Financial Accounting – Payroll

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

4.35 (1473 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
Financial Accounting – Payroll
31,294
students
22.5 hours
content
Nov 2022
last update
$79.99
regular price

What you will 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

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.

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
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
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
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
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
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
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
Accounting Comic Break

Taxes – Employer & Employee

11 Taxes Employer & Employee
PDF - 605 Taxes Employer - Employee
605 Taxes Employer Employee
30 Multiple Choice – 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
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

Screenshots

Financial Accounting – Payroll - Screenshot_01Financial Accounting – Payroll - Screenshot_02Financial Accounting – Payroll - Screenshot_03Financial Accounting – Payroll - Screenshot_04

Reviews

Anabella
February 24, 2023
Very well presented, made all topics easy to understand. I learned a lot! I'm so glad I took this class. Thank you so much!
Jennifer
February 9, 2023
The graphics are really distracting and the commentary aside from the actual lesson in the lecture is not engaging.
Johanna
February 5, 2023
Since the information is mostly from 2018, the data is also from 2018. So just look up the current numbers. Also the W4 is definitely out dated. The new W4's allowance is no longer a dependent number but an actual amount. Other than that, the how to calculate pretty much stays the same. The definitions stays the same. The comprehensive payroll problem section 22 is very useful. Again the data is based on 2018. But do not skip it.
Abhijit
January 23, 2023
This is what i am working on US payroll, but this course gives me entire payroll knowledge on high level, which i can use in my current profile for self growth
Preethi
January 9, 2023
Too many gifs and pop up. Cannot see screen. Very distracting. Too many sentences used to explain the concepts. Very repetitive and redundant. Not very informative.
Ana
January 1, 2023
i expected more from this course. information are repeated numerous times, which sometimes is too much. i found the images playing on background distracting as you listend to the narative. i was disappointed that the course is presenting 2018 calculation and legal references. I would hope that the author is keeping up with legal updates. i will try to finish the course and i may review my rating by the end of the course. thanks
Olga
December 19, 2022
Everything was presented clearly (and I love the repetitions, by the way), but video number 50 was not good. He kept getting mix the concepts "pay", "taxes", "wages", and "taxable wages". It was confusing because he kept saying the wrong terms...
Muhammad
December 10, 2022
Great course. But the animations and human models are creating distraction. These are unnecessary, should be removed.
Kendall
November 28, 2022
All of those random images and gifs that have nothing to do with what is being talked about are super distracting. I was hoping they would go away once the instructor started walking us through excel sheets and other items on the screen. But no, even with relevant things on the screens, those random gifs of people throwing money around or using a calculator still popped up above the excel spreadsheet that was being showed, making it even more distracting and partly concealing what was on the screen. I thought I could get over it at first, but I can't, which is why I've requested a refund.
John
November 25, 2022
Payroll accounting involves a company's recording of its employees' compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employeeswithholding for the employees' portion of health insurance premiums, employees' contributions to savings plans, garnishments of salaries and wages, employees' contributions to United Way, etc. employer's portion/expense for Social Security taxes, Medicare taxes, state and federal unemployment taxes employer's portion/expense of fringe benefits such as health and dental insurance, paid holidays, vacations and sick days, pension and savings plan contributions If a company's employees are paid weekly based on hours worked, the payroll processing is likely done during the first few days following the work week. If the company's accounting periods are calendar months and the calendar year, the company will have to accrue for the wages and benefits earned by the hourly paid employees which are not yet paid or recorded in the general ledger accounts as of the last day of each month.
Vardan
October 14, 2022
This is a good match since i am going to learn many new things and start implementing the same in my new work
Omar
September 22, 2022
It was a great course, it taught me a lot about pay roll. I just wish the courses were a bit more organized and placed in a certain order
Sunil
September 17, 2022
Detail Explanation for federal taxes and journal entry. Duration of course can be improved. Overall Nice Course for new comers in accounting
Mi
August 11, 2022
This lecture has everything what I need in business. I have to learn Payroll accounting for my new position. It is so practical and I can use at work right away.
Sabrina
July 24, 2022
Teacher is awesome. Very knowledgable while also down to earth and reasonable. Relaxed teaching style yet very precise. Thankyou Robert Steele.

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