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135ch05 - Ch 05(Payroll Objectives 1 Calculating gross...

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Ch 05 (Payroll) Objectives 1 Calculating gross earnings for salaries and wages 2 Calculate Overtime pay using various methods: 3 Method 1: overtime for over 40 hours worked in a week 4 Method 2: overtime premium method 5 Method 3: overtime for over 8 hours worked in a day 6 Understand double time, shift differentials, and split-shift premiums 7 Find equivalent earnings for different pay periods 8 Find overtime for salaried employees 9 Determine gross earnings for: 10 Piecework 11 Differential piecework 12 Piecework with a guaranteed hourly wage 13 Overtime earnings for piecework 14 Commission 15 Commission with variable commission rates 16 Salary plus commission 17 FICA Payroll Deductions: Social Security and Medicare 18 State Disability Insurance Deductions 19 Employee's Withholding Allowance Certificate 20 Find the federal withholding tax using: 21 Wage bracket method 22 Percentage method 23 Find the state withholding tax using the state income tax rate 24 Find net pay 25 Find quarterly amount owed to the IRS 26 Understand additional employer responsibilities and employee benefits
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Gross Pay Employee Hours worked Sun. Mon Tue Wed Thu Fri Sat Dennis Ho 0 2 4 8 6 3 7 Suix Radcoolinator 0 8 8 8 8 8 0 Flora Smith 0 7 8 8 8 6 2 Frank Rhudd 0 8 5.75 8 8 7 0 April Chin 0 8 8 6 6.5 6 0 Total Phoung Pham 0 8 8 8 8 8 0 Gross Pay Employee Hours worked Sun. Mon Tue Wed Thu Fri Sat Dennis Ho 0 6 7 7 8 7 0 Suix Radcoolinator 4 7 6 8 7 5 0 Flora Smith 0 7 7 6 6 6 0 Frank Rhudd 0 5 8 8 5 6 0 April Chin 2 8 5 6 5 8 1 Total Phoung Pham 0 5 5 5 7 8 7 What to do if time is entered: Not In Textbook or on Test. This formula cannot calculate Night Shift Times. Employee Time In Time Out Time In Time Out Dennis Ho 9:14 AM 3:14 PM 8:17 AM 4:17 PM Suix Radcoolinator 8:05 AM 2:05 PM 8:25 AM 4:25 PM Flora Smith 8:31 AM 4:31 PM 8:02 AM 2:02 PM Frank Rhudd 9:57 AM 3:57 PM 9:56 AM 3:56 PM April Chin 10:05 AM 4:05 PM 9:09 AM 1:57 PM Total Phoung Pham 8:27 AM 1:15 PM 8:43 AM 4:43 PM For more about time and payroll see these videos: Total Hours Rate (wage per hour) Gross Earnings Total Hours Rate (wage per hour) Gross Earnings Total For Day 1 Total For Day 2 Total Hours Rate (wage per hour) Gross Earnings Note: In Excel if you are doing time calculations the formula is: (End Time - Begin Time)*24. For example, if 8:00 AM was in cell A1 and 4:00 PM was in cell B1, the formula to calculate the time worked would be (B1-A1)*24. (This formula is not required for this class. Excel Magic Trick 39: Time Calculations & Gross Pay Excel Magic Trick 286: MOD function & Time Calculations (Time For Night Shift) Excel Magic Trick 298: MOD function Formula for Total Time Worked Textbook formula = Gross = # of hours worked * Rate per hour Excel formula = =ROUND(# of hours worked*Rate per hour,2)
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Assumptions Over Time Rate 1.5 Hurdle For Overtime 40 Calculating gross earnings for wages with Method 1: overtime for over 40 hours worked in a week Employee Hours worked Total Hours Gross Earnings Sun. Mon Tue Wed Thu Fri Sat All Reg. OT Reg. OT Total Dennis Ho 6 9 8.25 8 9 4.5 4 $15.00 Suix Radcoolinator 7 5 5 8 8.5 6 $16.00 Flora Smith 7 7 8 5 8 8 8 $17.25 Frank Rhudd 7.25 5 5 7 5 7 $11.65
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