Course: BE442 Payroll and Income Tax Accounting TC

Grade: 11, 12

Subject Area: Business

Type: Standard, Potential College Credit

Credits: 1

Course Information:

Students will acquire basic knowledge in processing payroll and preparing income tax returns. Students will be working with tax tables and forms and learn how to determine gross and net earnings of an employee. Deductions for social security, Medicare, federal and state income taxes will be computed. Students will also be able to determine the employer’s liability for payroll taxes including unemployment and workers’ compensation premiums. Electronic software will be utilized to input and run a company’s payroll for one quarter along with manual preparation of federal tax forms. Students will prepare personal and state income tax returns and have the opportunity to complete income tax returns for the public and gain community service hours through a VITA site.

Outcomes:

• Describe methods used to determine gross earnings (e.g., piece-rate, hourly, salary, commission, overtime, bonuses)

• Explain the purposes of withholding’s and other deductions

• Maintain employee earnings records

• Generate payroll checks

• Prepare employer payroll tax returns, sales tax returns, and individual tax returns

• Learn and improve speed using 10-key calculator

• Use spreadsheet software to compute calculations

Prerequisites:

BE400-S1 – Accounting AS S1 AND BE400-S2 – Accounting AS S2

OR

Per instructor approval

Corequisites:

If you take this course, you must also take BE442-S2 – Payroll and Income Tax Accounting S2 TC

Notes: Students may receive transcripted credit for this course from Gateway Technical College.