Indd 319 319 91505 114535 am payroll records section

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: roll records for each period, and prepare payroll checks. Whether a business has many employees, like the Boeing Corporation, or a small staff, like a veterinarian’s office, it is essential that the payroll be prepared on time and accurately. READ Main Idea Businesses must keep accurate payroll records to comply with federal and state laws. Read to Learn… ® what a payroll register is and how to prepare one. (p. 320) ® how employees receive their pay. (p. 322) ® how to maintain employees’ earnings records. (p. 323) ® how owners and managers use payroll information to make decisions. (p. 324) Preparing the Payroll Register What Is the Purpose of a Payroll Register? Federal and state laws require businesses to keep accurate payroll records. To help meet these requirements, businesses use a payroll register. The payroll register is a form that summarizes information about employees’ earnings for each pay period. Let’s learn how to prepare payroll registers. Figure 12–5 shows the payroll register for Roadrunner. As you can see, the payroll register lists each employee’s I.D. number, name, marital status, and the number of allowances claimed. Refer to Figure 12–5 as you read the descriptions of the payroll register. Key Terms payroll register net pay direct deposit employee’s earnings record accumulated earnings 12 3 3 4 5 4 9 11 12 14 Cole, Amy Eng, James Kardos, Emily Phiffer, Alicia Terzian, Garo TOTAL HOURS 2 ALLOW. 1 NAME MAR. STATUS EMPLOYEE NUMBER PAY PERIOD ENDING June 30 RATE M M S M S 1 0 0 2 1 31 41 36 42 39 7.60 7.20 6.75 7.20 6.75 4 PAYROLL REGISTER 20 -- 235 288 243 288 263 60 00 00 00 25 OVERTIME 10 80 21 60 6 DATE OF PAYMENT June 30, 20-- EARNINGS REGULAR 5 DEDUCTIONS TOTAL 235 298 243 309 263 60 80 00 60 25 SOC. SEC. MEDICARE TAX TAX 14 18 15 19 16 61 53 07 20 32 3 4 3 4 3 42 33 52 49 81 FED. INC. TAX 9 00 26 00 29 00 12 00 24 00 STATE INC. TAX 4 5 4 6 5 71 98 86 19 27 HOSP. INS. 5 5 3 5 3 75 75 20 75 20 OTHER (b)15 00 (b)10 00 TOTAL 37...
View Full Document

Ask a homework question - tutors are online