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Lnaa also gets me nmesneets rrom eacn Store at tne eno or me montn and mm nls a55|5tant enters tnat payroll information on the payroll

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Lnaa also gets me nmesneets rrom eacn Store at tne eno or me montn and mm nls a55|5tant enters tnat payroll information on the payroll services' website. Each employee then receives a monthly check from the payroll service. Chad transfers money from the main operating account to the payroll account to cover the payroll each month. Chad sends checks for federal and state payroll taxes, social security (FICA) and Medicare (MC) withholding, including the matching employer amounts for FICA and MC, to appropriate tax authorities each quarter. Oregon has no sales tax, so he doesn't have to make those tax payments. Chad and his assistant are also responsible for bank reconciliations each month. They use the deposit slips received from the stores to conrm deposits. Additionally, deposits include the internet credit card receipts and payments from the wholesale customers. 2 Cheddr uses their bank's merchant services to process customers' credit card payments. Credit card payment information is transferred electronically from the website to the bank's site. The bank takes their cut, which can range from 3 to 8% of the sale amounts, depending on the credit card the customer uses. It then electronically deposits the rest of the payment in the Z Cheddr account and sends an email to Chad to conrm the deposit. Of course, Chad uses the Z Cheddr check book (and any transfer vouchers for transfers to the payroll account) to conrm payments

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