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” ATTACHED TEXTBOOK PAGES” are in PDF FILES
You will be completing the Payroll
” ATTACHED TEXTBOOK PAGES” are in PDF FILES
You will be completing the Payroll Project Short Version on pg 7-16 on your textbook. It is also found in Appendix A of your text. In either event you are picking up a project midway through a quarter and will want to read the background for the company given at the beginning of Chapter 7. Appendix A walks you through the preceding Nov 20th payroll in Excel so you can see how the entries work. Some personal info changes at the end of November that will change wage calculations in the first December payroll (promotions, etc).
The Report forms are found on pgs 7-49 to 7-67 in the textbook and can be used as a reference. Tips for completing project are in the folder.
Tip: If using e-book if you type in the page number in “search this course” field will take up directly to textbook pages.
WORK ON EXCEL – Dec 4th payroll register, earnings records, journal, general ledger
– Dec 18th payroll register, earnings records, journal, general ledger and the end of year adjustments through February
– Reporting forms
TIPS-
1. Make sure you read the entries before the payroll period begins as you will see some employees received promotions, some changed their allowances or marital statuses for this new pay period. The individual employee Earnings Record has been updated to reflect those changes but the payroll register has not.
2. Every employee who makes a SIMPLE plan contribution will have his/her FIT calculated on Gross pay – SIMPLE contribution as employee retirement contributions are made with pre-tax dollars. (this only applies to the income tax)
3. Write the gross pay each employee for the employer side of the payroll taxes. The calculation made for the employer tax is the total gross earnings (underneath any caps) of all employees x the correct percentage (OASDI, HI, FUTA, SUTA). It is NOT made on an individual’s gross pay but the total gross pay. Sometimes you will be off a few cents from the employee-side of the tax calculation.
4. Read the time sheets carefully as they will indicate whether an absence is paid or unpaid.
5. When calculating a non-exempt salaried person’s pay who does NOT work a standard workweek: Gross pay= Regular salary for the week worked for the standard number of hours + hours worked in other week x $ regular hourly rate. Both figures are found in the earnings record for each individual. Make sure all OT is in the OT column.
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