Medicare tax tax 14 18 15 19 16 61 53 07 20 32 3 4 3

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 60 70 47 62 49 59 65 63 60 NET PAY 198 238 172 261 200 11 21 35 97 65 CK. NO. 258 259 260 261 262 1 2 3 4 5 24 24 25 7 TOTALS 1,317 85 32 40 1,350 25 83 73 19 57 100 00 27 01 23 65 (b)25 00 278 96 1,071 29 25 Other Deductions: Write the appropriate code letter to the left of the amount: B–U.S. Savings Bonds; C–Credit Union: UD–Union Dues; UW–United Way. Figure 12–5 Completed Payroll Register 320 Chapter 12 Payroll Accounting 308-337_CH12_868829.indd 320 9/15/05 11:45:40 AM 1. Total Hours Column. Regular and overtime hours from the employee’s time card are added together, and the total is entered in this column. 2. Rate Column. This column shows the employee’s current rate of pay, found on the employee’s earnings record. 3. Earnings Section. The earnings section is divided into three columns: • • • regular overtime total earnings To complete these columns, the payroll clerk multiplies the hours worked by the employee’s regular hourly rate or, when applicable, overtime hourly rate. Employee 4, Amy Cole, worked 31 hours. Her regular hourly rate is $7.60. Amy earned $235.60 (31 $7.60) for the week. Since there are no overtime hours, regular and total earnings are the same. Alicia Phiffer, employee 12, worked 2 overtime hours in addition to 40 regular hours. Her regular hourly rate is $7.20. Her overtime hourly rate is $10.80 ($7.20 1.5). Her regular earnings are $288.00 (40 $7.20) and her overtime earnings are $21.60 (2 $10.80). Her total earnings are $309.60 ($288.00 $21.60). 4. Deductions Section. The illustrated payroll register has seven deduction columns. The number of deduction columns, however, varies among businesses depending on the specific needs of each business. In the illustration, columns are provided for the deductions required by law: • • • • social security tax Medicare tax federal income tax state income tax Columns are also provided for voluntary deductions. Certain voluntary deductions taken by many employees on a regular basis will usually have their own columns, such as the column shown in the illustration for hospital insurance. Deductions taken less frequently are often pl...
View Full Document

This note was uploaded on 01/16/2014 for the course BUSINESS Accounting taught by Professor Dr.stevenhall during the Fall '13 term at Del Mar College.

Ask a homework question - tutors are online