ACCT 1206 - Payroll Accounting
2 Credits
Prerequisites ACCT 1010
This course covers the various payroll procedures of federal laws pertaining to computation and payment of salaries and wages, and the reporting requirements for various state and federal agencies. Topics include coverage of the Federal Fair Labor Standards Act and other federal laws, preparation of journal entries, payroll registers, and employee earnings records, calculation of social security and federal income tax withholding, coverage of state and federal unemployment compensation taxes, preparation of federal and state payroll tax forms and reports, and knowledge of federal payroll tax deposit requirements.
Learning Outcomes
Compute withholdings for federal and state income tax, social security tax, and other items such as health insurance premiums, savings bonds and union dues. Prepare federal forms 940, 941 and Schedule B, W-2, W-3 and W-4. Outline the major provisions of the Fair Labor Standards Act. Using a variety of methods, calculate employee gross wages including regular and overtime pay. Calculate and record employer’s payroll tax expenses including employer’s FICA and unemployment taxes. Prepare payroll registers, employee earnings records, and journal entries to record payrolls. Identify and analyze federal payroll laws pertaining to payroll activities.
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