Chapter 20 THE PAYROLL.

Slides:

Advertisements

Similar presentations

Advertisements

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Calculating Gross Earnings

Payroll Accounting Chapter 12.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Business Accounting Chapter 12. Importance of Payroll Records Required by law – keep accurate payroll records – report employee earnings – pay payroll.

CHAPTER TWENTY SIX PAYROLL PROCEDURES McGraw-Hill/Irwin Accounting Fundamentals, 7/e © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved

Chapter 12 Preparing Payroll Time Cards. 2 L 12-1 Paying Employees page 341 Money paid for employee services is called a salary. The period covered by.

Preparing Payroll Records Preparing Payroll Time Cards Salary – money paid for employee services Pay period – period covered by a salary payment.

Home. Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. What it is Standard: 6.0 The student will prepare payroll records, taxes, and.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions Modified by D. Burns West Johnston.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Payroll Computations, Records, and Payment

Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Computing Gross Pay Calculating Gross Earnings Section 12.1 gross.

Income. Income Is money you receive. Or a benefit in kind you receive. It can be regular or additional.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

PAYROLL ACCOUNTING. WHAT IS PAYROLL?  Payroll – total amount earned by all employees for a pay period.  Pay Period – an amount of time over which an.

LESSON 12-1 Preparing Payroll Time Cards

Copyright © by The McGraw-Hill Companies, Inc. All rights reserved.Glencoe Accounting Gross earnings is the total amount an employee earns in a pay period.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

Chapter 12 Payroll Accounting

Chapter 11 Part 2. ESTIMATED LIABILTIES Obligation that exists but for which the amount and timing is uncertain. However, the company can reasonably estimate.

Payroll Accounting Making Accounting Relevant Businesses issue payroll checks to their employees to compensate them for work performed. Making Accounting.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 12-1 CHAPTER 12 OBJECTIVES PREPARING PAYROLL RECORDS DEFINE TERMS RELATED TO PAYROLL RECORDS COMPLETE.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards  Paying employees  Analyzing a payroll time card.

Ch 12: Payroll Accounting Ms. Alltucker Accounting II.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Basic Goals of Payroll System  Prepare and issue payroll checks  Produce records for accounting purposes and reporting to government and management.

What is the difference between a wage and a salary?

PAYROLL ACCOUNTING Chapter 12. Using a Payroll System  Payroll – list of the employees and the payments due to each for a pay period  Pay Period – the.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-3 Preparing Payroll Records  Payroll register  Employee earnings records.

Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.

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.

Chapter Two Payroll Calculations

Lesson 9.3 Recordkeeping for Businesses

Accounting for Payroll, Payroll Taxes and Journal Entries

Chapter 9 Payroll.

Cost & Management Accounting

Understanding Pay, Benefits, and Incentives

Pay, Benefits, and Incentives

LESSON 12-1 Preparing Payroll Time Cards

Dr. BALAMURUGAN MUTHURAMAN

Payroll Accounting $ $ $ $ Making Accounting Relevant Chapter 12

Chapter Three Processing Payroll

Chapter 9 Payroll McGraw-Hill/Irwin

Hosted by Ms. Appel.

CHAPTER 2 Income, Benefits, and Taxes

Gross earnings is the total amount an employee earns in a pay period

© 2015 Cengage Learning. All Rights Reserved.

Welcome Back Glencoe Accounting.

Unit 3 Accounting for a Payroll System

LESSON 12-3 Preparing Payroll Records

BENEFITS AUTHORIZATION

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

Preparing Payroll Records

LESSON 12-1 Preparing Payroll Time Cards

Preparing Payroll Records

Payroll Accounting $ $ $ $ Making Accounting Relevant Chapter 12

Chapter 5 Payroll.

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

CHAPTER 12 ACCOUNTING FOR A PAYROLL SYSTEM

1. Earning and managing money

Presentation transcript:

Chapter 20 THE PAYROLL

Preparation of the Payroll It is the function of the Accounts Department in collaboration with the Human Resource Department to prepare the payroll. A payroll is a list of a company’s employees and the amount of money (emolument) they are to be paid.

Pay Systems Wages and Salaries are the most familiar forms of payment. Other commonly used pay systems include: Piece Rate pay based on the number System of units produced rather. than by the hours or days worked. Commission pay based on a percentage of sales often paid to salespeople. Bonus extra pay for accomplishing a certain goal.

Net Pay = Gross Pay – Deductions Gross Pay and Net Pay Gross Pay or Total Pay is an employee’s regular pay plus commissions, bonuses and overtime pay before any deductions. Net Pay or Disposable Pay is the remainder of gross pay after all deductions and taxes are taken out. It is commonly referred to as ‘take home pay.’ Net Pay = Gross Pay – Deductions

Payroll Deductions These are amounts taken out of an employee’s gross pay either because: they are required by law or requested by the employee themselves. Deductions which are required by law are referred to as statutory or mandatory deductions. Those made at an employee’s request are referred to as voluntary or non-statutory deductions.

Payroll Deductions PAY STATUTORY DEDUCTIONS GROSS PAY VOLUNTARY DEDUCTIONS TAKE HOME PAY

Payroll Documents Time Card Employee Earnings Record Payroll Register Pay Slip