Chapter 13 Payroll. Payroll Time Card Employee Number Name Pay Period Ended MorningAfternoonOvertimeHours INOUTINOUTINOUTRegOT 7:5812:0212:595:06 8 7:5912:0012:575:01.

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Presentation transcript:

Chapter 13 Payroll

Payroll Time Card Employee Number Name Pay Period Ended MorningAfternoonOvertimeHours INOUTINOUTINOUTRegOT 7:5812:0212:595:06 8 7:5912:0012:575:01 8 7:5512:0112:565:027:019: HoursRateAmount Reg8812 $1, Overtime4.518 $ Total Hours92.5 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. $ $2.50 = $7.50 per hour.

Payroll Time Card (Partial) Employee Number Name Pay Period Ended MorningAfternoonOvertimeHours INOUTINOUTINOUTRegOT 7:5812:0212:595:06 8 7:5912:0012:575:01 8 7:5512:0112:565:027:019: HoursRateAmount Reg8812 $1, Overtime4.518 $ Total Hours92.5 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 Drew Paul S Hakala, Erik M Mendel, Ann S Selby, Rick M Yourng Justin S Totals 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,