensation insurance © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Record Payment of Salaries © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2

FICA, FUTA & SUTA Rates FICA- OASDI-6.2% FICA- Medicare-1.45% FUTA-.08% SUTA-5.6% © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3

EIN & SS-4 EIN - Employer Identification Number is a number assigned by the IRS to an employer. SS-4 - Form filled out by an employer to obtain an EIN. © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

FIT and FICA Deposited in an authorized depository or in a Federal Reserve Bank If company owes < $2,500 in total taxes, deposit quarterly Monthly depositor – deposit taxes on 15 th day of every month Semiweekly – deposit taxes once or twice each week © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

FIT and FICA Form 8109 – Federal Tax Deposit Coupon – used when making deposits by check © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Record Payment of Form 941 Taxes © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Exercise 8-4 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Form 941 Employer’s Quarterly Federal Tax Return Completed after the end of each calendar quarter Reports total FICA (OASDI and Medicare) taxes owed plus amount of FIT withheld from employee’s pay © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Form 941 (Partial) © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-2, 3

Exercise 8-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3

Record Payroll Tax Expense © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3

Exercise 8-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-3

Learning Objective 4 Paying FUTA, SUTA, and workers’ compensation insurance © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Paying FUTA Tax If tax owed for calendar year < $500, employer pays to the IRS by end of January of the next year If amount owed > $500, employer pays quarterly due by the end of the month following the end of the calendar quarter © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Record Payment of FUTA Tax © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Federal Unemployment Tax Returns Form 940 ◦ Prepared at end of calendar year ◦ Reports the amount of unemployment tax due for the year © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Form 940 (Partial) © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Paying SUTA Tax Paid to state government Typically due by end of month following each calendar quarter © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Record Payment of SUTA Tax Record Payment of SUTA Tax © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Record Payment of Workers’ Compensation Insurance Record Payment of Workers’ Compensation Insurance © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Exercise 8-8 part (a) © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Exercise 8-8 parts (b & c) Exercise 8-8 parts (b & c) © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-4

Learning Objective 5 Preparing Forms W-2, W-3, and 940-EZ © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-5

W-2: Wage and Tax Statement Prepared by employer each calendar year Provides summary of gross earnings and deductions to each employee Copies: ◦ Employee ◦ IRS ◦ Any state where employees’ income taxes have been withheld ◦ Social Security Administration ◦ Company records © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-5

Sample W-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-5

W-3: Transmittal of Income and Tax Statements Completed by employer to verify the number of W-2’s and amounts withheld Sent to a Social Security Administration data processing center along with copies of each employee’s W-2 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-5

Sample W-3 © 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater LO-5

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater End of Chapter 8