Basic Payroll 101: Withholding, Depositing, and Reporting Federal Taxes
EVENT DATE:
PRESENTER(s): Vicki M. Lambert
This program has been approved SHRM & HRCI Credit 2 and NASBA & IRS CPE Credit 2(Taxes)
Federal income taxes are so common that it is easy to forget their relatively recent origin. It is also easy to forget that the withholding of these taxes falls under IRS regulations that are strict and non-yielding in many cases. Simply put, the employer either collects the amount due from the employee or pays their portion and sends it directly to the IRS.
But though it sounds simple and basic the employer must withhold the taxes correctly based on several factors including:
- The type of payroll frequency used by the employer
- The information supplied on the employee’s Form W-4
- The taxable wage base and rate in effect for OASDI or social security taxes
- The rate in effect for Medicare tax
- If the employee is subject to the Additional Medicare Tax
- Status of the employees such as nonresident alien or expatriate
- The wage base and rate in effect for federal unemployment insurance or FUTA
The penalties are severe for failing to comply with employment tax rules and procedures since the IRS imposes both civil and criminal penalties on employers. In addition to these penalties, employers also must pay interest on any underpayment of tax resulting from noncompliance with these same regulations.
Then once the taxes are withheld and paid, they must be reported and reconciled. Which forms are used for the initial reporting and when are they due? Which forms are used to correct already submitted forms? These are critical questions that the payroll professional must have answers to right on the tip of their tongues. So, although we like to refer to this as basic payroll it is anything but basic. It is the foundation that supports both quarter-end and year-end as well as all other IRS compliance issues facing the payroll department.
In this CE Tax Course, we will cover an overview of the federal tax system. From that point, the course will discuss federal income tax including using Form W-4 and supplemental tax rates. From there the course moves on to a discussion of FICA taxes. The course will then move to discuss the depositing and reporting of both FIT and FICA taxes.
Join this CPE digital course, it will review the penalties for failure to comply with IRS regulations.
Learning Objectives
- To recognize rules regarding paying and reporting FIT and FICA taxes.
- To explore the payment and reporting of FUTA taxes.
- To identify the requirements for deducting FICA taxes.
- To explore the requirements for deducting federal income tax correctly.
Credits and Other information:
- Session Duration: 100 Minutes
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- Credits: 2.0
- Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
- Human Resources Executives/Managers/Administrators
- Accounting Personnel
- Business Owners/Executive Officers/Operations and Departmental Managers
- Lawmakers
- Attorneys/Legal Professionals
- Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
Speaker Profile:
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.
With over 35 years of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert has become the most sought-after and respected voice in the practice and management of payroll issues. She has conducted open market training seminars on payroll issues across the United States that have been attended by executives and professionals from some of the most prestigious firms in business today.
A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country. Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA. She is also the instructor for the American Payroll Association’s “PayTrain” online program also offered by Brandman University.
