Feb 24, 2024  
2022-2023 Course Catalog 
2022-2023 Course Catalog [ARCHIVED CATALOG]

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ACCT 1020 - Payroll Procedures

Credits: 3
Hours/Week: Lecture None Lab None
Course Description: This course covers the numerous laws pertaining to employment practice and compensation as well as computations and payment of salaries and wages and related taxes. Topics include employment recordkeeping requirements, preparation of the payroll register, individual earnings records, tax reports, and other forms required by government agencies. The accounting procedures necessary to properly prepare accounting transactions are also covered.
MnTC Goals

Prerequisite(s): ACCT 1010  or ACCT 2020  or concurrently enrolled.
Note: Students concurrently enrolled in prerequisite course must contact Records Office for verification.
Corequisite(s): None
Recommendation: None

Major Content
  1. Need for Payroll Records
  2. Wages, Salaries, Overtime Pay
  3. Social Security Tax Laws and Filing Requirements
  4. Social Security Tax Forms
  5. Federal Income Tax Withholding Laws, Methods, Statements, and Returns
  6. Federal Tax Deposits
  7. Unemployment Tax Calculations (Federal and State) Reports and Payments
  8. Payroll Activity and Journalize and Post Payroll Transactions

Learning Outcomes
At the end of this course students will be able to:

  1. explain the need for payroll records.
  2. compute wages, salaries, overtime pay.
  3. explain Social Security tax laws and filing requirements.
  4. prepare Social Security tax forms.
  5. explain federal income tax withholding laws.
  6. prepare statements, and returns.
  7. prepare federal tax deposits.
  8. explain unemployment tax calculations (federal and state).
  9. prepare reports and payments.
  10. analyze payroll activity.
  11. journalize and post payroll transactions.

Competency 1 (1-6)
Competency 2 (7-10)

Courses and Registration

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