This webinar covers the basics of withholding, depositing, paying, and reporting payroll taxes. It provides a good solid foundation for the payroll beginner or an excellent refresher course for the seasoned professional.
Learning Objectives:-
Background:-
Federal income taxes are such a common occurrence in present times 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 own portion and sends it directly to the IRS. But though it sounds simple and basic it is critical for the employer to withhold the taxes correctly based on several factors including:
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 have to pay interest on any underpayment of tax that is a result of 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. In actuality, it is the foundation that supports both quarter-end and year-end as well as all other IRS compliance issues facing the payroll department.
Who will Benefit:-
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