Pay Employees Part 1 7.70

Presentation and we’re going to enter payroll into our practice problem. Note that we’re not going to be processing payroll through the quickbooks online system, because that’s going to be an add on feature. We will talk more about payroll after the the practice problem has ended and its own section so you can get some more information there.

Overtime Calculation – Financial Accounting

Overtime calculation in a few different formats. Overtime is generally thought of as time and a half. In other words overtime rates are time and a half of the original rate. Although we often use the term time and a half many don’t understand what it means fully. Overtime is usually calculated similar to a 50% raise. We can calculate the overtime rate as the original rate times 50% plus the regular rate. We can also calculate overtime as the origianl rate times 1.5 or 150%, the 1 representing the original time and the .5 representing the added 50% increase. Fore more accounting information see website: http://accountinginstruction.info/cou…

 

Payroll Periods and Time Frames

We will discuss payroll pay periods that companies could use to process payroll. Companies could process payroll monthly, weekly, biweekly, and semimonthly. It is useful to know the number of pay period in a year so we can calculate payroll and make comparisons between hourly wages and salary wages.
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