Standard
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Provides an
understanding of the laws that affect a company's payroll structure and
practical application skills in maintaining payroll records. Topics include: payroll tax laws, payroll tax forms, payroll
and personnel records, computing wages and salaries, taxes affecting employees
and employers, and analyzing and journalizing payroll transactions.
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Competency Areas: |
Hours: |
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Payroll
Tax Laws |
Class |
3 |
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D. Lab |
2 |
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Payroll and Personnel Records |
P. Lab/O.B.I. |
0 |
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Computing Wages and Salaries |
Credit |
4 |
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Taxes Affecting Employees and Employers |
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Analyzing and
Journalizing Payroll Transactions |
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Prerequisite/Corequisite: ACC 101 |
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Course Guide
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Competency |
After
completing this section, the student will: |
Hours |
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Class |
D.
Lab
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P. Lab/
O.B.I. |
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PAYROLL TAX LAWS |
4
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2
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0 |
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Federal tax
laws |
Identify the
payroll and personnel records that provide the information required by
federal tax laws. |
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PAYROLL FORMS
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4 |
2 |
0 |
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Filing returns
and depositing taxes |
Identify the payroll and
personnel records that provide the information required by federal tax laws. |
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PAYROLL AND PERSONNEL RECORDS
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4 |
2 |
0 |
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Information
needs |
Use the
procedures employed in a typical payroll accounting system. |
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Explain the
importance of a thorough record-keeping system. |
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COMPUTING WAGES AND SALARIES |
8 |
8 |
0 |
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Computing gross pay |
Describe the
basic payroll accounting procedures used in computing wages and salaries and
the time-keeping methods used to record hours expended. |
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Coverage
under social security |
Identify the
social security laws and their application to payroll accounting practices. |
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Social
security tax computation |
Compute the
amount of social security tax due on wages and salaries in regard to current
rates and ceilings. |
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Determine the
due date for making timely social security tax deposits. |
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Computerized
payroll software |
Use computer
software to compute gross pay, withholdings, net pay, update payroll records,
and record and post accounting entries. |
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Payroll
transactions software identification |
Review and
analyze payroll transactions to determine software needs. |
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TAXES AFFECTING EMPLOYEES AND
EMPLOYERS |
8 |
4 |
0 |
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Income taxes |
Identify
federal and state income tax laws and their application to payroll accounting
practices. |
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Income tax
computation |
Compute the
amount of income tax on wages regarding marital status and withholding
allowances. |
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Filing
returns and depositing taxes |
Complete
quarterly and annual reports. |
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Determine the
due date for making timely income tax withholding deposits. |
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Unemployment
compensation tax |
Identify
federal and state unemployment compensation tax laws and their application to
payroll accounting practices. |
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Unemployment
compensation tax computation |
Compute the
amount of unemployment tax regarding federal and state rates and ceilings. |
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Filing
returns and depositing taxes |
Complete
quarterly and annual reports. |
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Determine the
due date for making timely unemployment tax deposits. |
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ANALYZING AND JOURNALIZING PAYROLL
TRANSACTIONS |
2 |
2 |
0 |
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Analyzing and
journalizing payroll transactions |
Perform
payroll operations including payroll register and employee earnings record
preparation, and the recording of accounting entries involving payroll. |
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Suggested Resources
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Payroll Accounting, Bieg, Bernard J. .
Payroll
Records and Procedures, Wood and Cohen, fourth edition, Glenco
McGraw Hill, 2002.
Payroll Accounting, Giove.
Mastering Payroll, Debera J. Salam, CPP, American Institute of Professional Bookkeepers, AIPB, 6001
Mastering Payroll II, Debera J. Salam, CPP, American Institute of Professional Bookkeepers, AIPB, 6001