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May 12, 2024
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ACC 210 - Payroll and Tax Accounting
Credits: 3
3 Lecture Hours
Description
This course is a survey of taxing practices as they affect individuals, partnerships and corporations. Emphasis is on payroll and income taxes at state and federal levels.
Learning Outcomes
Upon successful completion of the course, the student will:
- Calculate gross pay under a variety of compensation methods.
- Determine the amount of taxes to withhold from gross pay.
- Determine the amount of employer’s payroll taxes.
- Complete various Federal and Pennsylvania State payroll tax reports.
- Maintain a payroll register and employee earning records.
- Apply the major provisions of the Fair Labor Standards Act that affect minimum wages and overtime.
- Complete Federal and State personal income tax returns involving the commonly-experienced situations regarding gross income, adjustments, deductions, credits and additional taxes.
- Complete Schedules C and SE and other forms related to the tax consequences of operating a sole proprietorship.
- Demonstrate an understanding of the basic tax issues associated with partnerships, corporations, and S corporations, including their impact, if any, on the personal tax returns of the owners.
Listed Topics
- The need for payroll and personnel records
- Computing and paying wages and salaries
- Social security taxes
- Withholding for income taxes
- Unemployment compensation taxes
- Overview of income taxes
- Dependents and filing status
- Gross income inclusions
- Adjustments to income
- Itemized deductions
- Tax credits
- Self-employed taxpayers
- Depreciation and cost recovery
- Rental activities
- Gains and losses
- Partnerships
- Corporations
Reference Materials
A current income tax text which should include numerous problems requiring the student to complete tax forms.
A current payroll tax text containing problems requiring the completion of payroll tax forms.
The instructor should provide PA and Local Tax forms and instructions for completion.
The instructor should provide problems requiring the student to complete tax returns from tax documents such a W-2’s, 1099’s, 1098’s, etc.
The instructor may wish to demonstrate income tax software.
Approved By: Johnson, Alex Date Approved: 12/13/2010
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