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

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Presentation on theme: "CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions."— Presentation transcript:

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

2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 3-1 PAYROLL DEDUCTIONS page 61

3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 3-1 Regular HoursRegular RateRegular Earnings  CALCULATING EMPLOYEE EARNINGS 80  $7.00 per hour  $560.00 Overtime Earnings = Overtime HoursRegular Rate1.5  = $52.505  $7.00  1.5 Regular Earnings Overtime Earnings Total Earnings  $560.00  $52.50  $612.50 page 62

4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 3-1 1.Record heading information. 3.Calculate commission on net sales. COMMISSIONS RECORD page 63 2.Obtain amounts and calculate totals. 1 2 3

5 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 3-1 9.Totals 8.Net pay PREPARING A PAYROLL REGISTER pages 64-65 12 3 5 678 4 2.Date of payment 3.Employee information 4.Hours and earnings 5.Total earnings by department 6.Payroll deductions 7.Total deductions 1.Payroll period ending date 9 9

6 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 3-1 2.Find the column with the correct number of withholding allowances. 1.Locate the range containing the total earnings. 3.Find the intersection of the row and column. USING THE FEDERAL INCOME TAX WITHHOLDING TABLE page 66 2 1 3

7 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 3-1 3.Record beginning accumulated earnings. 1.Write last day of quarter. 4.Write ending day of pay period. 2.Enter heading information. 5.Enter total earnings, deductions, and net pay. 6.Calculate and record accumulated earnings. PREPARING AN EMPLOYEE EARNINGS RECORD page 67 12 3 4 5 6

8 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 3-1 TERMS REVIEW salary pay period payroll payroll taxes withholding allowance tax base payroll register employee earnings record page 68


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