ACCT 233: Intro to Payroll Taxes

Class Program
Credits 2 Lecture Hours 22
This course offers an introduction to the proper calculation, payment, and reporting of payroll taxes incurred by businesses. The preparation of required tax returns and the various reporting periods to government agencies will also be discussed. This course is designed for the student with little or no prior experience in payroll taxes.

Prerequisites

Complete ACCT& 201 OR have prior experience in business or accounting.
Quarters Offered
Spring
Course Outcomes

Upon successful completion of the course, students should be able to demonstrate the following knowledge or skills:

  1. Identify the different personnel and payroll. Records that provide the information required under the numerous laws affecting the operations of a payroll system
  2. Understand the basic procedures used in computing wages and salaries
  3. Explain the various phases of the Social Security Act, the federal income tax withholding law, and other laws relating to the payment of wages and salaries
  4. Provide practice in the preparation of payroll registers, record accounting entries involving payroll, and prepare payroll tax returns required of businesses
  5. Complete a payroll project that provides practice in all payroll operations
Course Content Outline
  1. The need for payroll and personnel records.
  2. Computing and paying wages and salaries.
  3. Social Security taxes.
  4. Income tax withholding.
  5. Unemployment compensation.
  6. Analyzing and journalizing payroll transactions.
  7. Computerized payroll accounting.
  8. Payroll project.