FIN2070 Payroll Accounting
Intermediate · 1 credit · BIT - Business, Admin, Finance and IT
- Description
- Students gain knowledge for establishing and operating a payroll system. They will use proper terminology and awareness of current rules and regulations of the payroll function.
- Prerequisite
- FIN1020: Accounting Cycle 1
- Parameters
- Access to appropriate computer equipment, software, the Internet and support materials.
Outcomes The student will:
1 investigate the Canadian payroll requirements
1.1 describe the legislated and taxation requirements related to payroll including:
1.1.1 opening a business account to obtain a business number
1.1.2 registering for a payroll deductions account
2 prepare and maintain a payroll system
2.1 identify proper payroll terminology
2.2 prepare documentation required by employees for payroll purposes including:
2.2.1 TD-1 tax form
2.2.2 personal tax credits return
2.2.3 Social Insurance Number
2.3 calculate regular and nonregular individual pay/gross pay using:
2.3.1 salary; e.g., yearly, monthly
2.3.2 wage; e.g., weekly, hourly
2.3.3 payment periods; e.g., yearly, biweekly, weekly
2.4 calculate deductions for income tax, Canada Pension Plan, employment insurance and other deductions such as registered pension plan, union dues and medical benefits; identify:
2.4.1 employee contributions
2.4.2 employer contributions
2.5 calculate net pay for various payment periods; e.g., monthly, biweekly
2.6 complete the employees’ earnings record
2.7 demonstrate methods of payment; e.g., cheque, direct deposit
2.8 complete a payroll register using appropriate tax tables
2.9 journalize payroll transactions
2.10 post payroll entries
2.11 record payment of payroll liabilities and identify withholding funds, payroll taxes and other deductions
2.12 complete a record of employment for termination purposes
2.13 report the employee’s income and deductions on the appropriate T4 or T4A slip
3 demonstrate basic competencies
3.1 demonstrate fundamental skills to:
3.1.1 communicate
3.1.2 manage information
3.1.3 use numbers
3.1.4 think and solve problems
3.2 demonstrate personal management skills to:
3.2.1 demonstrate positive attitudes and behaviours
3.2.2 be responsible
3.2.3 be adaptable
3.2.4 learn continuously
3.2.5 work safely
3.3 demonstrate teamwork skills to:
3.3.1 work with others
3.3.2 participate in projects and tasks
4 identify possible life roles related to the skills and content of this cluster
4.1 recognize and then analyze the opportunities and barriers in the immediate environment
4.2 identify potential resources to minimize barriers and maximize opportunities
Program of Studies 2009. Source document, © Alberta Education.