LESSON Recording A Payroll. CENTURY 21 ACCOUNTING 2009 South-Western, Cengage Learning
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1 LESSON 13-1 Recording A Payroll
2 2 PAYROLL REGISTER page 369 Use the payroll register to record the payment of the payroll. The payment of the payroll is recorded in the cash payments journal. LESSON 13-1
3 3 ANALYZING PAYMENT OF A PAYROLL page 370 LESSON 13-1
4 JOURNALIZING PAYMENT OF A PAYROLL 4 page 371 December 15. Paid cash for payroll, $4, Check No Write the date. 2. Write the title of the account debited. 5. Write the total amount paid to employees. 6. Write the titles of accounts credited. 3. Write the check number. 4. Write the account debited. 7. Write the amounts credited. LESSON 13-1
5 5 JOURNALIZING PAYMENT OF A PAYROLL The payroll is an Expense to the company The taxes and other deductions that were deducted from the employees earnings and still owed to the government or other agencies are Liabilities. Cash is also credited because money was paid out. LESSON 13-1
6 LESSON Recording Employer Payroll Taxes Most employers must pay four separate payroll taxes: 1. Social Security Tax (pay same amt. withheld for employees) 2. Medicare Tax (pay same amt. withheld for employees) 3. Federal Unemployment Tax 4. State Unemployment Tax Federal Unemployment Tax is a federal tax used for state and federal administrative expenses of the unemployment program. State Unemployement Tax is a state tax used to pay benefits to unemployed workers. Social Security Tax Rate is 6.2% and has a tax base of $87, Medicare Tax Rate is 1.45% and does not have a tax base. Federal Unemployment Tax Rate is.8% and has a tax base of $7,000. State Unemployment Tax Rate is 5.4% and has a tax base of $7,000.
7 7 UNEMPLOYMENT TAXABLE EARNINGS page Enter accumulated earnings and total earnings for each employee. 2. Enter unemployment taxable earnings. 3. Total the Unemployment Taxable Earnings column. LESSON 13-2
8 8 UNEMPLOYMENT TAXES page 375 Unemployment Taxable Earnings Federal Unemployment Tax Rate = Federal Unemployment Tax $ % = $6.32 Unemployment Taxable Earnings State Unemployment Tax Rate = State Unemployment Tax $ % = $42.66 LESSON 13-2
9 JOURNALIZING EMPLOYER PAYROLL TAXES 9 The employer s taxes are Liabilities and are recorded in the General Journal until they are paid. LESSON 13-2
10 JOURNALIZING EMPLOYER PAYROLL TAXES page 376 (continued on next slide) 10 December 15. Recorded employer payroll taxes expense, $485.92, for the semimonthly pay period ended December 15. Taxes owed are: social security tax, $354.11; Medicare tax, $82.83; federal unemployment tax, $6.32; state employment tax, $ Memorandum No. 63. LESSON 13-2
11 JOURNALIZING EMPLOYER PAYROLL TAXES (continued from previous slide) 11 page Write the date. 2. Write the title of the expense account debited. 3. Write the memorandum number. 4. Write the debit amount. 5. Write the titles of the liability accounts credited. 6. Write the credit amounts. LESSON 13-2
12 12 TERMS REVIEW page 377 federal unemployment tax state unemployment tax LESSON 13-2
13 LESSON Reporting Withholding And Payroll Taxes Employers are required to furnish Form W-2 to each employee by January 31 of the next year. Employers must report the payroll taxes withheld from employee salaries and the employer payroll taxes due to the government by preparing the Employer s Quarterly Federal Tax Return, Form 941. Form W-3, Transmittal of Wage and Tax Statements, is sent to the Social Security Administration by February 28 th each year to report the previous year s earning and payroll taxes withheld for all employees. A copy of each employee s W-2 must be attached to the W-3 form.
14 EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD page LESSON 13-3
15 EMPLOYER S QUARTERLY FEDERAL TAX RETURN page 379 (continued on next slide) Heading 2. Number of employees LESSON 13-3
16 EMPLOYER S QUARTERLY FEDERAL TAX RETURN page 379 (continued on next slide) Total quarterly earnings 4. Income tax withheld 5. Employee and employer social security and Medicare taxes 6. Social security plus Medicare taxes 7. Total taxes LESSON 13-3
17 EMPLOYER S QUARTERLY FEDERAL TAX RETURN page 379 (continued from previous slide) Total taxes for each month 9. Total taxes LESSON 13-3
18 EMPLOYER ANNUAL REPORTING OF PAYROLL TAXES page LESSON 13-3
19 LESSON Paying Withholding and Payroll Taxes The payment of payroll taxes to the government is referred to as a deposit. How often the business has to make a deposit depends on how much taxes the business collected during the current deposit period and depends on the amount of payroll taxes owed during the prior 12-month period. The 12-month period that ends on June 30 th of the prior year is called the lookback period.
20 PAYING THE LIABILITY FOR EMPLOYEE INCOME TAX, SOCIAL SECURITY TAX, AND MEDICARE TAX page LESSON 13-4
21 21 Form 8109, Federal Deposit Coupon New employers are monthly schedule depositors for the first calendar year of business IRS issues a monthly Form 8109 coupon book to new employers Employers will reevaluate when the deposit once a lookback period is established Deposits can be made using the EFTPS (Electronic Federal Tax Payment System) businesses having deposits of more than $200,000 during the past calendar year must use this system LESSON 13-1
22 FORM 8109, FEDERAL DEPOSIT COUPON page LESSON 13-4
23 JOURNALIZING PAYMENT OF LIABILITY FOR EMPLOYEE INCOME TAX, SOCIAL SECURITY TAX, AND MEDICARE TAX 23 page 385 January 15. Paid cash for liability for employee income tax, $757.00; social security tax, $1,451.38; and Medicare tax, $339.42; total, $2, Check No Write the date. 2. Write the titles of the three accounts debited. 3. Write the check number. 4. Write the debit amounts. 5. Write the amount of the credit. LESSON 13-4
24 PAYING THE LIABILITY FOR FEDERAL UNEMPLOYMENT TAX 24 page 386 Federal unemployment insurance is paid by the end of the month following each quarter if the liability amount is more than $100; anything outstanding is paid at year end. LESSON 13-4
25 JOURNALIZING PAYMENT OF LIABILITY FOR FEDERAL UNEMPLOYMENT TAX 25 page 387 January 31. Paid cash for federal unemployment tax liability for quarter ended December 31, $ Check No Write the date. 2. Write the title of the account debited. 3. Write the check number. 4. Write the debit amount. 5. Write the amount of the credit to Cash. LESSON 13-4
26 JOURNALIZING PAYMENT OF LIABILITY FOR STATE UNEMPLOYMENT TAX page January 31. Paid cash for state unemployment tax liability for quarter ended December 31, $ Check No Date 2. Account debited 3. Check number 4. Debit amount 5. Credit amount LESSON 13-4
27 27 TERMS REVIEW page 389 lookback period LESSON 13-4
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