About This Chapter
Payroll Accounting - Chapter Summary
This mobile-friendly accounting chapter offers an overview of basic payroll accounting concepts. Follow along with our expert accounting instructors to review concepts related to payroll tax, payroll system practices, employee compensation accounting and much more. By the end of the chapter, you should be able to:
- Explain how to account for payroll, employee leave and bonuses
- Define relevant departmental payroll system terms
- Assess examples of payroll tax
- Recognize the requirements for employer federal tax filing
To help you reinforce your understanding of these payroll accounting concepts, we've included several self-assessment quizzes throughout the chapter. Our instructors are happy to answer any questions you may have about the chapter concepts. You can revisit the chapter resources whenever you need to brush up on your payroll accounting knowledge.
1. Accounting for Employee Compensation: Payroll, Leave & Bonuses
Compensating your employees is a major part of making sure that your business operates efficiently. But what, exactly, is covered under the term 'compensation'? And how do the various aspects affect bookkeeping? Watch this lesson for answers.
2. Departmental Payroll System: Terms & Practices
After reading this lesson, you will understand how you end up with a paycheck from your company's payroll department every pay period. Learn how they know how much to deduct and how much to pay you.
3. What is Payroll Tax? - Definition & Example
This lesson will define the payroll tax and explore the various types of payroll taxes. Also, an example that looks at payroll taxes from the viewpoint of the employee will be provided.
4. Federal Tax Filing Requirements for Employers
Taxes are something that, in general, all American adults must pay in order to fund government programs. In this lesson, we'll discuss the responsibilities of employers to withhold taxes and the manner in which they report those withholdings.
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Other chapters within the Association of Legal Administrators CLM Exam: Study Guide course
- General Accounting Concepts
- Cost & Fixed Asset Accounting
- Organization Structures & Accounting
- Trust Accounting
- Banking & Investment Policies & Procedures
- Financing & Leasing in Accounting
- Financial Analysis & Reporting
- Budgeting & Model Building
- Principles of Business Planning
- Business Development
- Overview of Project Management
- Legal Industry Ethics, Liabilities & Insurance
- Introduction to Technology for Law Firms
- Law Office Facilities Management
- Workplace Health Issues
- Employee Hiring & Promotion
- Employee Compensation & Benefits
- Employee Training & Motivation
- Employee Performance Appraisal & Management
- Styles of Leadership
- Organizational Development & Management
- Association of Legal Administrators CLM Exam Flashcards