accounting 1 thursday, october 15, 2015 1. what are the total gross earnings for one week? pay rate...
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Accounting 1Friday, April 21, 2023
1. What are the total gross earnings for one week?Pay Rate = $7.50 per hourHours worked = 46 in one week
2. Find the gross earnings for a person that gets paid an hourly wage, overtime is time and a half, plus 6% commission on total sales.
Hours Worked Hourly Wage Total Sales Gross Earnings
48 $9.00 $4,332.74 ???
Susan RuckerApril 21, 2023Bellwork
$7.50 x 1.5 or 150% = $11.25 for overtime rate$11.25 x 6 = $67.50$7.50 x 40 = $300.00$300.00 + $67.50 = $367.50Gross earnings = $367.50
$9.00 x 1.5 or 150% = $13.50 Over Time$9.00 x 40 hours = $360$13.50 x 8 hours = $108$4332.74 x .06 or 6% commission = $259. 96 $259.96+$468.00 $727.96 Gross Earnings
Accounting 1Friday, April 21, 2023
• Grade Ch12-2 H.W.
• Continue with Ch12-3 Lecture and Assignment.
Problems 12-2 & 12-3
40 Points Possible
40 Points Possible
Section 3 Payroll Records
Section 3 Payroll Records
What You’ll Learn
The purpose of a payroll register.
How to prepare a payroll register.
How to prepare a payroll check.
The purpose of an employee’s earnings record.
How to prepare an employee’s earnings record.
What You’ll Learn
The purpose of a payroll register.
How to prepare a payroll register.
How to prepare a payroll check.
The purpose of an employee’s earnings record.
How to prepare an employee’s earnings record.
Why It’s Important
To comply with federal and state
laws, payroll records must be kept
accurately.
Why It’s Important
To comply with federal and state
laws, payroll records must be kept
accurately.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
Key Terms payroll register
net pay
direct deposit
employee’s earnings record
accumulated earnings
Key Terms payroll register
net pay
direct deposit
employee’s earnings record
accumulated earnings
Completing the Payroll Register
The payroll register is a form that summarizes information about employees’ earnings for each pay period.
Completing the Payroll Register
The payroll register is a form that summarizes information about employees’ earnings for each pay period.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
Completing the Payroll Register con’t.
Net pay is the amount of money left after total deductions are subtracted from gross earnings. • Notice the difference in gross pay and net pay.
Completing the Payroll Register con’t.
Net pay is the amount of money left after total deductions are subtracted from gross earnings. • Notice the difference in gross pay and net pay.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
Preparing Payroll ChecksThe payroll register is the source of
information for preparing the payroll checks. •Along with a payroll check, each employee is given a written or printed explanation showing how the employee’s net pay is calculated.
Preparing Payroll ChecksThe payroll register is the source of
information for preparing the payroll checks. •Along with a payroll check, each employee is given a written or printed explanation showing how the employee’s net pay is calculated.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
The Employee’s Earnings Record•An employer must keep an employee’s earnings record. This record contains all of the payroll information related to an employee.
•Accumulated earnings are the employee’s year-to-date gross earnings, or the employee’s gross earnings from the beginning of the year through the end of each pay period.
The Employee’s Earnings Record•An employer must keep an employee’s earnings record. This record contains all of the payroll information related to an employee.
•Accumulated earnings are the employee’s year-to-date gross earnings, or the employee’s gross earnings from the beginning of the year through the end of each pay period.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
The Employee’s Earnings Record (con’t.)The Employee’s Earnings Record (con’t.)
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)
This amount was carried forward from the previous quarter’s record.
This amount was carried forward from the previous quarter’s record.
Accumulated Earnings for Pay Period Just Completed. This amount will be carried forward to the next quarter’s record.
Accumulated Earnings for Pay Period Just Completed. This amount will be carried forward to the next quarter’s record.
Demonstration Problem
12-5
April 18, 0-
37 5.95 220.15 220.15 13.65 3.19 18.-- 4.40 5.25 15.-- 59.49 160.66
42 6.40 256.-- 275.20 17.06 3.99 7.-- 5.50 8.-- 41.55 233.65
36 5.75 207.-- 207.-- 12.83 3.-- 23.-- 4.14 5.25 10.-- 58.22 148.78
683.15 702.35 43.54 10.18 48.-- 14.04 18.50 25.-- 159.26 543.09
19.20
19.20
C
C
Check Your Understanding p304
ALL
Check Your Understanding p304
ALL
•Thinking Critically 1&2•Analyzing Accounting•Problem 12-4
You will need to read this section so as not to miss any details on taxes. I am sure I did not cover everything.
•Thinking Critically 1&2•Analyzing Accounting•Problem 12-4
You will need to read this section so as not to miss any details on taxes. I am sure I did not cover everything.
Section 3 Payroll Records (con’t.)Section 3 Payroll Records (con’t.)