© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO6 Prepare a payroll register. LO7 Prepare.

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Presentation transcript:

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO6 Prepare a payroll register. LO7 Prepare employee earnings records.

© 2014 Cengage Learning. All Rights Reserved. Payroll Register ●A payroll register summarizes the earnings, deductions, and net pay of all employees for one pay period. SLIDE 2 LO6 Lesson 12-3

© 2014 Cengage Learning. All Rights Reserved. Payroll Register SLIDE 3 LO6 Lesson 12-3 Pay Period Date 1 1 Earnings 4 4 Social Security Tax 6 6 Medicare Tax 7 7 Health Insurance 8 8 Retirement Plan 9 9 Payment Date 2 2 Employee Personal Data 3 3 Federal Income Tax 5 5 Total, Prove, and Rule 12 Net Pay 11 Total Deductions 10 Check Number 13

© 2014 Cengage Learning. All Rights Reserved. Employee Earnings Records ●A business form used to record details of an employee’s earnings and deductions is called an employee earnings record. SLIDE 4 LO7 Lesson 12-3

© 2014 Cengage Learning. All Rights Reserved. Employee Earnings Records SLIDE 5 LO7 Lesson 12-3 Beginning Accumulated Earnings Last Day of Quarter 4 4 Pay Period 2 2 Employee Personal Data 6 6 Updated Accumulated Earnings 7 7 Total and Prove 5 5 Earnings, Deductions, Net Pay

© 2014 Cengage Learning. All Rights Reserved. Lesson 12-3 Audit Your Understanding 1.What does the payroll register summarize? SLIDE 6 ANSWER The payroll register summarizes the payroll for one pay period and shows total earnings, payroll withholdings, and net pay for all employees. Lesson 12-3

© 2014 Cengage Learning. All Rights Reserved. Lesson 12-3 Audit Your Understanding 2.How is net pay calculated? SLIDE 7 ANSWER By subtracting total deductions from total earnings Lesson 12-3

© 2014 Cengage Learning. All Rights Reserved. Lesson 12-3 Audit Your Understanding 3.Why do companies complete employee earnings records? SLIDE 8 ANSWER Because a business must send quarterly and annual reports to federal and state governments showing employee taxable earnings and taxes withheld from employee earnings Lesson 12-3