Payroll Accounting: Laws, Calculations, and Journal Entries

Introduction

Are you looking to dive into the complex world of payroll accounting but unsure where to start? The course "Payroll Accounting: Laws, Calculations, and Journal Entries" might just be the key to unlocking your potential in this specialized field. This comprehensive course offers an in-depth exploration of payroll legislation, detailed calculations, and essential journal entries necessary for accurate financial reporting. With a focus on practical application, this course is designed to equip you with the skills needed to excel in payroll operations and ensure compliance with federal regulations.

Course Details

Course Curriculum Overview

The curriculum of "Payroll Accounting: Laws, Calculations, and Journal Entries" is meticulously structured to cover all essential aspects of payroll processing. The course includes over 22.5 hours of on-demand video, supplemented by assignments and 57 downloadable resources. Key topics covered include:

Federal payroll laws and regulations
Calculation of regular and overtime pay
Social security and Medicare contributions for both employers and employees
Federal income tax withholdings
Federal unemployment tax (FUTA) liabilities
Various payroll deductions and their impact on net pay
Comprehensive payroll journal entries and their posting to the general ledger
Completion of essential payroll tax forms such as Form 941, Form 940, Form W-2, Form W-3, and Form W-4

Key Learning Outcomes

Upon completing this course, learners will be able to:

Identify and apply key federal payroll laws and regulations
Accurately calculate regular pay, overtime pay, and various withholdings
Prepare and post payroll journal entries correctly
Complete necessary payroll tax forms with confidence and accuracy
Solve comprehensive payroll problems integrating multiple payroll aspects

Target Audience and Prerequisites

This course is designed for individuals interested in payroll accounting, whether they are beginners looking to start their career or experienced professionals seeking to enhance their skills. While there are no strict prerequisites, a basic understanding of accounting principles and familiarity with financial statements and basic mathematical calculations will be beneficial.

Course Duration and Format

The course spans 22.5 hours of on-demand video content, allowing learners to progress at their own pace. It is accessible on both mobile and TV, making it convenient for study anytime, anywhere. Additionally, learners receive a certificate of completion upon finishing the course.

Instructor Background

The course is led by Robert (Bob) Steele, a highly qualified instructor with credentials including CPA, CGMA, and a Master of Science in Taxation. With over 933,520 students and a 4.5 instructor rating, Bob's extensive experience in accounting concepts, QuickBooks software, and curriculum development ensures a thorough and engaging learning experience.

Benefits & Applications

Practical Skills Gained

Learners will gain practical skills essential for managing payroll operations effectively. These include:

Accurate calculation of payroll taxes and withholdings
Preparation and posting of payroll journal entries
Completion of payroll tax forms in compliance with legal requirements

Real-World Applications

The knowledge acquired from this course is directly applicable in various real-world scenarios. Whether you're working in a small business or a large corporation, understanding payroll accounting is crucial for:

Ensuring accurate and timely payroll processing
Maintaining compliance with federal and state regulations
Enhancing financial reporting accuracy through proper journal entries

Career Relevance

This course is highly relevant for careers in accounting, finance, and human resources. Professionals in these fields will find the skills learned to be invaluable for:

Payroll specialists looking to advance their careers
Accountants aiming to specialize in payroll accounting
HR professionals responsible for payroll management

Industry Alignment

The course aligns well with industry standards and practices, covering the latest in payroll legislation and accounting principles. This ensures that learners are equipped with up-to-date knowledge that meets the demands of the modern workplace.

Standout Features

Unique Course Elements

One of the standout features of this course is its comprehensive coverage of payroll journal entries, a topic often overlooked in other payroll courses. The inclusion of practical exercises and real-world examples enhances the learning experience.

Learning Materials and Resources

Learners have access to a variety of resources, including:

57 downloadable PDF files for offline reference
Preformatted Excel practice files to reinforce Excel skills
Multiple-choice and short calculation practice questions
Discussion questions to facilitate interactive learning

Support Features

The course offers robust support features, including:

On-demand video content accessible on mobile and TV
Assignments to apply learned concepts
A certificate of completion to validate your skills

Course Updates Policy

The course content is regularly updated to reflect changes in payroll legislation and accounting standards, ensuring learners receive the most current and relevant information.

Student Success

Learning Outcomes

Students consistently report high satisfaction with the learning outcomes of this course. They appreciate the thorough coverage of payroll laws, calculations, and journal entries, which they find directly applicable to their professional roles.