ACC 150 - Payroll Accounting

3 Credits, 3 Contact Hours
3 lecture periods 0 lab periods

Current practices in payroll accounting and tax reporting. Includes payroll and personnel records, computing and paying wages and salaries, analyzing and journalizing payroll transactions, payroll systems, and payroll projects.

Prerequisite(s): ACC 105 or ACC 211 (or concurrent enrollment in ACC 105 or ACC 211).

Course Learning Outcomes

Identify laws affecting the payroll function.
Utilize various pay period options to calculate gross payroll for an individual.
Determine taxable income and calculate federal and state taxes using different withholding methods.
Determine taxable income and calculate FICA taxes.
Determine taxable income and calculate federal and state unemployment taxes.
Analyze and journalize the transactions in a payroll cycle.
Prepare federal and state payroll tax returns.

Outline:

Payroll and Personnel Records
1. Fair Labor Standards Act, FICA Laws, withholding and unemployment laws, and fair employment laws
2. State laws governing minimum wage and maximum hours
3. Career opportunities in the payroll tax field
Computing Wages and Salaries
1. Computing and paying gross income using a variety of methods
2. Computing taxable income
3. Garnishments and other deductions
4. Reporting and payment requirements for employers payroll taxes
Computing Deductions and Related Payroll Taxes
1. Computing, reporting, and payment of withholding for state and federal income taxes
2. Identify ceiling requirements
3. Compute FICA
4. Compute FUTA
5. Discuss State Unemployment
6. Analyze the options to funding the payroll funded programs.
Analyzing and Journalizing Payroll Transactions
1. Payroll register preparation
2. Recording of gross payroll, withholdings, and payroll taxes
3. Recording of deposits and payments of payroll taxes
4. Recording end of period and other transactions