Academic Catalog

ACTG 65: PAYROLL & BUSINESS TAX ACCOUNTING

Foothill College Course Outline of Record

Foothill College Course Outline of Record
Heading Value
Effective Term: Summer 2022
Units: 4
Hours: 4 lecture per week (48 total per quarter)
Prerequisite: ACTG 1A.
Advisory: Elementary Algebra or equivalent; demonstrated proficiency in English by placement via multiple measures OR through an equivalent placement process OR completion of ESLL 125 & ESLL 249.
Degree & Credit Status: Degree-Applicable Credit Course
Foothill GE: Non-GE
Transferable: CSU
Grade Type: Letter Grade (Request for Pass/No Pass)
Repeatability: Not Repeatable

Student Learning Outcomes

  • Explain current federal payroll tax accounting rules and procedures.
  • Perform related calculations and demonstrate the ability to apply rules and /or procedures to solve payroll tax accounting problems.

Description

Presentation of basic payroll procedures used in business today. Provides practice in recording procedures and preparation of tax returns.

Course Objectives

The student will be able to:

  1. Describe payroll laws and record-keeping requirements.
  2. Explain the procedures to maintain payroll records.
  3. Analyze, compute, and report payroll taxes.
  4. Prepare and distribute the payroll.
  5. Identify and explain payroll systems and control procedures.

Course Content

  1. Employees versus independent contractors, federal laws protecting equal right in employment.
  2. Timekeeping records and computing gross earnings.
  3. Withholding federal and state income taxes, FICA taxes and other withholdings and unemployment taxes.
  4. Maintaining payroll register, employee earnings records, and paying employee wages.
  5. Making tax deposits, employer wages and tax reporting, payroll wages reports, and reports on non-employee compensation.
  6. Manual systems, mechanized systems, and computerized systems.
  7. Maintain internal control over payroll systems.

Lab Content

Not applicable.

Special Facilities and/or Equipment

1. Access to a PC lab and Excel software.
2. When taught as an online distance learning section, students and faculty need ongoing and continuous internet and email access.

Method(s) of Evaluation

Methods of Evaluation may include but are not limited to the following:

Midterm and final exams
Computerized assignments
Preparing payroll tax forms
Homework assignments

Method(s) of Instruction

Methods of Instruction may include but are not limited to the following:

Lecture
In-class or electronic discussions
Report preparation
Research projects
Case studies

Representative Text(s) and Other Materials

Bieg, Bernard J., and Judith A. Toland. Payroll Accounting 2021. 2021.

Types and/or Examples of Required Reading, Writing, and Outside of Class Assignments

  1. Reading from assigned text
  2. Reading California Publications and Form Instructions at http://www.ftb.ca.gov
  3. Reading the latest federal tax updates at the IRS website
  4. Reading the latest California tax updates at the CA FTB website
  5. Reading Internal Revenue Tax Code and Regulations
  6. Reading of Wall Street Journal, Business Week, and Fortune

Discipline(s)

Accounting