Mini-Practice III

In class students reviewed how to process the payroll for a pay period.  Afterwards, students began completing Mini-Practice III. 

Students should finish up through step (9) on pg. 376 so that you will have enough time to finish the assignment at the end of next class.

Mini-Practice III

HW - Work on Mini-Practice III (Due at the end of class Tues. 2/3)

Completeing the Payroll Cycle

In class students continued to work on completing the payroll cycle for a business. 

There is no homework.

*Quiz - Thursday 2/5

Tax Liability Payments

In class, we tried, to put the payroll cycle (1 part of the accounting cycle) together.  The payroll cycle is as follows:

1.  Complete Payroll Register - Record in GJ/GL
2.  Compute Employer's Payroll Tax Expense - Record in GJ/GL
3.  Pay Liabilities (ex. SS Tax Payable) when due; either monthly or quarterly.


Do your best to complete 13-10 by Wed. - we will be going over it and practicing one together.


Notes - Tax Liability Payments


HW - Finish 13-10

Employer's Payroll Taxes

In class students learned how to record Salaries Expense in the General Journal.  Afterwards, students learned how to calculate and record a company's Payroll Tax Expense in the General Journal.

The homework is listed below and the notes and handout are attached.

Notes - Employer's Payroll Taxes

Handout - Payroll Register and General Journal Entries

HW - Read 13.3

Payroll Records Cont.

In class we students continued to practice completing the payroll for a business.  Students should be able to differentiate the way individuals are paid (hourly wage, salary or salary plus commission).  Students should now have a good grasp of the mandatory deductions (Social Security, Medicare, Federal Income Taxes and State Income Taxes) as well as voluntary deductions (Health Ins., 401K, etc.) - and how to calculate the deductions.

HW - Finish 12-8
          Read 13.1-13.2 (343-353)

Payroll Records

In class we reviewed the various mandatory and voluntary deductions that reduce an individuals gross earnings.  Afterwards, students learned how to prepare a payroll register and an employee's earnings report.

The notes are attached and the homework is listed below.

Notes - Payroll Records

HW - Finish/Complete 12-6 and 12-7
          Read 13.1