Payroll and Business Tax Accounting

Upon completion of the course, students will be able to:

1. Identify the various laws that affect employers in their payroll operations.
2. Examine the recordkeeping requirements of these laws.
3. Identify the payroll register and the employees earnings record.
4. Explain the major provisions of the Fair Labor Standards Act.
5. Describe the main types of records used to collect payroll data.
6. Calculate regular and overtime pay.
7. Identify, for social security purposes, those persons covered under the law and those services that make up employment.
8. Identify the types of compensation that are defined as wages.
9. Apply the current tax rates and wage base for FICE and SECA purposes.
10. Describe the different requirements and procedures for depositing FICA taxes and income taxes withheld from employees’ wages.
11. Complete Form 941.
12. Explain coverage under the Federal Income Tax Withholding Law.
13. Explain the types of withholding allowances that may be claimed by employees for income tax withholding and the purpose and use of Form W-4.
14. Compute the amount of federal income tax to be withheld.
15. Describe the basic requirements for an individual to be classified as an employer or an employee under the Federal Unemployment Tax Act.
16. Identify taxable wages.
17. Compute the federal unemployment tax and the credit against this tax.
18. Complete the reports required by the Federal Unemployment Tax Act.
19. Record payrolls in payroll registers and post to employees earnings records.
20. Journalize the entries to record the payroll and payroll taxes.
21. Explain the recording of the payroll tax deposits.
22. Prepare manual and computerized payroll project.