DO NOW
EQ: WHAT IS A PAYROLL REGISTER?
LT: I WILL BE ABLE TO CALCULATE TOTAL SALARY AND DEDUCTIONS FOR A PAY ROLL REGISTER
ASSESSMENT: PAYROLL REGISTER EXCEL ACTIVITIES
VOCABULARY: GROSS PAY + NET PAY
CORNELL NOTES
NOTESEmployees receive compensation as salary, wages, pay or benefits for providing a service to employers. The process of preparing payroll requires the employer to calculate employees’ earnings, total deductions and total net pay. A payroll register is an electronic or hard copy record of payroll information that lists total payroll wages and amounts withheld for each employee, including:
•Hours, pay rate and gross pay. •Deductions, such as health insurance premiums, pension contributions, union dues. •Payroll tax liabilities withheld from employees’ paychecks, including federal income tax, Social Security, Medicare, state and local income taxes. •Employer contributions and taxes paid by the employer, including the employer’s share of Medicare and Social Security, federal unemployment tax and state unemployment tax. A basic payroll register format comprises multiple columns that list and summarize payroll information for specific payroll periods. Depending on the manner in which employees are paid, the calculations to determine the employees’ pay for the period will vary. Some employees are paid on an hourly basis; some employees are paid on a salaried basis. To calculate hourly workers’ pay for the period, multiply the hourly rate by the number of hours worked in the period. Hourly workers who work more than 40 hours per week are entitled to a higher rate of pay for the hours in excess of 40; typical overtime rates are time and one-half (hourly rate * 1.5) or double time (hourly rate *2). The hourly rate for the first 40 hours of the week are considered straight time. To calculate salaried workers’ pay for the period, Annual salary amount / by the number of times the employee will be paid in a year. Refer to the table below, which contains information for commonly used pay periods. Vertical Divider
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ACTIVITIES: PAYROLL EXCEL
![](http://www.weebly.com/weebly/images/file_icons/xls.png)
payroll-register-part-i.xlsx | |
File Size: | 56 kb |
File Type: | xlsx |