All payslips contain the following information: Employers Name Your Name, Date of Payment National Insurance Number Tax Code Payment Method (BACS, Cash,

Slides:

Advertisements

Similar presentations

SECTION 2 WORK Starter… In pairs come up with your own definition of ‘Tax’

Advertisements

Tax Vocabulary. Gross Pay The amount of money you earn each pay period.

Deductions. Gross Income Amount of money you earn before any deductions.

Teen Living Objective Identify Sources of Income and Types of Spending.

WAGES Eastbourne Citizens Advice Bureau Financial Literacy Wages

Understanding a payslip

Frank Wood and Alan Sangster, Frank Wood’s Business Accounting 1, 12 th Edition, © Pearson Education Limited 2012 Slide 21.1 Chapter 21 Employees’ pay.

Understanding Timecards, Taxes and Paychecks Why do we need to keep a record of hours worked? To be paid for hours worked Employers keep detailed records.

Worshipful Company of Tax Advisers

Preparing Payroll Records

Preparing Payroll Records

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.

Working and Earning Earning Statements Key Ideas Employment provides a means of creating personal income Employee earning statements include information.

 $10.65 x 40 = $  $ x 50 = $21,

© 2012 Fruition Horticulture There are some basic terms you can expect to see on a New Zealand payslip. Click on the picture on the right to access an.

DETERMINING AND PAYING THE PAYROLL

Salary vs. Hourly Wage What is a Salary? What is an Hourly Wage? Is it the same in all states?

PAYROLL PROCESSING. PAYROLL In a company, payroll is the sum of all financial records of salaries, wages, bonuses, and deductions.

Chapter 2.8 PAYROLL APPLICATIONS.

 Annual Insurance Premium $2,602,285 Employer Paid $1,947,323 Employee Paid $ 654,962  State Funds Received $ 898,716  Current # Employees on insurance.

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

My Pay, My Money. What is money? Before money there was barter (trading) Governments print money to make buying easier Gold coins are worth something.

LESSON 12-1 Preparing Payroll Time Cards

LESSON 12-1 Preparing Payroll Time Cards

The reward for work. How people are paid Salary (stated as yearly earnings but are usually paid monthly) – more likely to be skilled, non-manual occupations.

Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.

CALCULATING NET MONTHLY INCOME. STEPS TO CALCULATING NET MONTHLY INCOME Step 1: Pay Rate X Hours Worked = Gross Weekly Income Step 2: Gross Weekly Income.

Money Terminology CALM 11. Income – How much money I take inIncome – How much money I take in Annual Income – How much money I take in over a yearAnnual.

Payroll Applications. Contents Payslips Payslips Paycheck Paycheck Payroll professionals Payroll professionals Required Hardware Required Hardware Required.

Understanding Paychecks Where Does Your Money Go?.

The sad part of every job..  Kevin is a new employee at MmmPizza. Each week he works 37.5 hours at $7 per hour.  What is his pay?  Stop complaining.

UNDERSTANDING YOUR PAYCHECK

The truth about your paycheck Gross vs Net Pay. Taxes Federal 10 or 15% (details) Federal 10 or 15% (details)details Social Security 6.2% (up to $6,622)

September 7, 2011 Objective: Students will identify how to calculate gross pay and net pay.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

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

Unit 201 Outcome 2 Understand documents relevant to their employment.

What is the difference between a wage and a salary?

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

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.

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

Remuneration GCSE Business and Communication Systems 1 Business and Communication Systems.

The Mystery of The Payslip Revealed

Sales and Income Tax. Sales tax – a tax that is added to the cost of goods or services based on the percentage of the cost. Income – wages earned from.

Chapter 13 Preparing Payroll Records Part II. Payroll Register A business form used to record payroll information.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

Payroll Office Payroll information and understanding your payslip.

 What is a pay cheque?  One of the most important documents you encounter regularly when living independently is your pay cheque. To be sure that mistakes.

Lesson 1: Reading a Pay Stub. Objectives: Identify sections of a pay stub Determine how to calculate net pay Recognize various paycheck deductions.

Processing Payroll Review. Lesson 12-1 Calculate regular hours. 1 1 Calculate overtime hours. 2 2 Calculate total hours. 3 3.

Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.

Who is FICA?? The tax man cometh!!

Pay As You Earn (PAYE) Introduction Applies to Schedule E income

Documentation for Pay and Calculations

Employment Rights for One Housing Group

Payroll information and understanding your payslip.

LESSON 12-1 Preparing Payroll Time Cards

Pay-Cheques! Calm 20.

JOE WORKED 40 HOURS THIS WEEK. HE EARNS $15.75 PER HOUR

Payslips and Overtime.

Employment Rights Greatfields School

Money Matters Key Stage 4 & 5 Payslips.

Paycheque Terms.

Computing Deductions on Your Paycheck

Payroll information and understanding your payslip.

Who is FICA?? The tax man cometh!!

12/05/2019 CHAPTER 26 Employers This is the Title Slide R. DELANEY.

Presentation transcript:

All payslips contain the following information: Employers Name Your Name, Date of Payment National Insurance Number Tax Code Payment Method (BACS, Cash, Cheque etc..) Gross Pay Net Pay Deductions include Tax, National Insurance contributions. total Pay Amounts To Date All Payslips contain the following information: Employers Name Your Name Date of Payment National Insurance Number Tax Code Payment Method(BACS, Cash, Cheque etc…) Gross Pay Net Pay Deductions include Tax, National Insurance contributions Total Pay Amounts to Date.

S 1. What is this person’s tax code? 2. What is their basic hourly pay? 3.Do they work part time or full time? 4.What is their gross pay? 5.Is the gross pay for a week or for a month? 6.How much are the deductions? 7.Is the total pay correct?

Now Design a Payslip for one of your employees. Remember to add the important details.