Provides practice in all payroll operations, the recording of accounting entries involving payroll, and the preparation of payroll and business tax returns that are required of business. Covers the concepts, laws, and terminology required to perform specific payroll accounting functions.
 
Prerequisite:
ACTG 110 or Instructor approval.

 
Learning Outcomes:

• Define terms, concepts, and legislation associated with payroll.
• Define and identify the major provision of the Fair Labor Standards Act, and calculate an employee’s earnings.
• Define the major provisions of the Social Security legislation, calculate the contributions, and prepare the required reports.
• Define the major provisions of the Federal Income Tax Withholding legislation, calculate the contributions, and prepare the required reports.
• Define the major provisions of the unemployment tax legislation, calculate the contributions, and prepare the required reports.
• Calculate payroll, journalize appropriate entries and post to general ledger accounts.
• Complete payroll records, record payroll transactions, and prepare selected payroll tax reports.