Financial Accounting – Payroll
4.2 (469 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
7,849 students enrolled

Financial Accounting – Payroll

Payroll calculations - federal income tax, social security, Medicare - Payroll journal entries posted to ledger accounts
4.2 (469 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
7,849 students enrolled
Last updated 1/2020
English
English [Auto]
Current price: $104.99 Original price: $149.99 Discount: 30% off
5 hours left at this price!
30-Day Money-Back Guarantee
This course includes
  • 21.5 hours on-demand video
  • 57 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
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
Expand all 199 lectures 21:20:43
+ Payroll Legislation
8 lectures 21:43
2 Payroll Legislation
01:30
PDF - 20 Payroll Legislation
00:08
20 Payroll Legislation
07:53
PDF - 310 Minimum Wage & Nonexempt Employees
00:08
310 Minimum Wage & Nonexempt Employees
05:33
PDF - 410 Fringe Benefits
00:08
410 Fringe Benefits
06:08
Accounting Comic Break
00:15
+ Payroll Forms and Time-Frames
7 lectures 42:33
3 Payroll Forms and Time-Frames
01:25
20 Payroll Consideration and Tax Forms
16:19
PDF - 80 Payroll Periods and Time Frames
00:08
80 Payroll Periods and Time Frames
07:05
PDF - 90 New Employee Tax Form & Contractor vs Employee
00:08
90 New Employee Tax Forms & Contractor vs Employee
17:15
Accounting Comic Break
00:13
+ Payroll Register & Earning Record
6 lectures 18:55
4 Payroll Register & Earnings Record
01:55
PDF - 330 Payroll Register
00:08
330 Payroll Register
09:41
Excel Download
00:05
25 Worksheet - Earnings Record
06:52
Discuss payroll tax forms and employer requirements related to them
10 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14
+ Regular Pay & Overtime Pay Calculation
10 lectures 29:40
5 Regular Pay & Overtime Pay Calculation
00:58
PDF - 10 Regular & Overtime Pay
00:08
Excel Download
00:05
10 Worksheet - Regular & Overtime Pay
07:08
PDF - 315 Payroll Calculations
00:08
315 Payroll Calculations
06:13
PDF - 320 Overtime Calculation
00:08
320 Overtime Calculation
09:27
Describe employee payroll tax withholding.
20 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14
+ Federal Income Tax & Retirement Plans
16 lectures 59:18
6 Federal Income Tax & Retirement Plans
01:42
PDF - 510 Federal Income Tax (FIT)
00:08
510 Federal Income Tax (FIT)
14:47
Excel Download
00:05
20 Worksheet - Federal Income Tax Withholding FIT
04:17
PDF - 415 Deductions From Gross Pay
00:08
415 Deductions From Gross Pay
06:23
PDF - 420 Retirement Plans
00:08
420 Retirement Plans
09:16
PDF - 20 Federal Income Tax FIT - Tables
00:08
20 Federal Income Tax FIT
07:14
PDF - 25 Federal Income Tax FIT - Percent Method
00:08
25 Federal Income Tax FIT - Percent Method
07:43
Excel Download
00:05
25 Worksheet - Federal Income Tax - Percentage Method
06:52
Discuss payroll taxes paid by the employer and taxes paid by the employee.
30 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14
+ Federal Income Contributions Act Social Security
10 lectures 34:05
7 Federal Income Contributions Act Social Security
01:01
PDF - 30 Federal Income Contributions Act (FICA)
00:08
30 Federal Income Contributions Act (FICA)
08:06
PDF - 515 Social Security
00:08
515 Social Security
11:36
PDF - 30 OASDI Calculation
00:08
30 Social Security Tax Calculation
06:10
Excel Download
00:05
30 Worksheet - OASDI
06:30
How is federal income tax (FIT) withholding calculated?
40 Discussion Question - Payroll
1 question
Accounting Comic Break
00:13
+ Federal Income Contribution Act Medicare
8 lectures 16:33
8 Federal Income Contribution Act (FICA) -Medicare
01:14
PDF - 520 Medicare Tax
00:08
520 Medicare Tax
06:03
PDF - 40 HI Calculation
00:08
40 Medicare Tax Calculation
03:31
Excel Download
00:05
40 Worksheet HI
05:10
Describe quarterly payroll tax reporting.
50 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14
+ Federal Unemployment Tax Act (FUTA)
11 lectures 33:03
9 Federal Unemployment Tax Act (FUTA)
00:39
PDF - 40 FUTA SUTA Workers Compensation
00:08
40 FUTA, SUTA Workers Compensation
04:53
PDF - 615 Federal & State Unemployment Tax
00:08
615 Federal & State Unemployment Tax
09:19
PDF - 50 FUTA
00:08
50 Federal Unemployment Tax Act Calculation
03:43
Excel Download
00:05
50 Worksheet FUTA
06:40
10 Multiple Choice – Payroll
07:06
Describe annual payroll tax reporting.
60 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14
+ Other Deductions
7 lectures 20:47
10 Other Deductions
00:30
PDF - 425 Post Tax Deductions
00:08
425 Post Tax Deductions
05:42
PDF - 525 Other Deductions & Payment Methods
00:08
525 Other Deductions & Payment Methods
08:08
20 Multiple Choice – Payroll
05:57
Discuss the journal entry related to payroll tax expense.
70 Discussion Question - Payroll
1 question
Accounting Comic Break
00:14