A study of personnel and payroll accounting with focus on the maintenance of a payroll register, employee earnings records, and the preparation of federal and state government reports. Also emphasized are old-age and survivors benefits and taxes, federal and state unemployment compensation and taxes, and other income tax withholdings. Fair Labor Standards Act requirements are reviewed. Students will complete a payroll project on a microcomputer. A study of federal tax rules and related accounting principles.
Course covers all pertinent phases of individual federal income tax.
This includes inclusions and exclusions, deductions for adjusted gross income, and itemized deductions. The course will include preparation of form 1040 and most related schedules and forms related to individual tax preparation. Tax rules for depreciation and property transactions will be covered. Also included is taxation of corporations and partnerships. A computerized tax preparation package will be illustrated.