CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Happy Tuesday!! Check your test grades!! Vocab quiz tomorrow!! Please have all vocab completed.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Happy Tuesday!! Check your test grades!! Vocab quiz tomorrow!! Please have all vocab completed and ready for quiz!! Start LESSON 12-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards Objective: We will learn how to read and prepare payroll time cards.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 12-1 TERMS REVIEW salary pay period payroll total earnings page 344

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Payroll Payroll is generally one of the largest expenses of a business How does your employer keep track of your payroll? What does your time card look like? What happens if you are few minutes late? Some businesses use a time clock, others have scanners and some you log into a system Salary employees don’t keep track of hours nor do they usually receive overtime. How is their monthly or weekly pay calculated then? Would you rather be a salary or hourly employee?. 4 LESSON 12-1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 12-1 ANALYZING A PAYROLL TIME CARD page 341

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON Add the Hours column. CALCULATING EMPLOYEE HOURS WORKED page Add Hours Reg and Hours OT columns and enter the totals. 2.Calculate the number of overtime hours and enter the amounts. 1.Calculate the number of regular hours for each day and enter the amounts.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 12-1 CALCULATING EMPLOYEE TOTAL EARNINGS page Enter the rate for regular time in the Rate column. 2.Calculate the regular earnings. Enter the amount. 3.Enter the rate for overtime. 4.Calculate the overtime earnings. Enter the amount. 5.Add the Amount column to calculate total earnings. Enter the amount of total earnings.