Drscribe the Cash Control and Payroll System.

At the end of this unit you will complete a unit project. You can start to work on this project as you work through the lessons. In this unit’s project, you will complete the payroll records for Raven’s House Painting. Complete timecards, payroll register, journalize and post the payroll transaction, update the yearly payroll, and calculate and record the employer’s taxes.GoalThe goal is to complete the payroll records for Raven’s House Painting. Complete timecards, payroll register, journalize and post the payroll transaction, update the yearly payroll, and calculate and record the employer’s taxes.RoleYou have been asked to complete the weekly payroll for Raven’s House Painting. for the last week in July. The regular payroll clerk has gone on vacation.AudienceThe target audience is the employees of Raven’s House Painting. It is very important to calculate the payroll for a company because people’s lives depend on it.SituationRaven’s House Painting is a sole proprietorship owned and operated by Miles Austin. The company paints houses: exterior and interior. The business has been in operation for three years. The revenue has increased each year, which has allowed for additional employees. The regular payroll clerk has gone on vacation and you need to complete the payroll for the last week in July.Product, Performance, and PurposeYou need to complete the following:The file attached below is the time cards for the hourly employees. Complete the hours worked each day to the nearest quarter hour, total hours worked, regular earning, overtime earnings, and total earnings. U4_project_time_cards.xls (Links to an external site.)Use the payroll register form attached below to complete the payroll register for week ending July 31, 20xx. U4_Project_Payroll_form.xls (Links to an external site.)Enter all the deductions listed below for the appropriate employees.Gerry Munson, Salesperson, recorded additional clients that brought in $765.00 in new business. Calculate his commission and enter it in the Incentives section of the payroll registerSalary employees weekly pay should be entered in the regular section of the payroll register.The federal taxes have been entered for you.Below are the rates for the other taxes:State income tax – 2%FICA (employee & employer) Social Security tax – 6.2%; Medicare tax – 1.45%State unemployment tax – 5.4% (employer only)Federal unemployment tax – 0.8% (employer only)Mitch Ackers, Carl Custer, and Gerry Munson have a $10.00 deduction for US Savings bonds. Enter it in ‘other’.All employees pay insurance premium each week. married employees pay $11.00 and single employees pay $6.00.Total all the columnsRecord the payroll transaction in the general journal. Use the information from the payroll register to enter the general journal entries. General_Journal_.xls (Links to an external site.)Calulate and record the employer’s taxes for this pay period in the general journal. Use the same general journal for the payroll transaction and the employer’s tax entry.Payroll information: The business presently employs eight people. A Form W-4 is on file for each employee. The list that follows summarizes the data on those documents.Screen shot 2013-02-21 at 7.32.08 PM.pngThe business pays its employees on a weekly basis.Overtime is paid at a rate of 1 1/2 times the regular rate for hours worked over 40.The weekly pay period runs from Monday through Saturday with employees being paid on Saturday.The business is closed on Sunday.The employees are paid by one of three methods:hourly ratesalarysalary plus 10% commission on any new accounts they acquireThe following table lists the employees, the method by which their wages are calculated, and other information.Screen shot 2013-02-21 at 7.32.38 PM.pngStandards and Criteria for SuccessYour performance needs to pull together all the concepts and procedures you have learned in this unit.Accuracy of the payroll registerAccuracy of the employee time cardsCalculation of the companies payrollCalculation and journalizing of the employer’s payroll taxes