Accounting 1 Thursday, October 15, 2015 1. What are the total gross earnings for one week? Pay Rate = $7.50 per hour Hours worked = 46 in one week 2.Find.

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Presentation transcript:

Accounting 1 Thursday, October 15, What are the total gross earnings for one week? Pay Rate = $7.50 per hour Hours worked = 46 in one week 2.Find the gross earnings for a person that gets paid an hourly wage, overtime is time and a half, plus 6% commission on total sales. Hours WorkedHourly WageTotal SalesGross Earnings 48$9.00$4,332.74???

Susan Rucker October 15, 2015 Bellwork $7.50 x 1.5 or 150% = $11.25 for overtime rate $11.25 x 6 = $67.50 $7.50 x 40 = $ $ $67.50 = $ Gross earnings = $ $9.00 x 1.5 or 150% = $13.50 Over Time $9.00 x 40 hours = $360 $13.50 x 8 hours = $108 $ x.06 or 6% commission = $ $ $ $ Gross Earnings

Accounting 1 Thursday, October 15, 2015 Grade Ch12-2 H.W. Continue with Ch12-3 Lecture and Assignment.

Problems 12-2 & Points Possible

Section 3Payroll Records What You’ll Learn  The purpose of a payroll register.  How to prepare a payroll register.  How to prepare a payroll check.  The purpose of an employee’s earnings record.  How to prepare an employee’s earnings record. What You’ll Learn  The purpose of a payroll register.  How to prepare a payroll register.  How to prepare a payroll check.  The purpose of an employee’s earnings record.  How to prepare an employee’s earnings record.

Why It’s Important To comply with federal and state laws, payroll records must be kept accurately. Why It’s Important To comply with federal and state laws, payroll records must be kept accurately. Section 3Payroll Records (con’t.) Key Terms  payroll register  net pay  direct deposit  employee’s earnings record  accumulated earnings Key Terms  payroll register  net pay  direct deposit  employee’s earnings record  accumulated earnings

Completing the Payroll Register The payroll register is a form that summarizes information about employees’ earnings for each pay period. Completing the Payroll Register The payroll register is a form that summarizes information about employees’ earnings for each pay period. Section 3Payroll Records (con’t.)

Completing the Payroll Register con’t. Net pay is the amount of money left after total deductions are subtracted from gross earnings. Notice the difference in gross pay and net pay. Completing the Payroll Register con’t. Net pay is the amount of money left after total deductions are subtracted from gross earnings. Notice the difference in gross pay and net pay. Section 3Payroll Records (con’t.)

Preparing Payroll Checks The payroll register is the source of information for preparing the payroll checks. Along with a payroll check, each employee is given a written or printed explanation showing how the employee’s net pay is calculated. Preparing Payroll Checks The payroll register is the source of information for preparing the payroll checks. Along with a payroll check, each employee is given a written or printed explanation showing how the employee’s net pay is calculated. Section 3Payroll Records (con’t.)

The Employee’s Earnings Record An employer must keep an employee’s earnings record. This record contains all of the payroll information related to an employee. Accumulated earnings are the employee’s year-to-date gross earnings, or the employee’s gross earnings from the beginning of the year through the end of each pay period. The Employee’s Earnings Record An employer must keep an employee’s earnings record. This record contains all of the payroll information related to an employee. Accumulated earnings are the employee’s year-to-date gross earnings, or the employee’s gross earnings from the beginning of the year through the end of each pay period. Section 3Payroll Records (con’t.)

The Employee’s Earnings Record (con’t.) Section 3Payroll Records (con’t.) This amount was carried forward from the previous quarter’s record. Accumulated Earnings for Pay Period Just Completed. This amount will be carried forward to the next quarter’s record.

Demonstration Problem 12-5

April 18, C C

Check Your Understanding p304 ALL Check Your Understanding p304 ALL Thinking Critically 1&2 Analyzing Accounting Problem 12-4 You will need to read this section so as not to miss any details on taxes. I am sure I did not cover everything. Thinking Critically 1&2 Analyzing Accounting Problem 12-4 You will need to read this section so as not to miss any details on taxes. I am sure I did not cover everything. Section 3Payroll Records (con’t.)