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annchimanalo@yahoo.com

final prezi (accounting for Payroll)
by

annchi manalo

on 3 October 2013

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Transcript of annchimanalo@yahoo.com

Accounting
Learning Objectives
for
Payroll
1.Prepare the payroll sheet to facilitate computation of salaries.
2.Record payroll transactions.
3.Be familiar with the different payroll deductions
for remittance to government agencies.
– represents the total salaries and wages paid to a company’s employees and workers for services rendered to the company.
Payroll Sheet
a document prepared to facilitate the computation of employees’ salaries and worker’s wages. It clearly shows the gross pay, the position of employees, the details of deductions from the gross pay in order to arrive at the net pay of the employees or workers.
Gross Pay
is the remuneration of the employee for rendering services to the employer which is the amount subject to deductions.
Deductions
Withholding tax, Social Security System (SSS), Philippine Health Insurance Company (Philhealth), Home Development and Mutual Fund (HDMF) and various loans of employees are deductions from the employee to be collected by the employer to the proper government agencies.
Net Pay
is the take home pay of the employee.
Example of Payroll Sheet:
MARY THE QUEEN COLLEGE (PAMPANGA), INC.
Payroll Covered : February 1 – 15, 2013
Payroll Period
– is the duration of time when an employer normally pays its employees and workers their salaries and wages.
Employees maybe paid monthly
or semi-monthly.
Workers maybe paid weekly, semi-monthly or by piecemeal basis.
ILLUSTRATIVE PROBLEM:
Sept. 5 SSS Contributions Payable
EC Contributions Payable
Cash in Bank
The journal entries to record the remittances are as follows:
August 31 SSS Contributions Expense
EC Contributions Expense
Philhealth Contributions Expense
Pag-IBIG Contributions Expense
The journal entry to record employer’s share is as follows:
Presented below is the employer’s share for the payroll period August 16-31, 2012.
August 31 Salaries Expense
SSS Contributions Payable
Philhealth Contributions Payable
Pag-IBIG Contributions Payable
Withholding Taxes Payable
Cash
The journal entry for the payroll is as follows:
Presented below is the payroll sheet of Tee Nga Dental Laboratory from
August 16 to August 31, 2012.
Accounting for Payroll
ILLUSTRATIVE PROBLEM
Philhealth Contributions Payable
Cash in Bank
Withholding Taxes Payable
Cash in Bank
 
Pag-IBIG Contributions Payable
Cash in Bank
 
SSS Contributions Payable
EC Contributions Payable
Philhealth Contributions Payable
Pag-IBIG Contributions Payable
16,100.00
533.30
187.50
300.00
1,102.86
13,976.34
1,130.70
30.00
187.50
300.00
1,130.70
30.00
187.50
300.00
1,103.70
30.00
1,133.70
187.50
187.50
1,102.86
1,102.86
300.00
300.00
JFS
End of Presentation
Full transcript