9A 3 Accounting

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9A 3 Accounting

Terms

Gross Pay

The pay an employee receives before any deduction

Owner's Equity

The rest of the company's assets

Liability

The amount owed

Assets

Anything owned by a company that has a value

Formulas

Hourly Pay: $12.50 Hours worked: 42 Overtime Pay = 12.5 x 1 - .5 = 18.75 Weekly Pay = (40 x 12.5) + (2 x 18.75) = $537.50

Net Pay = Gross Pay - Deductions

Assets = Liabilities + Owner's Equity

Employees

Forms of getting paid

Salary

Salaried employees are paid based on a weekly, monthly or annual salary. They are designated this way because their responsibilities are not related to the time spent on the task. It does not increase or decrease with extra or fewer hours.

Hourly

Some federal regulations establish which employees should be paid per hour. An employee should complete 40 hours of work, any extra hours worked should be paid at a rate not less than time and one half their regular rates of pay

Types of Companies

Corporation

Owned by a large group of people

Sole Proprietorship

Owned by only one person

Partnership

Owned by 2 or more people