Payroll Accounting

Playlist 0:26 Payroll Introduction 6:29 Regular & Overtime Pay Calculation 11:40 Federal Income Tax FIT 18:54 Payroll Legislation 26:47 Payroll Consideration and Tax Forms 43:06 Payroll Periods and Time Frames 50:11 New Employee Tax Forms & Contractor vs Employee 1:07:26 Federal Income Tax FIT – Percent Method 1:15:09 Federal Income Contributions Act (FICA) 1:23:15 Social Security Tax Calculation 1:29:25 FUTA, SUTA Workers Compensation 1:34:18 Medicare Tax Calculation 1:37:49 Federal Unemployment Tax Act Calculation 1:41:32 Payroll Ethics & Practices 1:50:00 Employer Taxes Calculation 1:57:19 Employer Responsibilities and Processes 2:05:10 Payroll Expense Journal Entry 2:15:50 Payroll Tax Expense Journal Entry 2:24:07 Pay Payroll Tax Expense Journal Entry 2:32:58 Form 941 Payroll Controls and Documentation 2:55:39 Form 940 3:07:14 Form W-3 & W-2 3:19:11 Reconciling Year End Payroll Forms 3:28:30 Minimum Wage & Nonexempt Employees 3:34:03 Payroll Calculations 3:40:16 Overtime Calculation 3:49:43 Payroll Register 3:59:24 Fringe Benefits 4:05:32 Deductions From Gross Pay 4:11:55 Retirement Plans 4:21:11 Post Tax Deductions 4:26:33 Net Pay Calculation 4:31:55 Federal Income Tax (FIT) 4:46:43 Social Security 4:58:18 Medicare Tax 5:04:21 Other Deductions & Payment Methods 5:12:29 605 Taxes Employer Employee 5:21:50 FICA Employer 5:26:47 Form 941 5:38:44 Form 940 5:47:35 Form W-3 This financial accounting and payroll video will cover payroll topics including payroll legislation, payroll calculations, and entering payroll journal entries. Because payroll is becoming more complex and more of a specialized field it is difficult to find content that puts it all together in one spot like this course does. We will discuss payroll legislation, going over a wide variety of laws that influence payroll. Because payroll is such a broad topic and because it overlaps with other areas of business like human resources many laws influence the processing of payroll. We will concentrate on laws that deal with the calculation of payroll and payroll withholdings. The video will cover the generation of payroll registers and earnings reports, the primary tools to help us calculate payroll. We will discuss how to calculation payroll tax withholding like federal income tax (FIT), social security, and Medicare. We will calculate net pay from gross pay. This video will cover journal entries related to payroll; a topic often overlooked in may payroll classes. Payroll journal entries can be complicated. Learning payroll journal entries helps our understanding of both payroll and debits and credit. We will post payroll journal entries to the general ledger and analyses the effect on the financial accounts and accounting equation. This video will cover the processing of payroll tax forms like form 941, form 940, form W-2, form W-3, and form W-4. We also include a comprehensive a problem, allowing us to see the entire process in one problem. This video includes key terms and definitions related to payroll and a general comprehensive accounting cycle comprehensive problem. The accounting cycle comprehensive problem will take a step back, so we can see the big picture and visualize how the payroll process fits into the overall accounting cycle.


Overtime Calculation – Financial Accounting

Overtime calculation in a few different formats. Overtime is generally thought of as time and a half. In other words overtime rates are time and a half of the original rate. Although we often use the term time and a half many don’t understand what it means fully. Overtime is usually calculated similar to a 50% raise. We can calculate the overtime rate as the original rate times 50% plus the regular rate. We can also calculate overtime as the origianl rate times 1.5 or 150%, the 1 representing the original time and the .5 representing the added 50% increase. Fore more accounting information see website:…


Payroll Periods and Time Frames

We will discuss payroll pay periods that companies could use to process payroll. Companies could process payroll monthly, weekly, biweekly, and semimonthly. It is useful to know the number of pay period in a year so we can calculate payroll and make comparisons between hourly wages and salary wages.
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