Part 14: Payroll .


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Chapter 14: Payroll. Payroll. Employees and employers are required to pay local, state, and federal payroll taxes. Employers must withhold taxes from each employee’s paycheck. The amount withheld for federal taxes is determined from tax tables published by the IRS.
Transcripts
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Part 14: Payroll

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Payroll Employees and businesses are required to pay nearby, state, and government finance charges. Bosses must withhold charges from every representative\'s paycheck. The sum withheld for government expenses is resolved from assessment tables distributed by the IRS. The sum withheld relies on upon the worker\'s profit and the quantity of exclusions or withholding remittances asserted by the representative. FICA assessments and Medicare duties are likewise deducted from representative\'s paychecks. It is the motivation behind Chapter 14 to demonstrate to you generally accepted methods to utilize Peachtree to enter finance default data, include workers, make the right diary passages for finance, and to print finance reports.

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Software Objectives, p. 495 Explore the Payroll Setup Wizard. Enter beginning finance fields. Enter representative and boss default data. Journalize and post finance diary sections. Print paychecks. Print the money related articulations Make four reinforcements: two for Richard\'s Sales & Service; two for the end-of-section activities.

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Web Objectives, p. 507 Use your Internet program to go to the book\'s site at www.mhhe.com/yacht2005 Go to the Internet Activity interface on the book\'s site. At that point, select WEB EXERCISES PART 3. Finish the fourth web practice in Part 3-Salary Calculator. Utilize a word handling project to compose synopses of the sites that you went by

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Peachtree Tips The activities in Part 3 are total. Sections 11, 12 and 13 must be finished before beginning Chapter 14. The Payroll Entry window is the Payroll Journal. The finance charge withholdings computed consequently when understudies select the Payroll Entry errand are for instance purposes as it were. They don\'t reflect correct withholding sums. For an extra expense, Peachtree Software has a finance impose overhaul benefit. To take in more about Peachtree Software\'s finance charge benefit, visit their site at www.peachtree.com/taxtable .

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Peachtree Tips (closed) Follow these means to check the worldwide assessment table rendition: Start Peachtree. Open any organization. From the menu bar, tap on Help; About Peachtree Accounting. The Installed Tax Service indicates 19000101.

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Backing Up Chapter 14 This data is likewise appeared on page 362. .

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Chapter 14 Topics Software & web destinations, p. 495 Getting started, pp. 498-499 a. Checking your worldwide assessment table rendition, pp. 500-501 b. Establishing the finance account, p. 501 Initial finance fields, pp. 501-505 Entering Employee and Employer Default Information, pp. 505-510 Entering worker upkeep data, pp. 510-512 6. Going down your information, pp. 512-513 7. Finance passage, pp. 513-519 Printing the finance diary, pp. 519-521 Printing the general record trial adjust, pp. 521-522

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Chapter 14 Topics (closed) Printing the money related proclamations, pp. 523-525 Backing up Chapter 14 information, p. 526 Internet movement, p. 527 Summary and survey, p. 527 a. Setting off to the net, p. 527 b. Various decision questions, pp. 528-530 c. Practice 14-1, pp. 530-533 d. Practice 14-2, p. 533 e. Part 14 list, p. 534

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Getting started, pp. 498-499 Complete strides 1 – 2g. on pages 498-499. Recall that, you should finish Chapters 11, 12, and 13 preceding beginning Chapter 14.

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Checking Your Global Tax Table Version, p. 500 From the menu bar, tap on Help; About Peachtree Accounting. The Peachtree Complete Accounting 2005 window shows up. Perused the data on page 500. Tap on <OK> to close this window.

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Establishing the finance account, p. 501 keeping in mind the end goal to build up the finance financial records, exchange reserves from Santa Barbara Bank (Account No. 10200) to the Payroll Checking (Account No. 10300). Perused the exchange data on p. 501.

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Payroll Setup Wizard, p. 501-502 Click on Maintain; Default Information, Payroll Setup Wizard. This window is appeared on p. 502. Tap on <Next>. Perused step 2, p. 502. Click <Next>.

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Payroll Setup Wizard, proceeded with, p. 503 Complete strides 4 and 5 on p. 503. In the State box, select CA. Sort 3.4 in the Unemployment Percent box. Tap on the Sa l es Defaults envelope tab.

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Payroll Setup Wizard, proceeded with, p. 504 Click <Next>. The Default Payroll G/L Accounts window shows up. You will roll out improvements to these defaults on page 508 and 509. Finish steps 7-12 on pages 504 and 505.

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Entering representative and boss default data, pp. 505-506 Read the data on p. 505. Tap on Maintain; Default Information, Employees. Finish steps 1 and 2 on p. 505. This window is appeared on p. 506. Tap on <OK>.

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Assign Payroll Fields for EmployEE Paid Taxes, p. 506 Click on the bolt beside EmployEE Paid Taxes. This window is appeared on p. 506. Tap on <OK>.

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Assign Payroll Fields for EmployER Paid Taxes, p. 507 Click on the bolt alongside EmployER Paid Taxes. Tap on the down-bolt in the State Disability (SDI) field. Tap on < O k> to come back to the Employee Defaults window. At that point, select the Pay L evels tab.

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Employee Defaults, p. 507 Make beyond any doubt you have chosen the Pay L evels tab on the Employee Defaults window. At that point for Overtime, select Account No. 77600, Overtime Expense. This window is appeared on p. 507.

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Employee Defaults (proceeded with) p. 508 Complete strides 10–17 on p. 508. This window is appeared underneath step 17, p. 508.

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EmployE R Fields tab, pp. 509-510 Complete stride 18 on p. 509. This window is appeared underneath step 18 on p. 509. On p. 510, finish step 19 by tapping on <OK> to spare your progressions and come back to the menu bar.

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Entering representative upkeep data, pp. 510-512 Click on Maintain; Employees/Sales Reps. Finish steps 1 and 2 on p. 510.

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Maintain Employees/Sales Reps, p. 511 Click on the Withholding I nfo tab. Finish the data appeared on p. 510. Finish steps 4 – 6 on pp. 511.

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Maintain Employees/Sales Reps, p. 512 After finishing step 6 on page 511, this window demonstrates Pay I n fo. Finish steps 7 – 12 on p. 512.

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Backing up your information, p. 512-513 Complete strides 1 – 6 on pp. 512-513 to move down your information. Utilize Chapter 14 Begin as the go down name.

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Payroll Entry, pp. 513-515 Read the data on pages 513-515 Complete strides 1 – 9 on pages 514-515 to issue a finance check. The Payroll Entry window is appeared on p. 515. Tap on the Print symbol.

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Print Forms: Payroll Checks, pp. 516-517 Complete stride 11 on p. 516. Highlight OCR - PR Preprint 1 Stub. Perused the remark on page 516. The Preview Forms: Payroll Checks window is appeared on p. 516. Click <OK>.

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First Check Number, pp. 517-519 Type 101 as the First Check Number. This window is appeared on p. 517 under stride 14. Tap on <Print>. Contrast your check and the one appeared on page 517. Finish steps 16 and 17 on p. 518. Contrast your check and the one appeared on p. 518. At that point, issue the checks appeared in step 18.

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Printing the finance diary, p. 519-521 Complete strides 1 and 2 on p. 519. Contrast your finance diary with the one appeared on pp. 519-521.

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Printing the general record trial adjust, p. 521-522 Complete strides 1 and 2 on p. 521. Contrast your general record trial adjust with the one appeared on p. 522.

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Printing the monetary explanations, pp. 523-525 Complete strides 1-3 on pp. 523-525. Contrast your money related articulations and the ones appeared on pages 523, 524, and 525.

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Backing Up Chapter 14 Data, p. 526 Complete strides 1-6 on page 526. The move down name is Chapter 14 . Tap on < O k>. Contrast your check with the one appeared on p. 381. Record the extra installments appeared on p. 382.

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Glossary of Terms Chapter 14

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Exemptions, p. 495 These are withholding remittances guaranteed by the representative. The quantity of exceptions or withholding recompenses typically incorporates one for the representative, one for the worker\'s life partner, and one for every reliant.

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Withholding stipends, p. 495 Exemptions asserted by the worker. The quantity of exceptions or withholding stipends more often than excludes one for the representative, one for the worker\'s life partner, and one for every needy.

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FICA charges, p. 496 This reasoning from wages is likewise called the standardized savings assess and gives qualified specialists who resign at age 62 or more seasoned with regularly scheduled installments from the government. A divide of this expense is for Medicare.

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Medicare, p. 496 A partition of FICA assessments (likewise called government managed savings charges) deducted from wages of qualified laborers. Health advantages called Medicare are gotten by retirees in the wake of achieving age 65.

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W-2 frames, p. 496 A yearly report of a representative\'s wages subject to FICA and government salary assess that demonstrates the measures of these charges that were withheld.

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Internet Activity, p. 526

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Going to the Net, p. 527 Access the Employer Reporting and Instructions site at www.ssa.gov/business/. Connection to General W-2 Filing Information, then answer these inquiries. What are dates that businesses must send W-2 data to the Social Security Administration? (Incorporate the dates for both electronic and paper documenting.) When must managers give representatives their W-2? What two structures do bosses send to the Social Security Administration?

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