Bean Counter's
So, you want to learn Bookkeeping !
Payroll
Hello it's Dave again. For those of you that took any of my free bookkeeping tutorials we've already met. For those who haven't, I'm a graduate of the University of Tennessee (Go Vols) and a Bean Counter (accountant) with over 30 years of experience.
Who is this Course for ?
This tutorial is geared to business owners, managers, and individuals who have not had any formal bookkeeping training or on the job experience and need or want to learn the basics of payroll. The purpose is to provide an introduction and overview of payroll and the laws, rules, regulations, forms, records, and calculations that small business owners and/or their employees responsible for payroll need to be familiar with. No, when you finish this course you won't be an expert; however, you will be familiar with what is required to have a legally functioning payroll system.
Prior Knowledge Needed
None ! But, if you need to "brush up", check out my Beginning Bookkeeping Tutorial
Cartoons are used to add a bit of humor to your Learning Experience. Who says that Learning Can't Be Fun ? Not Me !
Laws and Forms
We used the current payroll laws, rules, and regulation effective in calendar year 2020.
The Minimum Wage Rate at this time is $7.25 per hour.
What’s Covered ?
The Introduction provides an overview of payroll, employees, and your requirements as a business.
Lesson 1 Types Of Compensation discusses and explains that an employee's compensation includes not only direct payments (salary and wages) but also indirect benefits known as fringe benefits or "perks".
Lesson 2 Types Of Deductions discusses and explains the different types of deductions that are taken from an employee's salary or wages such as social security, medicare, federal and state income tax, and other deductions such as health insurance and retirement plans.
Lesson 3 Payroll Taxes and Withholdings discusses and reviews how an employer reports and deposits amounts deducted from their employees' wages and salaries and also how an employer is required to "match" amounts deducted for social security and medicare.
Lesson 4 Calculating Payroll uses a fictitious company called Mom's Secret Recipes to illustrate what calculations are needed and how to do them in order to correctly calculate and pay your employees.
Lesson 5 Payroll Records illustrates and discusses the records needed by employers to properly documents and record their employee's wages and salaries and deductions taken.
Lesson 6 Self Employed reviews and explains what self employment tax is, who is required to pay this tax, and how to properly calculate, report, and deposit this tax.
Lesson 7 Government Regulations presents a brief overview of the federal and state laws, rules, and regulations that you as a business owner or manager need to be aware of.
Lesson 8 Payroll Options presents a brief overview of your options available for handling your payroll obligations.
Lesson 9 What You Should Know summarizes and reviews the major points covered in this tutorial.
Learning Objectives
After completing this course, you should know or be at least familiar with the following:
- Various forms needed for managing your payroll and complying with government laws.
- How to classify your employees.
- The various methods you can use to calculate your employee's earnings.
- Why fringe benefits (perks) help with the hiring of excellent employees.
- The types of required Payroll Taxes and how they are calculated.
- The records needed for managing your payroll system.
- Familiarity with the federal and state laws, rules, and regulations that you as a business owner or manager need to be aware of.
No, you wont be a payroll expert; but, at least you should have a working knowledge of what's required of a Payroll System.
Navigation
The Vertical Menu on the Left Side Of The Page contains the Lessons / Sections for Each Lesson.
In some cases, you may need to Scroll Down the Page to select the Lesson / Section.
Each Lesson / Section has Buttons at the Bottom of the Page to use for Moving Back to Prior Lessons / Sections and Moving Forward to the Next Lesson/ Section.
How Long ?
You should plan on spending approximately an hour on each lesson.
How To Use The Course
You can first View and Read The Lessons / Sections and then Watch the Videos
or
You can first Watch the Videos and then View and Read The Lessons / Sections
Bookkeeping Videos and Final Exams
Bookkeeping Videos are included at the end of some lessons to emphasize key concepts. In addition, Bookkeeping Videos and Final Exams are included at the end of the course to emphasize key concepts and test your knowledge.
Copyright © Bean Counter
Acknowledgements
Cartoons on this site provided by Ron Leishman. All Toon images are copyright © . No images may be resold or redistributed without prior written permission from Ron Leishman. If you enjoyed them, get some of your own Toon-A-Day.
Disclaimer
The information provided on this site is not intended to provide or be a substitute for specific individualized accounting, tax, legal, business, or investment planning advice. Where specific advice is necessary or appropriate, Bean Counter recommends consultation with a qualified tax advisor, CPA, Financial Planner or Investment Manager. The information provided herein is for general informational purposes only and should not be considered an individualized recommendation, personalized investment advice or an endorsement by Bean Counter. The information presented is obtained from what are considered reliable sources; however, its accuracy, completeness or reliability cannot be guaranteed and therefore should not be relied upon as such. Bean Counter accepts no liability for any direct or consequential loss arising from any use of this information.
Bean Counter and their affiliated parties make no representation regarding sites that you might access from this site and are not liable for any damages that you incur from their use.