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Lecture Financial and managerial accounting (2nd Edition): Appendix H - Weygandt, Kimmel, Kieso

Appendix H - Payroll accounting. This chapter’s objectives are to: Record the payroll for a pay period, record employer payroll taxes, discuss the objectives of internal control for payroll. | Learning Objectives Record the payroll for a pay period. 1 Record employer payroll taxes. 2 Discuss the objectives of internal control for payroll. 3 Appendix H Payroll Accounting “Payroll” pertains to both: Salaries - managerial, administrative, and sales personnel (monthly or yearly rate). Wages - store clerks, factory employees, and manual laborers (rate per hour). Involves computing three amounts: (1) gross earnings, (2) payroll deductions, and (3) net pay. Determining the Payroll LO 1 LEARNING OBJECTIVE Record the payroll for a pay period. 1 Total compensation earned by an employee (wages or salaries, plus any bonuses and commissions). GROSS EARNINGS Determining the Payroll LO 1 Illustration H-1 Computation of total wages Mandatory: FICA tax Federal income tax State income tax PAYROLL DEDUCTIONS Voluntary: Charity Insurance Union dues Pension plans Determining the Payroll LO 1 Mandatory: FICA tax Federal income tax State income tax Social Security and Medicare tax Supplemental retirement, employment disability, and medical benefits. Determining the Payroll PAYROLL DEDUCTIONS LO 1 Illustration H-3 FICA tax rate and tax base Employers are required to withhold income taxes from employees’ pay. Withholding amounts are based on gross wages and the number of allowances claimed. Determining the Payroll Mandatory: FICA tax Federal income tax State income tax PAYROLL DEDUCTIONS LO 1 Most states (and some cities) require employers to withhold income taxes from employees’ earnings. Determining the Payroll Mandatory: FICA tax Federal income tax State income tax PAYROLL DEDUCTIONS LO 1 Gross earnings minus payroll deductions. NET PAY Determining the Payroll LO 1 Illustration H-6 Computation of net pay LO 1 Illustration H-7 Employee earnings record Recording the Payroll LO 1 Illustration H-8 Payroll register Recording the Payroll Illustration: Prepare the entry Academy Company would make to record the payroll for the week ending January 14. RECOGNIZING PAYROLL EXPENSES AND | Learning Objectives Record the payroll for a pay period. 1 Record employer payroll taxes. 2 Discuss the objectives of internal control for payroll. 3 Appendix H Payroll Accounting “Payroll” pertains to both: Salaries - managerial, administrative, and sales personnel (monthly or yearly rate). Wages - store clerks, factory employees, and manual laborers (rate per hour). Involves computing three amounts: (1) gross earnings, (2) payroll deductions, and (3) net pay. Determining the Payroll LO 1 LEARNING OBJECTIVE Record the payroll for a pay period. 1 Total compensation earned by an employee (wages or salaries, plus any bonuses and commissions). GROSS EARNINGS Determining the Payroll LO 1 Illustration H-1 Computation of total wages Mandatory: FICA tax Federal income tax State income tax PAYROLL DEDUCTIONS Voluntary: Charity Insurance Union dues Pension plans Determining the Payroll LO 1 Mandatory: FICA tax Federal income tax State income tax Social Security and Medicare tax Supplemental .