Financial Accounting – Payroll

Financial Accounting – Payroll

Financial Accounting – Payroll

Payroll calculations – federal income tax, social security, Medicare – Payroll journal entries posted to ledger accounts

Language: english

Note: 4.4/5 (1,284 notes) 25,403 students

Instructor(s): Robert (Bob) Steele

Last update: 2022-11-03

What you’ll learn

  • Payroll Legislation
  • Payroll Forms and Time-Frames
  • Payroll Register & Earning Record
  • Regular Pay & Overtime Pay Calculation
  • Federal Income Tax & Retirement Plans
  • Federal Income Contributions Act Social Security
  • Federal Income Contribution Act Medicare
  • Federal Unemployment Tax Act (FUTA)
  • Other Deductions
  • Taxes – Employer & Employee
  • Employer Responsibilities
  • Payroll Expense Journal Entry
  • Payroll Taxes Journal Entry
  • Payroll Taxes Journal Entry
  • Payroll Ethics & Practices
  • Payroll Controls & Documentation
  • Form 941
  • Form 940
  • Form W-2 & W-3
  • Reconcile Year End Payroll Forms
  • Comprehensive Payroll Problem
  • Comprehensive Accounting Cycle Problem
  • Definitions & Key Terms

 

Requirements

  • We should have a basic understanding of financial accounting and debits and credits

 

Description

This financial accounting and payroll class will cover payroll topics including payroll legislation, payroll calculations, and entering payroll journal entries.

Because payroll is becoming more complex and more of a specialized field it is difficult to find content that puts it all together in one spot like this course does.  

We will discuss payroll legislation, going over a wide variety of laws that influence payroll. Because payroll is such a broad topic and because it overlaps with other areas of business like human resources many laws influence the processing of payroll.  

We will concentrate on laws that deal with the calculation of payroll and payroll withholdings.  

The course will cover the generation of payroll registers and earnings reports, the primary tools to help us calculate payroll.  

We will discuss how to calculation payroll tax withholding like federal income tax (FIT), social security, and Medicare. We will calculate net pay from gross pay.  

This course will cover journal entries related to payroll; a topic often overlooked in may payroll classes. Payroll journal entries can be complicated. Learning payroll journal entries helps our understanding of both payroll and debits and credit.  

We will post payroll journal entries to the general ledger and analyses the effect on the financial accounts and accounting equation.  

This course will cover the processing of payroll tax forms like form 941, form 940, form W-2, form W-3, and form W-4.  

We also include a comprehensive a problem, allowing us to see the entire process in one problem.  

This course includes key terms and definitions related to payroll and a general comprehensive accounting cycle comprehensive problem. The accounting cycle comprehensive problem will take a step back, so we can see the big picture and visualize how the payroll process fits into the overall accounting cycle.  

In addition to the instructional videos, this course will include downloadable  

•    Downloadable PDF Files  

•    Excel Practice Files  

•    Multiple Choice Practice Questions  

•    Short Calculation Practice Questions  

•    Discussion Questions  

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.  

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.  

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.  

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.  

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.  

Who will we be learning from?  

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.  

You will be learning from somebody who is a:  

•    CPA – Certified Public Accountant  

•    CGMA – Chartered Global Management Accountant  

•    Master of Science in Taxation  

•    CPS – Certifies Post-Secondary Instructor  

•    Curriculum Development Export  

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.  

As a CPA and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.  

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.  

Content Includes:  

•    Payroll laws  

•    Calculation of regular pay and overtime pay  

•    Calculation of employer and employee social security  

•    Calculation of employer and employee Medicare  

•    Calculation of employee federal income tax  

•    Calculation of employer federal unemployment tax (FUTA)  

•    Other payroll deduction  

•    Payroll journal entries  

•    Posting payroll journal entries to the general ledger  

•    Filling our payroll forms including  

•    Form 941s  

•    Form 940  

•    Form W-2  

•    Form W-3  

•    Form W-4  

•    Comprehensive payroll problem  

•    Comprehensive accounting cycle problem  

•    Payroll Definitions and key terms.

 

Who this course is for

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

 

Course content

  • Introduction
    • Introduction
    • PDF – 10 Introduction
    • 10 Payroll Introduction
    • Accounting Comic Break
  • Payroll Legislation
    • 2 Payroll Legislation
    • PDF – 20 Payroll Legislation
    • 20 Payroll Legislation
    • PDF – 310 Minimum Wage & Nonexempt Employees
    • 310 Minimum Wage & Nonexempt Employees
    • PDF – 410 Fringe Benefits
    • 410 Fringe Benefits
    • Accounting Comic Break
  • Payroll Forms and Time-Frames
    • 3 Payroll Forms and Time-Frames
    • 20 Payroll Consideration and Tax Forms
    • PDF – 80 Payroll Periods and Time Frames
    • 80 Payroll Periods and Time Frames
    • PDF – 90 New Employee Tax Form & Contractor vs Employee
    • 90 New Employee Tax Forms & Contractor vs Employee
    • Accounting Comic Break
  • Payroll Register & Earning Record
    • 4 Payroll Register & Earnings Record
    • PDF – 330 Payroll Register
    • 330 Payroll Register
    • Excel Download
    • 25 Worksheet – Earnings Record
    • 10 Discussion Question – Payroll
    • 10 Discussion Question – Payroll
    • Accounting Comic Break
  • Regular Pay & Overtime Pay Calculation
    • 5 Regular Pay & Overtime Pay Calculation
    • PDF – 10 Regular & Overtime Pay
    • 10 Regular & Overtime Pay Calculation
    • Excel Download
    • 10 Worksheet – Regular & Overtime Pay
    • PDF – 315 Payroll Calculations
    • 315 Payroll Calculations
    • PDF – 320 Overtime Calculation
    • 320 Overtime Calculation
    • 20 Discussion Question – Payroll
    • 20 Discussion Question – Payroll
    • Accounting Comic Break
  • Federal Income Tax & Retirement Plans
    • 6 Federal Income Tax & Retirement Plans
    • PDF – 510 Federal Income Tax (FIT)
    • 510 Federal Income Tax (FIT)
    • Excel Download
    • 20 Worksheet – Federal Income Tax Withholding FIT
    • PDF – 415 Deductions From Gross Pay
    • 415 Deductions From Gross Pay
    • PDF – 420 Retirement Plans
    • 420 Retirement Plans
    • PDF – 20 Federal Income Tax FIT – Tables
    • 20 Federal Income Tax FIT
    • PDF – 25 Federal Income Tax FIT – Percent Method
    • 25 Federal Income Tax FIT – Percent Method
    • Excel Download
    • 25 Worksheet – Federal Income Tax – Percentage Method
    • 30 Discussion Question – Payroll
    • 30 Discussion Question – Payroll
    • Accounting Comic Break
  • Federal Income Contributions Act Social Security
    • 7 Federal Income Contributions Act Social Security
    • PDF – 30 Federal Income Contributions Act (FICA)
    • 30 Federal Income Contributions Act (FICA)
    • PDF – 515 Social Security
    • 515 Social Security
    • PDF – 30 OASDI Calculation
    • 30 Social Security Tax Calculation
    • Excel Download
    • 30 Worksheet – OASDI
    • 40 Discussion Question – Payroll
    • 40 Discussion Question – Payroll
    • Accounting Comic Break
  • Federal Income Contribution Act Medicare
    • 8 Federal Income Contribution Act (FICA) -Medicare
    • PDF – 520 Medicare Tax
    • 520 Medicare Tax
    • PDF – 40 HI Calculation
    • 40 Medicare Tax Calculation
    • Excel Download
    • 40 Worksheet HI
    • 50 Discussion Question – Payroll
    • 50 Discussion Question – Payroll
    • Accounting Comic Break
  • Federal Unemployment Tax Act (FUTA)
    • 9 Federal Unemployment Tax Act (FUTA)
    • PDF – 40 FUTA SUTA Workers Compensation
    • 40 FUTA, SUTA Workers Compensation
    • PDF – 615 Federal & State Unemployment Tax
    • 615 Federal & State Unemployment Tax
    • PDF – 50 FUTA
    • 50 Federal Unemployment Tax Act Calculation
    • Excel Download
    • 50 Worksheet FUTA
    • 10 Multiple Choice – Payroll
    • 60 Discussion Question – Payroll
    • 60 Discussion Question – Payroll
    • Accounting Comic Break
  • Other Deductions
    • 10 Other Deductions
    • PDF – 425 Post Tax Deductions
    • 425 Post Tax Deductions
    • PDF – 525 Other Deductions & Payment Methods
    • 525 Other Deductions & Payment Methods
    • 20 Multiple Choice – Payroll
    • 70 Discussion Question – Payroll
    • 70 Discussion Question – Payroll
    • Accounting Comic Break
  • Taxes – Employer & Employee
    • 11 Taxes Employer & Employee
    • PDF – 605 Taxes Employer – Employee
    • 605 Taxes Employer Employee
    • 30 Multiple Choice – Payroll
    • 80 Discussion Question – Payroll
    • 80 Discussion Question – Payroll
    • Accounting Comic Break
  • Employer Responsibilities
    • 12 Employer Responsibilities
    • PDF – 60 Employer Responsibilities and Processes
    • 60 Employer Responsibilities and Processes
    • PDF – 55 Employer Taxes
    • 55 Employer Taxes Calculation
    • PDF – 610 FICA Employer
    • 610 FICA Employer
    • Excel Download
    • 55 Worksheet – Employer Taxes
    • 40 Multiple Choice – Payroll
    • 90 Discussion Question – Payroll
    • 90 Discussion Question – Payroll
    • Accounting Comic Break
  • Payroll Expense Journal Entry
    • 13 Payroll Expense Journal Entry
    • PDF – 505 Net Pay Calculation
    • 505 Net Pay Calculation
    • PDF – 70 Payroll Expense Journal Entry
    • 70 Payroll Expense Journal Entry
    • Excel Download
    • 70 Worksheet – Payroll Expense Journal Entry
    • 50 Multiple Choice – Payroll
    • Accounting Comic Break
  • Payroll Taxes Journal Entry
    • 14 Payroll Taxes Journal Entry
    • PDF – 80 Payroll Tax Expenses Journal Entry
    • 80 Payroll Tax Expense Journal Entry
    • Excel Download
    • 80 Worksheet Payroll Tax Expenses Journal Entry
    • Accounting Comic Break
  • Paying Payroll Tax Liability Journal Entry
    • 15 Paying Payroll Tax Liability Journal Entry
    • PDF – 90 Pay Payroll Expenses Journal Entry
    • 90 Pay Payroll Tax Expense Journal Entry
    • Excel Download
    • 90 Worksheet – Pay Payroll Expenses Journal Entry
    • Accounting Comic Break
  • Payroll Ethics & Practices
    • 16 Payroll Ethics & Practices
    • PDF – 50 Payroll Ethics & Practices
    • 50 Payroll Ethics & Practices
    • Accounting Comic Break
  • Payroll Controls & Documentation
    • 17 Payroll Controls & Documentation
    • PDF – 100 Payroll Controls and Documentation
    • 100 Payroll Controls and Documentation
  • Form 941
    • 18 Form 941
    • PDF – 620 Form 941
    • 620 Form 941
    • PDF – 100 Form 941
    • 100 Form 941
    • Accounting Comic Break
  • Form 940
    • 19 Form 940
    • PDF – 110 Form 940
    • 110 Form 940
    • PDF – 625 Form 940
    • 625 Form 940
    • Accounting Comic Break
  • Form W-2 & W-3
    • 20 Form W-2 & W-3
    • PDF – 120 W-2 & W-3
    • 120 Form W-3 & W-2
    • PDF – 630 W-2 & W-3
    • 920 Form W-3
    • Accounting Comic Break
  • Reconcile Year End Payroll Forms
    • 21 Reconcile Year End Payroll Forms
    • PDF -130 Reconciling Year End Payroll Forms
    • 130 Reconciling Year End Payroll Forms
    • Accounting Comic Break
  • Comprehensive Payroll Problem
    • 22 Comprehensive Payroll Problem
    • Excel Download
    • 10 Regular & Overtime Pay
    • 20 Payroll Comp Problem August Payroll Register
    • 30 Payroll Comp Problem August Earning Records
    • 40 Payroll Comp Problem August Journal Entry
    • 45 Payroll Comp Problem September Payroll Register
    • 50 Payroll Comp Problem September Earning Records
    • 60 Payroll Comp Problem September Journal Entry
    • 70 Payroll Comp Problem Form 941 3rd Qt
    • 80 Payroll Comp Problem October Payroll Register
    • 90 Payroll Comp Problem October Earning Records
    • 100 Payroll Comp Problem October Journal Entry
    • 110 Payroll Comp Problem November Payroll Register
    • 120 Payroll Comp Problem November Earning Records
    • 130 Payroll Comp Problem November Journal Entry
    • 140 Payroll Comp Problem Dec. Payroll Register & Earning Records
    • 150 Payroll Comp Problem Dec. Journal Entry
    • 160 Payroll Comp Problem Form 941 4rd Qt
    • 170 Payroll Comp Problem Form 940
    • 180 W-2 & W-3 Comp Problem Form 940
    • 190 Comp Problem Reconcile Payroll Tax Forms 941s, 940 & W-3
    • Accounting Comic Break
  • Comprehensive Accounting Cycle Problem
    • 22 Comprehensive Accounting Cycle Problem
    • Excel Download
    • 1 Accounting%2C Financial – Comp Prob Service Co 1 Part 1
    • 2 Accounting%2C Financial – Comp Prob Service Co 1 Part 2
    • 3 Accounting%2C Financial – Comp Prob Service Co 1 Part 3
    • 4 Accounting%2C Financial – Comp Prob Service Co 1 Part 4
    • 5 Accounting%2C Financial – Comp Prob Service Co 1 Adjusting Entries part 5
    • 6 Comp Prob Service Co 1 Adjusting Entries part 6
    • 7 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 7
    • 8 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 8
    • 9 Accounting%2C Financial – Comp Prob Service Co 1 Closing Process Part 9
    • 10 Comp Prob Service Co 1 Closing Process part 10
    • Accounting Comic Break
  • Definitions & Key Terms
    • Employee Benefits Definition – What are Employee Benefits%3F
    • Federal Insurance Contributions Act %28FICA%29 – What is Federal
    • Federal Unemployment Tax Act %28FUTA%29 – What is Federal Unempl
    • Form 940 Definition – What is Form 940%3F
    • Form 941 Definition – What is Form 941%3F
    • Form W-4 Definition – What is Form W-4%3F
    • Net Pay Definition – What is Net Pay%3F
    • Payroll Bank Account Definition – What is Payroll Bank Account
    • Payroll Deduction Definition – What are payroll deductions%3F
    • Accounting Comic Break

 

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