Course: BE442 Payroll and Income Tax Accounting TC
Grade: 11, 12
Subject Area: Business
Type: Standard, Potential College Credit
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.
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
BE400-S1 – Accounting AS S1 AND BE400-S2 – Accounting AS S2
Per instructor approval
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.