![Page 1: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/1.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Chapter 11Payroll responsibilities within
the accounting dept.
Family Economics & Financial Education
![Page 2: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/2.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
The Payroll Department
• Within the Accounting Department• Employer has the responsibility to pay
each employee a fair, non-discriminated salary
• www.salary.com to find your worth, according to zipcode
• Pay will vary according to Cost of Living – Real Estate prices and Taxes are the major
variable
![Page 3: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/3.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Payroll Tax evasionVideo: http://www.myfoxphilly.com/dpp/money/Nifty_Fifties_Tax_Troubles_051612
• The five owners and managers of the Nifty Fifty's restaurant chain have been charged with cheating the IRS out of millions of dollars, the U.S. Attorney's office announced on Wednesday.
• Robert Mattei, 73, of Delray Beach, Florida; Leo McGlynn, 52, of Swarthmore, Pa.; Brian Welsh, 48, of Springfield, Pa.; Joseph Donnelly, 49, of Springfield, Pa.; and Elena Ruiz, 46, of Drexel Hill, PA were charged in connection with an alleged tax evasion conspiracy.
• U.S. Attorney Zane Memeger said the five cheated the Internal Revenue Service by failing to properly account for more than $15 million in gross receipts, thereby evading $2.2 million in federal employment and personal taxes.
• http://abclocal.go.com/wpvi/story?section=news/local&id=8663808
![Page 4: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/4.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
The Buffet Rule
• Listen:– www.whitehouse.gov/ph
otos-and-video/video/2012/03/31/weekly-address-passing-buffett-rule-so-everyone-pays-their-fair-sh
![Page 5: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/5.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Payroll Deductions
• http://www.ehow.com/video_5112528_understanding-payroll-deductions.html
![Page 6: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/6.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Some Departments within accounting
1. Auditing2. Payroll
• Benefits Administration: Medical and Retirement
3. Financial Reporting4. Cost 5. Tax6. AP/AR management
![Page 7: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/7.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Accounting transactions
• Salary – An Expense of doing business– Gross Pay
• Salary Deductions (optional and required)– Must be electronically deducted before employee
receives paycheck– Liabilities of doing business– Transactions:
• All payables are Credited (deducted from the employee’s paycheck)
• Employer “owes” this money to different agencies/companies• Net Pay – the amount the employee actually takes home
after all deductions are made
![Page 8: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/8.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
The Debits and Credits
• Gross Salary Expense– DEBITED
• All Payables (deductions)– CREDITED
• Net Pay: Cash– CREDITED
![Page 9: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/9.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
What are Payroll Taxes?
•Taxes – Required charges imposed on US citizens by local, state, and federal governments
• Used to provide public goods and services– Largest amount of taxes a person
pays is on his/her incomeWhat are some services in your community that are funded by tax
dollars?
![Page 10: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/10.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Facts
• On average, approximately 40% of a person’s paycheck will be deducted due to taxes, benefits, and investment choices before they even receive a paycheck
• Taxes- Required charges imposed on citizens by local, state, and federal governments
![Page 11: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/11.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Provide public goods and services
Taxes
What is an item or service that you use every day that
is paid for by taxes?
• Citizens pay many different types of taxes in many different ways– Income tax, sales tax, property tax
• Largest amount of taxes is paid on income
![Page 12: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/12.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
REQUIRED TAX DEDUCTIONS
1. Federal Income Tax1. Based on how much you make2. US gov’t has 6 brackets
2. State Income tax – flat rate based on state3. Local Income tax – flat rate based on township4. FICA (Social Security Tax) – 4.2%
1. For those retired after age 62.5 or legally disabled to work
5. Unemployment tax - .08%1. Goes to those in your state that are unemployed
6. Medicare – 1.45%1. Goes to those in our country who are uninsured,
underinsured, or those retired that are eligible for gov’t aide
![Page 13: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/13.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Federal Income TaxBrackets
1. 10% - $0 to $8,375 2. 15% - $8,375 to $34,000 3. 25% - $34,000 to $83,600 4. 28% - $83,600 to $174,400 5. 33% - $171,850 to $373,650 6. 35% - $373,650 and up
![Page 14: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/14.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Taxes continued
• Internal Revenue Service (IRS) – Collects federal taxes, issues regulations, and enforces tax laws written by the United States Congress for individuals and private businesses
![Page 15: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/15.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
OPTIONAL PAYROLL DEDUCTIONS
1. Medical Benefits – health insurance1. Employer responsibility to have a relationship with 1 or
more health insurance companies2. Offer benefits to your employees3. Employer pays a %; the employee pays a % (premium)4. More the employer pays, the greater expense BUT it
could make the employer more desirable/loyalty
2. Retirement Planning –1. Employer offers an investment firm to
withdraw a % of paycheck and invest in the stock market or other investment tool 1. 401K (mutual funds or groups of stocks)2. IRA (retirement account, with interest)• Money is UNTOUCHABLE until age 62.5 (penalty is
20% for early/partial withdrawal)
![Page 16: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/16.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Largest Investment firms THAT Employers work with
• Vanguard and Fidelity
• Employee meets with a Financial Advisor to discuss investment strategy and retirement goals at time of Hiring
• Here is the Discussion:– How much should I invested each week from my Gross
Pay?– What stocks/investments/401ks should I invest in?– What is my RISK tolerance?– How long do I plan to work for?– What age would I like to retire at?– How much $ do I want waiting for me when I retire so I
live comfortably?
![Page 17: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/17.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
How are Taxes Paid?
1. By Workers• Through deductions made from your
Gross Salary by your Employer – Income Taxes
2. By homeowners – Real Estate and School Taxes
3. By shoppers – Sales Tax4. By businesses – their profit is taxed
![Page 18: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/18.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Real Estate taxes
• These taxes are separate and not deducted from one’s paycheck
• This is owed once a year by homeowners – check sent to Local Government
• Broken into 2:– Property – based on value of home– School – based on needs of school
![Page 19: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/19.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Starting a New Job
![Page 20: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/20.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Form W-4
Employee’s Withholding Allowance Certificate– Determines the percentage of gross pay
which will be withheld for taxes
• Allowances– Used to determine the amount of federal
taxes withheld from the paycheck– Dependents lower your taxes!
•Dependent – a person who relies on the taxpayer for financial support
![Page 21: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/21.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Form I-9
Employment Eligibility Verification Form• Used to verify the eligibility of individuals
to avoid hiring undocumented workers or others who are not eligible to work in the United States
• Must provide documentation which establishes identity and employment eligibility– Examples include driver’s license, passport,
Social Security card, and birth certificate
![Page 22: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/22.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Form I-9Employment Eligibility Verification Form
Verifies the eligibility of individuals to avoid hiring undocumented workers or others
who are not eligible to work in the United States
![Page 23: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/23.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Methods for paying employees
1.Live Check
2.Direct Deposit
![Page 24: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/24.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Reading a Paycheck
Family Economics & Financial Education
Why is it important to read your paycheck
stub?
![Page 25: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/25.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Paycheck Stub
Paycheck Stub– A document included each pay
period which outlines paycheck deductions
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 26: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/26.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Personal Information
Personal Information– States the employee’s full name, address, and social
security number– Always check to ensure this information is correct
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 27: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/27.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Pay Period
Pay Period– The length of time for which an employee’s wages are
calculated; most are weekly, bi-weekly, twice a month, or monthly
– The last day of the pay period is not always payday to allow a business to accurately compute wages
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 28: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/28.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Gross Pay
Gross Pay– The total amount of money earned during a pay period
before deductions• This is calculated by multiplying the number of hours
worked by the hourly rate• If a person is on salary, it is the total salary amount
divided by the specified time period
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 29: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/29.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Net Pay
Net Pay– The amount of money left after all deductions
have been withheld from the gross pay earned in the pay period
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 30: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/30.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Deductions
Deductions– The amount of money subtracted from the gross pay
earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 31: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/31.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Year-to-Date
Year-to-Date• Total of all of the deductions which have been withheld
from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2009-7/11/2009
![Page 32: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/32.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Conclusion
• Review the following concepts: – Form W-4– Form I-9– Reading a paycheck definitions
• Net vs. gross pay• Required and Optional deductions
![Page 33: Chapter 11 Payroll responsibilities within the accounting dept](https://reader036.vdocument.in/reader036/viewer/2022062314/56813480550346895d9b5def/html5/thumbnails/33.jpg)
7.13.2.G1
© Family Economics & Financial Education –Revised August 2009– The Essentials to Take Charge of Your Finances – Paychecks AdvancedFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The
University of Arizona
Activity
• Calculating Payroll• Using Excel to calculate payroll and
make deductions– Chapter 11 on website