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Oct 03, 2024
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ACC 161 - Payroll Accounting Credits: 3 Lecture Hours: 3 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Voc/Tech Covers payroll laws, state and federal withholding taxes, state and federal forms, salary deductions including cafeteria insurance plans and pension plans, and computerized payroll software packages. Competencies
- Understand the assumptions and concepts of generally accepted accounting principles governing payroll transactions
- Discuss the rules for payroll transactions
- Identify the accounting rules, employment laws and tax laws that affect payroll accounting and administration
- Describe the general job duties of the payroll professional
- List the steps of the payroll cycle
- Identify the four standards of payroll professionalism
- Explain the process of hiring employees
- Apply the laws governing the hiring practices of employers
- Understand the Equal Employment Opportunity Act
- Understand the mandatory Form W-4
- Understand record retention requirements
- Describe the main types of time records
- Identify the manual time-keeping function of time sheets and time cards
- Describe the mechanical and computerized time recording systems in use today
- Calculate gross pay
- Computer regular earnings and overtime earnings to arrive at total gross earnings
- Convert weekly wage rates to hourly rates
- Calculate earnings under incentive and commission plans
- Classify employees for overtime purposes
- Calculate Social Security taxes
- Discuss FICA’s history
- Understand the concept of the FICA earnings limit
- Calculate FICA wages
- Calculate federal and state income taxes
- Discuss the role of the W-4 form
- Describe the relationship between the Form 1040 and employee withholding
- Calculate the federal income tax using the wage bracket
- Calculate the federal income tax using the percentage method
- Understand state income tax withholding
- Calculate the state income tax using the wage bracket
- Calculate the state income tax using the percentage method
- Fulfill the employer reporting requirements for income taxes withheld
- Assess employee deductions and benefits
- Analyze the 401(k) salary reduction plan
- Appraise the 125 cafeteria plan
- Identify the various types of employee benefits
- Explain the roles of trustees and administrators
- Apply the laws affecting payroll accounting
- Discuss the historical background of federal employment law
- Explain the Age Discrimination in Employment Act
- Explain the American with Disabilities Act
- Explain the Federal Personal Responsibility and Work Opportunity Reconciliation Act
- Explain the Immigration Reform and Control Act of 1986
- Explain the VII of the civil rights act
- Explain the Family and Medical Leave act
- Explain the Uniformes Services Employment and Reemployment Rights Act
- Explain the Employee Retirement Income Security Act
- Explain the Vocational Rehabilitation Act
- Understand the Vietnam Era Veterans Readjustment Act
- Explain the Occupational Safety and Health Act
- Explain the basic principles of the Social Security Act of 1935
- Apply the Fair Labor Standards Act of 1938
- Understand the basis for reasonable accommodations for employees based on health, religious and other needs
- Communicate the importance of accommodation for diversity in the workplace based upon laws and ethics
- Account for payroll transactions
- Discuss the process of recording payroll activities
- Understand the process of issuing paychecks
- Demonstrate the use of the payroll register in entering and tracking payroll activities
- Enter and track payroll activities with using the employee earnings record
- Assess payroll tax deposits
- Identify the employer’s responsibilities for payroll taxes
- Describe the deposit rules for Form 941 taxes
- Describe the deposit rules for Form 940 taxes
- Apply the deposit procedures for Form 8109
- Understand the deposit rules for state taxes
- Determine unemployment taxes
- Discuss the history of unemployment insurance
- Calculate federal unemployment taxes
- Understand federal reporting requirements
- Calculate state unemployment taxes
- Describe state reporting requirements
- Account for payroll transactions
- Discuss the theory behind accounting activities
- Prepare journal entries for payroll
- Prepare journal entries for employee deductions
- Complete payroll tax Form 940-EZ
- Discuss the purpose of the 940-EZ
- Describe the relationship among the general ledger, employees’ earnings records and Form 940-EZ
- Complete Form 940-EZ
- Explain the filing requirements for Form 940-EZ
- Identify various state unemployment tax returns and their filing requirements
- Complete payroll tax Form 941
- Discuss the purpose of the Form 941
- Understand the relationship among the general ledger, the payroll, the employees’ earnings records and the Form 941
- List the steps necessary to properly prepare the Form 941
- Explain the filing requirements for Form 941
- Fulfill the requirements for reporting employee earnings
- Discuss the use and purpose of Form W-2
- Prepare Form W-2
- Discuss the use and purpose of Form W-3
- Prepare Form W-3
- Apply the procedures for submitting W-2 forms to the government
- Apply the procedures for submitting W-3 forms to the government
- Discuss state reporting requirements for employee earnings
- Appraise special payroll accounting situations
- Define earned income credit
- Distinguish the Advanced Earned Income Credit (AEIC)
- List the differences between self-employed individuals and employees
- Outline the procedures that the self-employed individual must follow in paying federal, income, and social security taxes
- Discuss the unique payroll accounting practices for food and beverage businesses
- Complete a computerized payroll practice set
- Identify common payroll software packages
- Complete data input sheets
- Interpret computer payroll printouts
- Discuss common internal control procedures for payroll
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