glencoe_accounting_chp12 - CHAPTER 12 Payroll Accounting...

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CHAPTER 12 Payroll Accounting What You’ll Learn Explain the importance of accurate payroll records. Compute gross pay using different methods. Explain and compute employee-paid withholdings. Compute net pay. Prepare payroll registers. Explain the methods of distributing payroll funds. Prepare an employee’s earnings record. Define the accounting terms introduced in this chapter. 1. 2. 3. 4. 5. 6. 7. 8. Why It’s Important Tax and labor laws protect the rights of both the employee and the employer. Symantec Corporation Since 1982 Symantec Corporation has designed programs to help users manage and protect their computer systems and files. Under John Thompson, CEO since 1999, Symantec has become a market leader with $1 billion in annual revenue. Symantec believes in treating its employees right. It has one of the lowest employee loss rates in the United States. From software engineers to accountants, more than 5,000 employees deliver award-winning products and services. CEO Thompson believes employees stay at Symantec because the work is challenging and morale is high. The long list of benefits—health-care plans, educational assistance, retirement plans, performance bonuses, and stock options—are just a few perks that keep employees happy. What Do You Think? Describe the kind of company culture and benefits that would make you happy in a job. MOVING INTO THE WORKFORCE Exploring the Real World of Business B EFORE Y OU READ Predict 1. What does the chapter title tell you? 2. What do you already know about this subject from personal experience? 3. What have you learned about this in the earlier chapters? 4. What gaps exist in your knowledge of this subject? 308 Chapter 12 Payroll Accounting
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When you get your paycheck, do you look at it carefully to see how much you have earned and what amounts have been deducted from the total? Employers are required to make certain deductions from your pay. You may also request voluntary deductions. You will learn about both types of deductions in this chapter. Personal Connection Look at your last pay stub. If money was deducted from your earnings, what do you think it was taken for? Online Connection Go to glencoeaccounting.glencoe.com and click on Student Center. Click on Working in the Real World and select Chapter 12. Working in the Real World APPLYING YOUR ACCOUNTING KNOWLEDGE 309 glencoeaccounting.glencoe.com
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S E C T I O N 1 Calculating Gross Earnings In a private enterprise economy, people are free to work for any busi- ness they choose as long as they meet the requirements for employ- ment. Employers such as Ford Motor Company, Pier 1, and Symantec Corporation rely on their employees to operate the business and pay their employees for the services they perform. In paying their employees, businesses follow certain guidelines. For example, both federal and state laws require businesses to keep accurate payroll records and to report employees earnings.
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