Transcript automatic check deposit

LESSON 3-2
Recording a Payroll and
Payroll Taxes
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
Chapter 3 Objectives
Calculating and Recording Departmental
Payroll Data
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After studying Chapter 3, you will be able to:
 Define accounting terms related to a departmental
payroll system.
 Identify accounting concepts and practices related to
a departmental payroll system.
 Prepare a commissions record and calculate
commission on net sales.
 Complete payroll records.
 Journalize payroll transactions.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
3
Lesson 3-2
 automatic check deposit: depositing payroll checks
directly to an employee’s checking or savings account
in a specific bank
 electronic funds transfer (EFT): a computerized
cash payments system that transfers funds without the
use of checks, currency, or other paper documents
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
4
JOURNALIZING PAYMENT OF A
PAYROLL
page 71
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1
3
4
5
1.
2.
3.
4.
Write the date.
Record the salary expense accounts.
Enter the check number.
Write the salary expense amounts.
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5. Enter the liability accounts.
6. Record the liability amounts.
7. Write the net pay.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
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CALCULATING EMPLOYER PAYROLL
TAXES
page 72
Audio Department
Payroll Taxes Expense
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
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JOURNALIZING EMPLOYER
PAYROLL TAXES
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2
4
3
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1. Write the date.
2. Write expense account titles.
3. Write the source document.
page 73
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4. Record the amount of payroll taxes.
5. Write the liability account titles.
6. Enter the liability amounts.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
JOURNALIZING PAYMENT OF FEDERAL
INCOME TAX, SOCIAL SECURITY TAX, AND
MEDICARE TAX LIABILITY
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page 74
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3
2
5
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1. Write the date.
2. Enter the liability accounts.
3. Write the check number.
4. Enter the liability amounts.
5. Record the amount paid.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
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JOURNALIZING PAYMENT OF FEDERAL
UNEMPLOYMENT TAX LIABILITY
page 75
1
2
1.
2.
3.
4.
5.
3
4
5
Write the date.
Enter the liability accounts.
Write the check numbers.
Enter the liability amounts.
Record the amounts paid.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
9
DEFINE TERMS REVIEW
In Quizlet
page 76
Edit this set: Chapter 3 AdvAcc (then SAVE)
 automatic check deposit
 electronic funds transfer (EFT)
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
10
Exit Ticket for today:
Audit Your Understanding 3-2
In a Word Document, SaveAS: Chapter3-2AYUYourName
And drop in my Inbox today!
1. When a payroll is journalized, which account is
credited for the total net amount paid to all
employees?
2. What four separate payroll taxes do most employers
have to pay?
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2
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Complete the following assignments for
Chapter 3-2 today
 Define Terms Review on page 76.
 Answer Audit Your Understanding questions on page
76.
 Complete Work Together 3-2 on Aplia – page 76.
 Complete On Your Own 3-2 on Aplia – page 76.
 Complete Application Problem 3-4 on Aplia – page
79.
 Complete Application Problem 3-5 on Aplia – page
79-80.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
LESSON 3-2