Preparing Payroll Records
Scope and Sequence:
12-1 Preparing Payroll Time Cards
Paying employees
Analyzing a payroll time card
Calculating employee hours worked
Calculating employee total earnings
12-2 Determining Payroll Tax Withholding
Payroll taxes
Employee's withholding allowance certificate
Employee's income tax withholding
Employee social security and Medicare tax
12-3 Preparing Payroll Records
Payroll register
Employee earnings records
12-4 Preparing Payroll Checks
Payroll bank account
Employee's payroll check
Electronic fund transfer
Objectives:
Define accounting terms related to payroll records
Identifying accounting practices related to payroll records
Complete a payroll time card
Calculate payroll taxes
Complete a payroll register and an employee earnings record
Prepare payroll checks
Vocabulary:
salary
pay period
payroll
total earnings
payroll taxes
withholding allowance
social security tax
medicare tax
tax base
payroll register
employee earnings record