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Payroll

A good bookkeeping system must provide accurate information concerning the payroll (Figure 35-3). Because of Social Security laws, income-tax-withholding laws, and other state and federal regulations, any and all of this information must be instantly available. Therefore, an individual payroll record book should be maintained. The following information is needed for accurate and complete payroll accounting:

  • Name of employee, with address and personal data

  • Social Security number

  • Company number (if any)

  • Department number (if any)

  • Date employment began and ended (and reason for separation)

  • Dates worked, rate of pay, hours per day worked, regular and overtime status

  • Regular salaries paid if not on hourly basis

  • Deductions (federal withholding tax, Social Security taxes, state and local taxes, medical insurance premiums, union dues, retirement plan contributions, etc.)

  • Totals by month, quarter, and year


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