ACCT 1020 - Payroll Procedures

Credits: 3
Hours/Week: Lecture NoneLab 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
None

Prerequisite(s): ACCT 1010, or ACCT 2020 or concurrent enrollment.
Corequisite(s): None
Recommendation: None

Major Content

Need for Payroll Records
Wages, Salaries, Overtime Pay
Social Security Tax Laws and Filing Requirements
Social Security Tax Forms
Federal Income Tax Withholding Laws, Methods, Statements, and Returns
Federal Tax Deposits
Unemployment Tax Calculations (Federal and State) Reports and Payments
Payroll Activity and Journalize and Post Payroll Transactions

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

explain the need for payroll records.
compute wages, salaries, overtime pay.
explain Social Security tax laws and filing requirements.
prepare Social Security tax forms.
explain federal income tax withholding laws.
prepare statements, and returns.
prepare federal tax deposits.
explain unemployment tax calculations (federal and state).
prepare reports and payments.
analyze payroll activity.
journalize and post payroll transactions.

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ACCT 1020 - Payroll Procedures