ACCT 254 - Business and Payroll Tax Accounting

5.0 Credits
Various aspects of federal, state, and local payroll taxes are levied upon businesses. Practical case experience in preparing payroll, payroll records, and quarterly tax returns. Recommended completion of ACCT 101 or instructor permission.
Course-level Learning Objectives (CLOs)
Upon successful completion of this course, students will be able to:

Identify legislation and discuss the legal framework pertaining to Payroll Accounting.
Accurately calculate gross wages, net wages, and all applicable taxes and deductions.
Identify and calculate employee-related employer taxes and expenses.
Accurately calculate amounts due on state and federal payroll tax forms.
Identify and explain reporting periods and requirements for employer tax deposits and reporting.
Explain the basic payroll accounting process and procedures used in the payroll profession.
Prepare payroll tax returns.
Complete payroll-related journal entries, posting them to the general ledger and identifying their effects on the accounting entity.

Course Typically Offered
Fall, Spring