Accounting 1 Tuesday, January 7, 2020

1. Accounting 1Tuesday, January 7, 2020 1. What are the total gross earnings for one week? Pay Rate = $7.50 per hour Hours worked = 46 in one week • 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.

2. Susan Rucker January 7, 2020 Bellwork $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 = $367.50 Gross 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

3. Accounting 1Tuesday, January 7, 2020 • Grade Ch12-2 H.W. • Continue with Ch12-3 Lecture and Assignment.

4. Problems 12-2 & 12-3 40 Points Possible

5. 40 Points Possible

6. Chapter 12 $ 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. $ $ $

7. Section 3 Payroll Records (con’t.) Chapter 12 $ Why It’s Important To comply with federal and state laws, payroll records must be kept accurately. $ • Key Terms • payroll register • net pay • direct deposit • employee’s earnings record • accumulated earnings $ $

8. Section 3 Payroll Records (con’t.) Chapter 12 $ Completing the Payroll Register The payroll register is a form that summarizes information about employees’ earnings for each pay period. $ $ $

9. Section 3 Payroll Records (con’t.) Chapter 12 $ • 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. $ $ $

10. Section 3 Payroll Records (con’t.) Chapter 12 $ • Preparing Payroll Checks • The 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. $ $ $

11. Section 3 Payroll Records (con’t.) Chapter 12 $ • 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. $ $ $

12. Section 3 Payroll Records (con’t.) Chapter 12 $ The Employee’s Earnings Record (con’t.) 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.

13. Demonstration Problem 12-5

14. April 18, 0- C 220.15 13.65 3.19 18.-- 4.40 5.25 15.-- 59.49 160.66 37 220.15 5.95 275.20 17.06 3.99 7.-- 5.50 8.-- 41.55 233.65 42 256.-- 19.20 6.40 C 207.-- 12.83 3.-- 23.-- 4.14 5.25 10.-- 58.22 148.78 36 207.-- 5.75 702.35 43.54 10.18 48.-- 14.04 18.50 25.-- 159.26 543.09 683.15 19.20

15. Section 3 Payroll Records (con’t.) Chapter 12 $ 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. $ $