12.05 - Ch 12 Payroll Quiz

• complete Chapter 12 Quiz

Day 24 - Review for Ch 12 Payroll Quiz

Importance

• Law
• Employees
• Huge Expense

Gross Earnings

• Wage (hrs x rate)
• Overtime (hrs > 40 x rate x 1.5)
• Fair Labor Standards Act of 1938
• Salary
• Commission
• Bonus

Pay Periods

• weekly 52
• bi-weekly 26 (every other Friday)
• semi-monthly (1st and 15th of the month
• monthly

Deductions

• Required
• Federal Income Tax  (if not exempt)
• State Income Tax  (if not exempt)
• FICA (Federal Insurance Contribution Act of 1935)
• Social Security Tax ( if not above income threshhold of $118,000
• Medicare Tax (more for high earners)
• Voluntary
• 401(k)
• Insurance Premiums
• Union Dues
• Charity
• Direct Deposit

Journal Entry

• Salary & Wage Expense
•    Fed. Inc. Tax Payable
•    State Inc. Tax Payable
•    Soc. Sec. Tax Payable
•    Medicare Tax Payable
•    401(k) Payable
•    Medical Insurance Premium Payable
•    Union Dues Payable
•    Charitable Donation Payable
•    Cash in Bank
•           Payroll Register

Forms

• Payroll Register
• all employees
• one pay period
• Employee's Earnings Record
• one employee
• all pay periods

12.04 - Problems 12-5 & 12-6

• Make sure to review the Chapter 12 Review Presentation
• Make a copy of and complete the following problems 
• Problem 12-5
• Problem 12-6
  
• Submit your work through the Assignment Submission Form

12.03 - Payroll Records

• Read through Chapter 12 section 3
• make a copy of and complete the Chapter 12.03 Key Terms document
• Submit your work through the Assignment Submission Form

12.02 - Payroll Deductions

• Watch these videos and take notes as you watch:
• Income Tax Withholdings
• FICA and Other Tax Withholdings
• Overview of Payroll Deductions
• Read through Chapter 12 section 2
• make a copy of and complete the following assignments:
• Chapter 12.02 Key Terms document
• Problem 12-2
• Submit your work through the Assignment Submission Form

12.01 - Gross Earnings

• Watch these videos and take notes as you watch:
• Overview of Payroll Accounting
• Gross Earnings - Wages and Salaries
• Gross Earnings - Commission
• Read through Chapter 12 section 1
• make a copy of and complete the following assignments:
• Chapter 12.01 Key Terms document
• Problem 12-1
• Submit your work through the Assignment Submission Form

12.00 - Intro to Extended eLearning

Please go through this presentation that you should have received from your Period 2 teacher.

 

Please email me with any questions or concerns.

Ch 11 Review

Chapter 11 Packet:

• Work to learn the chapter 11 material
• Don't just DO the packet

What do all these things mean:

• The person who signs a check.
• The process of determining any differences between the balance shown on the bank statement and the checkbook balance.
• Checks that are paid by the bank, deducted from the depositor’s account, and returned with the bank statement.
• The bank on which a check is written.
• The person or business to whom a check is written.
• A bank form on which the currency and checks to be deposited are listed.
• Used to limit how a check may be handled and guarantees that a check will be honored.
• A written order from a depositor telling the bank to pay cash to a person or business.
• A demand by the depositor that the bank not honor a certain check.
• A bank account that allows a bank customer to deposit cash and to write checks against the balance.
• A fee charged to the depositor by the bank for maintaining bank records and for processing bank statement items.
• Deposits that have been made and recorded in the checkbook but that do not appear on the bank statement.
• A person or business that has cash on deposit in a bank.
• The card containing the signatures of the persons authorized to write checks on the bank account.
• Those controls on cash from outside the business.
• A check returned by the bank because there are not enough funds in the drawer’s checking account to cover the amount of the check.
• Those steps the business takes to protect cash.
• Writing the word “VOID” across the front of a check.
• An itemized record of all the transactions occurring in a depositor’s account over a given period, usually a month.
• Checks that have been written but not yet presented to the bank for payment.
• What one characteristic of cash makes it so important for a business to protect it?
• Which internal control insures that different people collect, record, and deposit the daily receipts?
• Using a safe or cash register to hold cash are examples of which internal control?
• What is another word for insuring against certain employees embezzling a business’s cash?
• Which type of endorsement makes a check “like cash”?
• Which type of endorsement prevents an unauthorized person from cashing your check?

Ch 11 Review

Chapter 11 Packet:

• Work to learn the chapter 11 material
• Don't just DO the packet

What do all these things mean:

• The person who signs a check.
• The process of determining any differences between the balance shown on the bank statement and the checkbook balance.
• Checks that are paid by the bank, deducted from the depositor’s account, and returned with the bank statement.
• The bank on which a check is written.
• The person or business to whom a check is written.
• A bank form on which the currency and checks to be deposited are listed.
• Used to limit how a check may be handled and guarantees that a check will be honored.
• A written order from a depositor telling the bank to pay cash to a person or business.
• A demand by the depositor that the bank not honor a certain check.
• A bank account that allows a bank customer to deposit cash and to write checks against the balance.
• A fee charged to the depositor by the bank for maintaining bank records and for processing bank statement items.
• Deposits that have been made and recorded in the checkbook but that do not appear on the bank statement.
• A person or business that has cash on deposit in a bank.
• The card containing the signatures of the persons authorized to write checks on the bank account.
• Those controls on cash from outside the business.
• A check returned by the bank because there are not enough funds in the drawer’s checking account to cover the amount of the check.
• Those steps the business takes to protect cash.
• Writing the word “VOID” across the front of a check.
• An itemized record of all the transactions occurring in a depositor’s account over a given period, usually a month.
• Checks that have been written but not yet presented to the bank for payment.
• What one characteristic of cash makes it so important for a business to protect it?
• Which internal control insures that different people collect, record, and deposit the daily receipts?
• Using a safe or cash register to hold cash are examples of which internal control?
• What is another word for insuring against certain employees embezzling a business’s cash?
• Which type of endorsement makes a check “like cash”?
• Which type of endorsement prevents an unauthorized person from cashing your check?

Ch 11 Problems

Problems 11-7 and 11-8