Gross Payroll and Deductions
In this hour you will learn about…
- Computing wages
- Federal and state tax deductions
- Other deductions
- Employer taxes
- Posting payroll checks
Processing payroll begins with correctly calculating the Gross Wages of the employees and it doesn’t end when checks for the net amount due each employee are issued and distributed. Issuing the paychecks brings the bookkeeper to the next step in the process, which involves reviewing the tax deductions subtracted from the paychecks and determining what the employer’s costs will be for that particular pay period.
There are payroll services and computer programs that can process payroll and tax reports in a matter of minutes, but the bookkeeper still needs to understand ...