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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.

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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

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

  • Payroll register


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.


Example 1 (cont.)

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


Example 1 Answer

Step: Find the net pay for the week.


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).


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


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


Practice 1 Answer

$287.72


Practice 2

Find the net pay.

Total gross pay: $24,600

Total deductions: $9,930


Practice 2 Answer

$14,670


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