LESSON 12 1 Preparing Payroll Time Cards CENTURY

LESSON 12 -1 Preparing Payroll Time Cards CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

2 ANALYZING A PAYROLL TIME CARD CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning page 341 LESSON 12 -1

3 CALCULATING EMPLOYEE HOURS WORKED 1 2 page 342 1. Calculate the number of regular hours for each day and enter the amounts. 2. Calculate the number of overtime hours and enter the amounts. 3. Add Hours Reg and Hours OT columns and enter the totals. 4. Add the Hours column. 3 4 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -1

4 CALCULATING EMPLOYEE TOTAL EARNINGS 1 page 343 1. 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. 2 3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 5 LESSON 12 -1

5 TERMS REVIEW n n page 344 salary pay period payroll total earnings CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -1

LESSON 12 -2 Determining Payroll Tax Withholding CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

7 EMPLOYEE’S WITHHOLDING ALLOWANCE CERTIFICATE 3 page 346 2 1 4 5 1. 2. 3. 4. 5. Write the employee’s name and address Write the employee’s social security number. Check the appropriate marital status block. Write the total number of withholding allowances claimed. The employee signs and dates the form. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -2

8 EMPLOYEE’S INCOME TAX WITHHOLDING – MARRIED PERSONS page 348 1 2 3 1. Select the appropriate table. 2. Locate the employee’s total earnings. 3. Intersection of wages and number of allowances column. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -2

9 TERMS REVIEW n n n page 350 payroll taxes withholding allowance social security tax Medicare tax base CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -2

LESSON 12 -3 Preparing Payroll Records CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

11 PAYROLL REGISTER page 351 1 2 4 5 6 7 8 9 10 11 3 13 12 1. Pay period date 2. Payment date 3. Employee personal data 4. Earnings 5. Federal income tax withheld 6. Social security tax withheld 7. Medicare tax withheld 8. Health insurance premium deductions 9. Other employee payroll deductions 10. Total deductions 11. Net pay 12. Total, prove, and rule 13. Check number CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -3

12 EMPLOYEE EARNINGS RECORDS page 353 1. Last day of quarter 2. Employee personal data 3. Beginning accumulated earnings 4. Pay period 2 4 1 5 3 5. Earnings, deductions, net pay 6. Updated accumulated earnings 6 7 7. Total and prove CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -3

13 TERMS REVIEW page 355 n payroll register n net pay n employee earnings record CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -3

LESSON 12 -4 Preparing Payroll Checks CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

15 PAYROLL BANK ACCOUNT 1 page 356 2 1. Prepare the check stub. 2. Prepare the check. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -4

16 EMPLOYEE’S PAYROLL CHECK 1 page 357 2 1. Prepare the check stub of each employee’s payroll check. 2. Prepare each employee’s payroll check. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12 -4