LESSON 12 3 Preparing Payroll Records Original created

LESSON 12 -3 Preparing Payroll Records Original created by M. C. Mc. Laughlin, Thomson/South-Western Modified by Deborah L. Burns, Johnston County Schools, West Johnston High School CENTURY 21 ACCOUNTING © Thomson/South-Western

2 PAYROLL REGISTER page 351 n A business form used to record payroll information is called a payroll register n A payroll register summarizes the payroll for one pay period & shows total earnings, payroll withholdings, & net pay of all employees CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12 -3

3 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 © Thomson/South-Western LESSON 12 -3

4 EMPLOYEE EARNINGS RECORDS page 353 n A business must send a quarterly report to federal & state governments showing employee taxable earnings & taxes withheld from employee earnings n Detailed information about each employee’s earnings is summarized in a single record for each employee A business form used to record details affecting payments made to an employee is called an employee earnings record CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12 -3

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

6 TERMS REVIEW page 355 n payroll register n net pay n employee earnings record CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12 -3