Week 12 · Readings & resources

Week 12 — Readings & Resources

Financial Accounting Free sample edition

Your primary reading is Chapter 12 (in this module). Everything below is the optional, go-deeper layer — pick what helps, skip the rest.

How to use this page

This page has 10 items (4 readings and 6 videos). Allow 46–56 minutes for everything. Each group points back to the matching chapter section and class-session segment, so use the full menu when you want more, or take the quick path below.

Every video here has captions: turn them on with the CC button in the player. The chapter covers the same ideas in text.

Pick-one quick path (16–20 min total)

① Overtime, gross pay, and the pay stub

Chapter 12, Section “Compute gross pay, with overtime” · Session 1, Segment 5, “Gross pay and the overtime rule” · Remember: overtime is at least time and one-half the regular rate for every hour over 40 in a workweek.

Topic 5: Overtime – When do I owe overtime compensation, and how do I pay it correctly? — U.S. Department of Labor — the Wage and Hour Division's own seven-minute explainer, built on a fast-food franchise's workers: one hour of overtime at one and a half times the hourly rate, a salaried assistant whose salary is turned into an hourly equivalent, hours at several locations added into one workweek, and a production bonus that raises the regular rate. It also says overtime cannot be banked for a later week and names an exemption for some motor carrier mechanics. Its dollar figures are the video's own, not the bicycle shop's. (video, 7 min) (captions: automatic)
Fact Sheet #23: Overtime Pay Requirements of the FLSA — U.S. Department of Labor, Wage and Hour Division — the Department of Labor's own fact sheet on the overtime rule: a workweek is a fixed period of 168 hours, hours may not be averaged over two weeks, the regular rate includes nearly all pay for the work, and overtime cannot be waived by agreement. Read it beside the chapter's mechanic, whose 5 hours over 40 are paid at $36. It is general information, not a ruling on any one job. (reading, 8–12 min)
Understanding Your Pay Stub: Simple Guide to Earnings — Federal Reserve Bank of St. Louis — a Federal Reserve bank's three-minute tour of a pay stub: gross pay, mandatory deductions such as income taxes, Social Security, and Medicare, elective deductions such as health insurance and retirement plans, net pay as the take-home amount, and the year-to-date column. This builds on Week 4's work with accrued expenses, the wages a business owes before it pays them. Use it while completing the Week-12 module overview. (video, 3 min) (captions: creator)

② Social Security, Medicare, and the wage base

Chapter 12, Section “Withholding Social Security and Medicare” · Session 2, Segment 6, “Social Security, Medicare, and the wage base” · Remember: Social Security stops at the year's wage base, and Medicare keeps going on every dollar.

Topic no. 751, Social Security and Medicare withholding rates — Internal Revenue Service — the IRS's one-page summary of the two rates, 6.2 percent each for employer and employee for Social Security and 1.45 percent each for Medicare, the 2026 wage base of $184,500, and the Additional Medicare Tax withheld on wages above $200,000. (reading, 3–5 min)
2026 Cost-of-Living Adjustment (COLA) Fact Sheet — Social Security Administration — the Social Security Administration's own table of 2026 figures; read only the tax rate and maximum taxable earnings rows, which show the $184,500 Social Security limit and no limit for Medicare, and skip the benefit figures below them. (reading, 3–5 min)
What Is And How To Calculate FICA Taxes Explained, Social Security Taxes And Medicare Taxes — Whats Up Dude — a five-minute walk through the Social Security and Medicare formulas, gross earnings times each rate written as a decimal, with an employer match, the Additional Medicare Tax that the employer does not match, and the self-employed rates. Watch it critically: it was made for an earlier year, so its wage base is out of date, and the 2026 figure is $184,500. (video, 5 min) (captions: creator)
2026 Social Security Wage Base & Payroll Taxes — SD Mayer, a Springline company — an accounting firm's five-minute update on the 2026 wage base of $184,500, the 0.9 percent Additional Medicare Tax above $200,000 that employers withhold with no employer share, and a worker with two jobs, whose employers each keep withholding Social Security until that employer's own wages pass the base. Skip its closing tax-planning points, which this course does not teach. (video, 5 min) (captions: automatic)

③ Record the payroll, and the taxes you collect

Chapter 12, Section “Find net pay and record the payroll” · Session 2, Segment 7, “Recording the payroll” · Remember: Wages Expense carries the gross pay, and every withholding is a liability until the business sends it in.

Understanding the Payroll Process and Journal Entries: Complete Guide for Accountants — Accounting Journal Entries — a four-minute run through the payroll steps and their entries: gross wages, the withholdings, the employer's payroll tax expense with an unemployment tax, paying the net pay, and sending the taxes in, until every payable is cleared. Watch one difference: it records gross wages to Wages Payable first and then moves the withholdings out, while the chapter uses one compound entry, and its tax amounts are stated as assumptions, not the 2026 rates. Stop here before bonds; next week takes up long-term liabilities. (video, 4 min) (captions: automatic)
Sales Tax You Collect Is Not Your Money — Mohammad Shafique, CPA — a small-business accountant's four-minute reminder that sales tax collected is neither revenue nor an expense but money owed to the state, with a corner store whose prices include the tax and the habit of setting the tax aside each day in a separate account. Its tax rate is the speaker's own local example, not a rate this course uses. (video, 4 min) (captions: automatic)

Optional one-stop reference (free online reference)

Publication 15 (2026), Tax rates and the social security wage base limit — Internal Revenue Service — the IRS employer's guide, opened at the passage on the 2026 Social Security and Medicare rates and the $184,500 wage base limit; read that passage and the Additional Medicare Tax note after it, and skip the deposit schedules and the federal income tax withholding tables, which this course does not compute. (reading, 4–6 min)

Heads-up (links rot): these point to outside sites that occasionally move or rename pages. If a link ever fails, tell your instructor and use the reference above in the meantime.

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