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Gross pay a list and describe five employee bases or

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Unformatted text preview: ree factors determine the amount of federal income tax withheld from an employee’s earnings each period? Net Pay a. How is net pay calculated? b. Does an individual’s net pay appear on the payroll register, the employee’s earnings record, or both? Payroll Register a. What information does the payroll register contain? b. Each page of the payroll register covers a period of time. What time period does it cover? Payroll Funds Distribution a. Explain how direct deposit of earnings works. b. How does an employee who receives a payroll check know how the amount of net pay was determined? Employee’s Earnings Record a. What is the purpose of the employee’s earnings record? b. What information does the Accumulated Earnings column on the employee’s earnings record contain? Apply Key Terms You are the payroll clerk for Wild West Amusement Park. The new sales manager for the Western region, Will Klein, called and asked you to explain the items on his payroll check, dated January 31, 20--. He also asked you to explain any relevant company payroll procedures. Use these key terms in your written explanation. Use your imagination! 328 accumulated earnings commission deduction direct deposit electronic badge readers employee’s earnings record 401(k) plan gross earnings net pay overtime rate pay period payroll payroll clerk payroll register piece rate salary time card wage withholding allowance Chapter 12 Review and Activities 308-337_CH12_868829.indd 328 4/6/06 5:57:39 PM Computerized Accounting CHAPTER 12 Preparing the Payroll Making the Transition from a Manual to a Computerized System Task Enter and maintain employee information; process payroll. Manual Methods • Calculate employee gross earnings based on time cards or salary information. • Calculate required and voluntary deductions for each employee. • Complete the payroll register. • Prepare payroll checks. • Update employee earnings records. • Prepare journal entries. • Post journal entries to the general ledger. Computerized Methods • Set up informati...
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