Financial Accounting – Payroll
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
- We should have a basic understanding of financial accounting and debits and credits
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.
• 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
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.