Accounting - ACCT 262

Course Description

In this course you will gain first-hand experience in calculating payroll, completing payroll taxes, and preparing payroll records and reports. You will cover the various phases of the Social Security Taxes, Federal Income Taxes, State Income Taxes and Unemployment Compensation Insurance. You will complete a manual and computerized payroll simulation.

Prerequisites

(A requirement that must be completed before taking this course.)

Course Competencies

Upon successful completion of the course, the student should be able to:

• Examine various laws that affect the payroll operations and employment practices of a business.
• Explain the major provisions of the Fair Labor Standards Act.
• 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.
• Compute wages and salary.
• Apply current tax rates and wages base for FICA (Social Security and Medicare) and SECA (self-employment).
• Compute federal income tax withholdings.
• Compute federal and state unemployment taxes.
• Prepare various tax forms.
• Prepare journal entries for payroll transactions.
• Complete a payroll simulation project.

Course Schedule