Preparing Payroll Records

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Presentation transcript:

Preparing Payroll Records Chapter 12 Terms Preparing Payroll Records

12-1 Preparing Payroll Time Cards Terms: 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.

12-2 Determining Payroll Tax Withholding Payroll Taxes- Taxes based on the payroll of a business. Withholding Allowance- Deduction from total earnings for each person legally supported by a taxpayer, including the employee. Social Security Tax- Federal tax paid for old-age, survivors, and disability insurance. (6.2%) (.062) Medicare Tax- Federal tax paid for hospital insurance. (1.45%) (.0145) Tax Base-Maximum amount of earnings on which a tax is calculated. Only for S.S. 87,000

12-3 Preparing Payroll Records Terms: Payroll Register- Business form used to record payroll information. Net Pay- Total earnings paid to an employee after payroll taxes and other deductions. Employee Earnings Record- Business form used to record details affecting payments to an employee.

12-4 Preparing Payroll Checks No Terms!!! Finished!!!