ACCT 106 - Payroll Accounting

PREREQUISITES: Demonstrated competency through appropriate assessment or earning a grade of “C” or better in ENGL 093 - Introduction to College Writing and ENGL 083 - Reading Strategies for College, or ENGL 095 - Integrated Reading and Writing, or ENGL 075 - Co-Requisite Integrated Reading & Writing, and MATH 023 - Essentials of Algebra or MATH 080 - Mathematical Principles.
PROGRAM: Accounting
CREDIT HOURS: 3
LECTURE HOURS: 3
DATE OF LAST REVISION: Summer, 2020

Covers payroll calculating and reporting including various federal and state withholding taxes, employer payroll taxes, typical insurance and other arrangements affecting the preparation of payroll registers and employee earning records.

MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be expected to:

Understand and apply the Fair Labor Standards Act, Social Security, Federal Income Tax Withholding, Unemployment tax, and other laws and acts that affect payroll.
Calculate gross pay, regular pay, overtime pay, and overtime premium pay.
Calculate the following withholdings from gross pay: FICA, Federal Income Tax, State Income Tax, County Income Tax, and other deductions.
Calculate employer taxes and other employee benefits (paid by the employer): FICA, FUTA, SUTA, workers’ compensation, and other benefits paid by employer.
Record payroll data using the double-entry accounting method of recording, classifying, summarizing, and reporting transactions.
Prepare appropriate payroll tax forms: withholding tax (Federal and State), unemployment tax, (Federal and State), payroll register, employee’s earnings record, other appropriate forms or schedules.

COURSE CONTENT: Topical areas of study include - Federal Labor Standards Act and other payroll laws and regulation

Calculation of gross wage

Calculation of social security and medicare

Calculation of federal income tax using bracket and percentage methods

Earning income tax credit

Unemployment compensation taxes

Analyzing and journalizing payroll transactions

Completion of 940 and 941 tax returns

Manual and automated payroll accounting project
Course Addendum - Syllabus (Click to expand)