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Finances Accounting plays an important role in any business. PowerPoint PPT Presentation


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Finances Accounting plays an important role in any business. Why do you think it is important for a business to keep track of its expenses?. Lesson Objective Complete a payroll register. Content Vocabulary. payroll register

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Finances accounting plays an important role in any business

Finances

Accounting plays an important role in any business.

Why do you think it is important for a business to keep track of its expenses?


Finances accounting plays an important role in any business

Lesson Objective

Complete a payroll register.

Content Vocabulary

payroll register

A record of the gross income, deductions, and net income of a company’s employees.

  • Payroll register


Finances accounting plays an important role in any business

Example 1

Natural Foods Center pays its employees weekly.

Mary Clark prepares the payroll register for the center’s five employees from the following information.


Finances accounting plays an important role in any business

Example 1 (cont.)

Clark has prepared the payroll register for the week of March 2.


Finances accounting plays an important role in any business

Example 1 Answer

Step: Find the net pay for the week.


Finances accounting plays an important role in any business

Example 2

Ajani Samuel is a printer employed by Kwik Copy. He is single and claims no allowances. Determine his net pay for a week when his gross pay was $285. Medicare is 1.45 percent of gross, Social Security is 6.2 percent of gross, and city tax is 1.5 percent of gross. Use the tables on pages 788-791 for federal income tax (FIT).


Finances accounting plays an important role in any business

Example 2 Answer

Step: Find the net pay.

Medicare: (0.0145 × $285) = $ 4.13

Social Security: (0.062 × $285) = 17.67

City tax: (0.015 × $285) = 4.28

FIT: 28.00

$285.00 – ($4.13 + $17.67 + $4.28 + $29.00) =

$285.00 – $54.08 = $230.92


Finances accounting plays an important role in any business

Practice 1

Find the total net pay.

Gross pay: $399.70

Federal income tax: $10

State income tax: $6.40

Social security: 6.2 percent of gross

Medicare: 1.45 percent of gross

Health insurance: $65


Finances accounting plays an important role in any business

Practice 1 Answer

$287.72


Finances accounting plays an important role in any business

Practice 2

Find the net pay.

Total gross pay: $24,600

Total deductions: $9,930


Finances accounting plays an important role in any business

Practice 2 Answer

$14,670


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