ACC 477 - Payroll Accounting

• Identify key payroll terminology, laws, and regulations that govern payroll systems in the United States.
• Describe the flow of information through payroll systems, including employee records, timekeeping, and payroll documentation.
• Calculate gross pay for hourly, salaried, commission-based, and piece-rate employees, including overtime pay.
• Determine mandatory and voluntary payroll deductions, including federal and state income tax, Social Security, Medicare, and employee-selected benefits.
• Compute net pay and demonstrate an understanding of various employee pay methods.
• Apply employer payroll tax requirements (FUTA, SUTA, FICA) and summarize their impact on labor costs.
• Record and organize payroll transactions using payroll registers, employee earnings records, and accounting system entries.