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Payroll Accounting: Laws, Calculations, and Journal Entries (Udemy.com)

Master the complex world of payroll with practical examples, legislation insights, and comprehensive problems.

Created by: Robert (Bob) Steele

Last updated June 2023

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What you will learn

  • Identify the key federal payroll laws and regulations that govern payroll processing.
  • Calculate regular pay and overtime pay accurately based on predetermined formulas and guidelines.
  • Apply the appropriate formulas to determine both employer and employee social security and Medicare contributions.
  • Calculate employee federal income tax withholdings based on relevant tax brackets and allowances.
  • Determine employer federal unemployment tax (FUTA) liability and calculate the corresponding amounts accurately.
  • Analyze various payroll deductions and their implications on employee net pay.
  • Prepare comprehensive payroll journal entries, considering the impact on financial accounts and the accounting equation.
  • Post payroll journal entries accurately to the general ledger for proper recording and reporting.

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Course Description

This comprehensive payroll accounting course covers many aspects of payroll, providing in-depth knowledge of payroll legislation, calculations, and journal entries. Led by an experienced CPA, this course offers practical examples and valuable insights into the intricacies of payroll processing.

In this course, we will thoroughly explore payroll legislation, including a wide range of laws that impact payroll operations. We will focus on the laws related to payroll calculations and withholdings, ensuring compliance with legal requirements.

Understanding the importance of accurate calculations, we will dive into the generation of payroll registers and earnings reports, which serve as vital tools in calculating payroll accurately. Through practical exercises, you will develop proficiency in calculating payroll tax withholdings, such as federal income tax (FIT), social security, and Medicare. We will guide you through the process of determining net pay from gross pay, equipping you with the necessary skills to handle payroll calculations effectively.

One key aspect often overlooked in payroll courses is the recording of payroll transactions. In this course, we will thoroughly cover payroll journal entries, providing a comprehensive understanding of their complexity. By examining the impact of these entries on financial accounts and the accounting equation, you will gain practical knowledge of payroll accounting and its correlation with debits and credits.

Moreover, we will address the crucial process of completing payroll tax forms, including Form 941, Form 940, Form W-2, Form W-3, and Form W-4. Through step-by-step guidance, you will learn how to accurately fill out these forms, ensuring compliance with reporting requirements.

To enhance your learning experience, this course offers valuable resources, including downloadable PDF files for offline reference, preformatted Excel practice files to reinforce your Excel skills, multiple-choice and short calculation practice questions to sharpen your problem-solving abilities, and stimulating discussion questions to facilitate interactive learning and knowledge sharing.

You will have the privilege of learning from a highly qualified instructor who holds CPA, CGMA, and Master of Science in Taxation credentials. With their extensive experience in accounting concepts, QuickBooks software, and curriculum development, you can trust in their expertise to provide comprehensive instruction and guidance.

Content Includes:

  • In-depth coverage of payroll laws and their impact on payroll processing

  • Detailed explanations and calculations of regular pay and overtime pay

  • Comprehensive understanding of employer and employee social security and Medicare calculations

  • Thorough examination of employee federal income tax calculations

  • Detailed insights into employer federal unemployment tax (FUTA) calculations

  • Exploration of other payroll deductions and their significance in payroll accounting

  • Extensive guidance on payroll journal entries and their proper posting to the general ledger

  • Step-by-step instructions for accurately completing payroll tax forms (Form 941, Form 940, Form W-2, Form W-3, Form W-4)

  • Practical application through comprehensive payroll and accounting cycle problems

  • Comprehensive coverage of key payroll definitions and terminology for a thorough understanding

Enroll now in this comprehensive payroll accounting course and gain the skills and knowledge to excel in managing payroll operations effectively and with confidence.

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Instructor Details

Robert (Bob) Steele

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.    

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Reviews

4.5

2,405 ratings on Udemy

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By Madhava Reddy Komireddy on 11/20/2024

The course is highly informative and has significantly enhanced my knowledge of payroll taxes. It has been particularly helpful in clarifying key concepts related to the U.S. payroll process.

By Kerri Yoder on 5/14/2024

this was not exactly what I was looking for but there is really good information here and I will keep it in my archives

By Julie Mason on 4/17/2024

I loved this course! The content was excellent, especially the extra chapters on the accounting cycle. They really helped me understand how payroll fits into the bigger picture. However, the PowerPoint design with additional images and flashing was extremely distracting. I suggest focusing the presentation on content alone. It might be less visually exciting, but I'm here to learn, not to be entertained. This experience significantly impacts whether I'll purchase more courses from this instructor. I'd love to continue, but the distractions detract from the learning experience.

By James Martinez on 11/28/2023

Content wise, it was great. There were a few errors on things he said and the things he showed but overall good content. I think the video could've held back a bit on the animations, too many and sometimes covered what was being done on screen.

By Connie Garcia on 9/28/2020

I really enjoyed the Excel pre-populated forms. Although, in a couple of them numbers were not the same than what the instructor had, I was able to grasp concepts. I would suggest using more up to date forms, just to make sure we are taking in consideration the year we are studying (as some rules may change) but overall, I like how our instructor led the course. I know a few peers complained about too many repetitions but I do believe that is the key of learning something, repetition.

By Deepak Das on 8/13/2020

This course is really good for me considering I had very limited knowledge on US payroll. The course has got accountings as well which is actually a bonus for a purely new person.

By Alea Kanash on 9/2/2019

It's very informative and I feel that I will definitely get a comprehensive understanding of the finer points of Payroll. But, it is a lot to take in. At times, apart when I'm taking my own notes, I am staring at the same slide screen which hasn't changed for several minutes, and I think if the powerpoint could more actively follow and include more of the spoken information it would feel a little less dry and more engaging for the student. Also, Some of the Discussion questions throughout do not seem to be placed in correct sequence to the lessons. Sometimes I have to look ahead in the course for the unit relevant to the question in order to be able to compose an informed answer. I really appreciate the guided practice work sheets, the process of doing really helps to solidify the information to memory.

By Sasha Lapitskaya on 8/14/2019

I would like to tell a Huge Thank You to the Robert (Bob) Steele for an incredible work he did by creating this course. Just to be clear, I'm not a starting student, I have 2 university bachelors degree (one in Accounting, and another one in Law, both obtained in Europe), the same time I just starting my accounting practice in the US. As far as I had dealt with lots of instructors and lectors of different qualification levels, please, believe me, I know what I'm talking about. This course is an absolute gift for those people who are interested in getting a strong base of practical knowledge in the basics of calculating payroll and its accounting side. Logically built and practically oriented material that gives you a lot of clear and useful practical answers. Lectures provided to each presentation are given in an easy clear language (lector's voice and speaking manner are absolutely charming, by the way:). At the same time, to those ones of you guys, who are strongly intended to become CPP for $12.99, I just want to say, Payroll as itself is a huge and complicated topic, each component of which is directly related to a bunch of regulations, on the both federal and state local level. But what is great about this course, it gives you a strong base of knowledge and an idea in which direction to move on the way to improve your professional skills in payroll accounting and calculation. I absolutely satisfied and strongly recommend this course! Thank you so much again!!=*)

By Ivana Bunjevacki on 8/6/2018

Another great course by Bob. The payroll topic is usually tricky and involves quite a number of moot points, but Bob takes you through all the stages smoothly and makes it easily understandable with logical and simple, down-to-earth explanations. The course also includes a practical payroll problem together with the accompanying forms that you have to fill in and file, which is also done in an easily understandable manner. I have to admit that I've always had a bit of aversion towards payroll accounting, but after doing this course with Bob I feel much more confident about it. Now I think I am able to apply my knowledge in real world business situations regarding this topic. I highly recommend this course!

By Bobbie Smith on 6/28/2018

Another amazing course from Robert Steele. Very detailed and easy to understand with a lot of great information. Thank you.

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Overall Score : 90 / 100