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

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Presentation on theme: "© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze a payroll transaction. LO2."— Presentation transcript:

1 © 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Analyze a payroll transaction. LO2 Journalize a payroll including employee payroll taxes.

2 © 2014 Cengage Learning. All Rights Reserved. Different Forms of Payroll Information ●The total of gross earnings for all employees earning hourly wages, salaries, and commissions is called _________. ●salary expense SLIDE 2 Lesson 13-1 LO1

3 © 2014 Cengage Learning. All Rights Reserved. Analyzing Payment of Payroll SLIDE 3 LO1 Lesson 13-1

4 © 2014 Cengage Learning. All Rights Reserved. Salary Expense Dec. 158,076.75 Employee Income Tax Payable Dec. 15494.00 Social Security Tax Payable Dec. 15500.77 Medicare Tax Payable Dec. 15117.11 Health Insurance Premiums Payable Dec. 15230.00 Retirement Contributions Payable Dec. 15465.00Dec. 156,269.87 Cash Analyzing Payment of Payroll SLIDE 4 LO1 Lesson 13-1 Dec. 156,269.87 =

5 © 2014 Cengage Learning. All Rights Reserved. Journalizing Payment of a Payroll SLIDE 5 December 15. Paid cash for semimonthly payroll, $6,269.87 (total payroll, $8,076.75, less deductions: employee income tax, $494.00; social security tax, $500.77; Medicare tax, $117.11; health insurance premiums, $230.00; retirement contributions, $465.00). Check No. 732. LO2 Lesson 13-1 1 1 Date 3 3 Check NumberAccount Debited 2 2 Total Earnings 4 4 Accounts Credited 6 6 Payroll Deductions 7 7 Amount Paid to Employees 5 5

6 © 2014 Cengage Learning. All Rights Reserved. Lesson 13-1 Audit Your Understanding 1.What account title is used to journalize the Total Earnings column of the payroll register? SLIDE 6 ANSWER Salary Expense Lesson 13-1

7 © 2014 Cengage Learning. All Rights Reserved. Lesson 13-1 Audit Your Understanding 2.What account title is used to journalize the Federal Income Tax column of the payroll register? SLIDE 7 ANSWER Employee Income Tax Payable Lesson 13-1

8 © 2014 Cengage Learning. All Rights Reserved. Lesson 13-1 Audit Your Understanding 3.What account title is used to journalize the Social Security Tax column of the payroll register? SLIDE 8 ANSWER Social Security Tax Payable Lesson 13-1

9 © 2014 Cengage Learning. All Rights Reserved. Lesson 13-1 Audit Your Understanding 4.What account title is used to journalize the Medicare Tax column of the payroll register? SLIDE 9 ANSWER Medicare Tax Payable Lesson 13-1

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