Accounting Chapter 12

Grade Level:

10

Subject:

Accounting I

Start Date:

End Date:

Goal Summary:

Students should be able to calculate payroll and place payroll into register and an employee earning record and complete payroll checks

Standards Met:

IDs Only
Detail

Essential Questions:

What is the difference between salary and regular wages?
Why do we have to punch a timecard if we are salary?
What is a payroll?
When should we fill out a new W-4?
Who is responsible for keeping W-4 up to date?
Where does an employer get the information used to determine the amount of federal income tax to withhold from employees earnings?
Employee federal income tax withholdings are based on what two factors?
Does the employer or employee pay social security tax and Medicare tax?
Why would we choose zero dependents on our W-4?
What does the payroll register summarize?
How is netpay calculated?
Why do companies complete employee earnings records?
What is the source of information that is recorded on each employee's payroll check stub?
How do payroll procedures differ for employees who request that their pay be deposited through electronic funds transfer?

Understandings:

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Content Goals:

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Skill Goals:

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Other Information:

Standards:
1. Define terminology related to payroll 2.1, CA1
2. Calculate time cards 1.7, MA1 A.IV.B.3-4.2
3. Calculate gross earnings (e.g., hourly rate, piece
rate, and salary/commission) 1.7, MA1, MA3, A.IV.B.3-4.2
4. Calculate net earnings (e.g., FICA, federal withholding, and insurance)
1.7, MA1, MA3, A.IV.B.3-4.3
5. Prepare a payroll register 1.8, CA4 A.IV.B.3.4.1
6. Prepare payroll checks 1.8 A.IV.B.3.4.1
7. Maintain an employee earnings record 1.8, MA1 A.IV.B.3-4.1
8. Calculate employer's payroll taxes (e.g., social security, federal and state unemployment, and Medicare) 1.7, MA1, MA3, A.IV.B.3-4.4
9. Journalize entries related to payroll 1.8, CA4 A.IV.B.3-4.1
10. Post entries related to payroll 1.8, MA1 A.I.3-4.10
11. Prepare federal, state, and local payroll reports 1.8, CA4, MA3 A.IV.B.3-4.5

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