Learn payroll accounting core elements, tax-exempt deductions, payroll taxation and social security contributions, common terminologies, and journal entries.Read more.
Based in Scotland, I am a Fellow of the Chartered Institute of Management Accountants. I am a process improvement consultant and course author.
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About This Course
Who this course is for:
- Business managers
- Business owners
What you’ll learn:
- Describe the main components of payroll including allowances, taxes and deductions
- Explain the terms Gross Pay, Taxable Pay and Net Pay
- Identify the statutory taxes and deductions applicable in the United States, Canada and the United Kingdom
- Complete the main Journal Entries required to process payroll
- Describe the elements recorded in a Payroll Register
- No prior knowledge is required to take this course
Welcome to an Introduction to Payroll Accounting.
This course provides an overview of payroll accounting. It is aimed at accountants and business managers and owners new to payroll accounting and looking for straightforward coverage of the key elements and features of payroll.
In this course, we will cover the core elements of payroll; how gross pay is calculated; and issues when dealing with tips and benefits in kind. We’ll also look at tax-exempt deductions and the statutory deductions from pay.
We’ll review the main elements of payroll taxation and social security contributions including the terminology used in the United States, Canada and the United Kingdom.
And we’ll cover the calculation of Net Pay – that is the amount that the employee actually receives in their bank account. Finally, we’ll explore the main journal entries required in the accounts.
The principles and structure of payroll accounting are common across many jurisdictions, and the learning in this course applies in many countries of the world. For this reason, the course does not go into the detail of any country-specific legislation or regulations, and does not cover the particular tax rates, tax bands or deduction rates that apply in different jurisdictions.
This course provides a grounding in the principles and structure of payroll accounting whatever your country of operation. I hope you enjoy it.
Our Promise to You
By the end of this course, you will have learned payroll accounting.
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Get started today and learn more about payroll management.
|Section 1 - Payroll Accounting|
|Overview Of Payroll Accounting||00:00:00|
|Getting To Gross Pay||00:00:00|
|Allowances And Deductions||00:00:00|
|Income Taxes And Social Security Contributions||00:00:00|
|The Calculation Of Net Pay||00:00:00|
|Specific Payroll Terminology For The US, Canada, And The UK||00:00:00|
|Payroll Journal Entries||00:00:00|
|Final Thoughts On Payroll Accounting||00:00:00|
|Appendix – The Payroll Register||00:00:00|
An Introduction To Payroll Accounting
This lesson was straight to the point. I enjoyed it….Thank You Ross.
Very Helpful and Informative
I learned the basic fundamentals of payroll in this course. The material was laid out in a very easy to understand format.