CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-1 Preparing Payroll Time Cards How often do people get paid? What’s the difference between Gross.

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Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-1 Preparing Payroll Time Cards How often do people get paid? What’s the difference between Gross and Net? What’s the difference between salaried and hourly?

CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 12-1 ANALYZING A PAYROLL TIME CARD page 341

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 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 © Thomson/South-Western 4 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.

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 12-1 TERMS REVIEW Salary – money paid for employee services pay period – period covered by a salary payment Payroll – total amount earned by all employees for a pay period total earnings – total pay due for a pay period before deductions page 344