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Understanding Payroll: Time Cards, Employee Payments, and Calculating Earnings

This lesson provides a comprehensive overview of payroll management, focusing on time cards and employee payments. It defines key terms such as salary, pay period, and payroll, emphasizing the deductions for taxes and insurance. Students will learn how to accurately record employee work hours, calculate regular and overtime hours, and determine total earnings. The lesson also covers various methods for tracking time, essential for both salaried and hourly employees, ensuring a solid foundation in payroll processing.

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Understanding Payroll: Time Cards, Employee Payments, and Calculating Earnings

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  1. LESSON 12-1 Preparing Payroll Time Cards

  2. Paying Employees • The money paid for employee services is called a salary • The period covered by a salary payment is called a pay period • The total amount earned by all employees for a pay period is called a payroll • The payroll is reduced by state and federal taxes and other deductions • Health Insurance • Retirements LESSON 12-1

  3. Analyzing a Payroll Time Card • A payroll system must include an accurate record of the time each employee has worked • Several methods for keeping time records • Time Cards • Used as a basic source of information to prepare a payroll • Sometimes now electronic • Used usually with non-salaried employees • Employees that work on a per hour rate LESSON 12-1

  4. ANALYZING A PAYROLL TIME CARD page 341 LESSON 12-1

  5. 1 2 3 4 CALCULATING EMPLOYEE HOURS WORKED 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. LESSON 12-1

  6. 1 2 4 3 5 CALCULATING EMPLOYEE TOTAL EARNINGS 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. LESSON 12-1

  7. TERMS REVIEW page 344 • salary • pay period • payroll • total earnings LESSON 12-1

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