ACCT 231 - Payroll Accounting

3 Credits: (3 lecture)

Course Description
This course provides a comprehensive knowledge of a payroll system. This includes not only the calculation of the payroll and the payroll taxes but also the preparation of the records and reports that form the foundation of an efficient payroll system.

Note Spring semester only.

Prerequisite ACCT 110 or ACCT 203.

A. Identify the various laws that affect employers in payroll practices. 

B. Apply the Fair Labor Standards Act, Social Security Tax Law, the Federal Income Tax Withholding Law, and the Federal Unemployment Tax Act to the payment of payroll. 

C. Describe the timekeeping methods used to record time worked.  

D. Describe how personnel records affect the operations of a payroll system. 

E. Prepare payroll registers. 

F. Prepare various quarter-end and year-end payroll tax forms. 

G. Journalize the entries to record the payroll. 

H. Post payroll entries to the general ledger. 

I. Prepare a comprehensive payroll. 

Content
A. Federal and state wage and hour laws  

B. Payroll and personnel records 

C. Wages and salaries 

D. Social security and withholding income tax 

E. Unemployment compensation taxes 

F. Federal, state, and local reporting  

G. Payroll transactions 

H. Computerized payroll project 

Student Evaluation
Objectives A-I will be evaluated using homework, a comprehensive project, and exams.