Payroll Accounting: Laws, Calculations, and Journal Entries

Master the complex world of payroll with practical examples, legislation insights, and comprehensive problems.

4.18 (2111 reviews)

Udemy

platform

English

language

Accounting & Bookkeeping

What you will learn

Identify the key federal payroll laws and regulations that govern payroll processing.

Calculate regular pay and overtime pay accurately based on predetermined formulas and guidelines.

Apply the appropriate formulas to determine both employer and employee social security and Medicare contributions.

Calculate employee federal income tax withholdings based on relevant tax brackets and allowances.

Determine employer federal unemployment tax (FUTA) liability and calculate the corresponding amounts accurately.

Analyze various payroll deductions and their implications on employee net pay.

Prepare comprehensive payroll journal entries, considering the impact on financial accounts and the accounting equation.

Post payroll journal entries accurately to the general ledger for proper recording and reporting.

Complete payroll tax forms, such as Form 941, Form 940, Form W-2, Form W-3, and Form W-4, following applicable guidelines and requirements.

Solve comprehensive payroll problems, integrating knowledge of payroll legislation, calculations, and journal entries.

Apply payroll concepts within the context of the accounting cycle to gain a comprehensive understanding of payroll's role in financial reporting.

Define and explain key payroll-related terms and concepts for effective communication and comprehension in the field.

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Our Verdict

Payroll Accounting: Laws, Calculations, and Journal Entries provides valuable insights into complex payroll processing, but is not without its flaws. While it delivers on content, with numerous practical examples and thorough coverage of key federal payroll laws and calculations, the course organization may be improved, and visual elements should be more carefully integrated to avoid distraction. Nevertheless, learners who can navigate these issues will find this course a solid foundation for mastering real-world payroll management.

What We Liked

The course offers a comprehensive overview of payroll accounting laws, calculations, and journal entries, making it an all-inclusive resource for learners seeking in-depth knowledge.
The practical examples used throughout the course help illustrate complex concepts and improve understanding.
Several students appreciated the additional chapters on the accounting cycle, which provided valuable context on how payroll fits into the larger financial picture.

Potential Drawbacks

Some students find the course layout confusing, with non-lesson content such as introductions and download prompts counted towards lesson numbers.
The course can benefit from a major update, as certain documents are outdated (e.g., 2017 federal income tax brackets) and may not reflect current policies or regulations.
A significant number of students mention that the excessive animations, graphics, and images are distracting and negatively impact the learning experience.