Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 661

Payroll

Bluehorse, Inc. Pay: Weekly Union Number: 95302

9871 Fe rri s Bl vd. Pay Beginning Date: 2.10.20YY Check Number: 34113

Fl ore nce , KY 41022 Pay Ending Date: 2.16.20YY Check Date: 2.22.20YY

Suzanna Philips Employee Number: 256 Tax Data Federal State

246 Boone Ct. Department: Accounting Marital Status Single Single

Flore nce , KY 41042 Job Title: Billing Clerk Allowances (exemptions) 1 1

Hourly Rate: $9.50 Additional Amount WH 0 0

Overtime Rate: $14.25

Current Year-to-Date

Description Rate Hours Earnings Hours Earnings Description Current Year-to-Date

Regular Time Worked 9.50 40 380.00 280 2,660.00Uni on 95302 Me mbe r 6.25 43.75

Overtime Worked 14.25 2 28.5 14 199.5

Vacation Hours Taken 9.50 0 0 0 0

Sick Hours Taken 9.50 0 0 0 0

Holiday 9.50 0 0 0 0

Totals: 42 408.5 294 2,859.50

Description Current Year-to-dateDescription Current Year-to-date Description Current Year-to-date

Health Savings Account 0 0 Federal Withholding 35 245 Employer's Contribution:

(before-tax) Social Security 25.33 177.31 Medical Insurance 30 210

Description Current Year-to-dateMe di care 5.93 41.51 Life Insurance 1.25 8.75

Medical Insurance 62 434 KY State Withholding 8.17 57.19 Social Security 25.33 177.31

Florence Local Withholding 8.17 57.19 Me di care 5.93 41.51

School District Withholding 1.98 13.86

Paycheck Summary Gross Earnings Total Taxes Total Deductions Net Pay

Current 408.5 408.5 84.58 68.25 255.67

Year-to-date 2,859.50 2,859.50 592.06 477.75 1,789.69

Annual Leave Sick Leave Check Number 34113

Start Balance 6.00 Start Balance 2.00 Total Electronic Deposit 255.67

+Earned 1 +Earned 1 to PNC Bank

-Taken 0 -Taken 0 Bank ending 8722

Ending Balance 7 Ending Balance 3 Total Deposit 255.67

Federal Taxable Gross

Chapter 19

Lesson 19.4

Student Guide

Analyzing a Paycheck Stub

Pay that is directly deposited is electronically transmitted from

the employer’s bank account to the employee’s bank account.

Direct deposit can lower or eliminate the cost of printing

physical paychecks and mailing them to employees. Direct

deposit also helps businesses to process their payroll more

efficiently. Some companies even make having a bank account

a condition of employment to ensure that employees can be

paid via direct deposit.

Regardless of whether you re-

ceive your pay in the form of

a check or as a direct deposit

to your bank account, you

should receive a paycheck

stub each pay period.

A

C

B

D

E

F G

H I J

K

L M