Final Payroll System Project

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Project: Students create and manage payroll for a simulated company.

Tasks:

Deliverables Summary:

Deliverables:

Spreadsheet Workbook: Use excel to submit a well-organized spreadsheet that contains the full payroll system. Possible tabs to include are company overview (name, industry, # of employees, pay policies), employee data (names, pay rates, filing status, benefits deductions), payroll calculations (gross pay, federal withholding, social security tax, medicare tax, net pay), employer payroll taxes (employer portion of Social security, employer medicare, FUTA tax), payroll register (full payroll summary for a pay period), journal entries (payroll expense, payroll tax expense, cash payments), quarterly payroll reporting (simulated summary similar to filing with the IRS).
Short Written Report: Use word to submit an explanation of the payroll system and decisions. Possible sections to include are business description, payroll policies, tax compliance procedures, internal controls to prevent payroll errors or fraud, challenges encountered in the project, Journal entries, etc.
Short Powerpoint Presentation: Present your payroll system as if you are explaining it to management. Possible slides to include are company overview, payroll process, key calculations, compliance considerations, lessons learned.

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