2014 - Lets Get Back to the Basics of Withholding, Depositing and Reporting Federal Taxes

Instructor: Vicki M. Lambert
Description:
This webinar covers the basics of withholding, depositing and reporting federal taxes including how to obtain an employer identification number, the types of withholding methods available for federal income tax and how to calculate FICA taxes. It will cover step-by-step the calculations for determining the proper income tax withholding including when to use the supplemental rate. Will also cover FICA taxes and how they are affected by totalization agreements (US citizens working abroad) and nonresident aliens (non-US citizens working in the United States). It will also cover the calculation of FUTA taxes including the effects of the credit reduction states. For those employers affected by them, the webinar will cover rules for basic rules for successor employers and common paymaster.
One of the basic requirements of payroll is to withhold, deposit and report federal income tax, Social Security and Medicare taxes as well as the Additional Medicare tax. For most of the last century payroll professionals learned the basics of performing these tasks from other employees as part of the on-the-job training during their first few weeks of their very first payroll job. This training was usually on-the-fly while learning how to processing the entire payroll itself.
If their first payroll job was a one person department they usually taught themselves by reading IRS publications or by trial and error. Because of this the question always arises were they taught correctly? And if they were taught incorrectly the results can be very expensive for their current company. Penalties, fines and interest will be assessed by the IRS for even the simplest errors in withholding, depositing, or reporting federal taxes. But in this century this type of by-the-seat-of-your-pants training on federal taxes is no longer necessary.
And of course, the nature of withholding has changed over the years as well. Special rules for withholding on non-resident aliens didn't exist in the last century nor did most of the totalization agreement requirements. New just last year is the Additional Medicare Tax while successor employer situations and the use of common paymasters is becoming part of payroll's daily routine. So whether you are new to payroll, have employees in your department who are beginning their payroll career, or you are a seasoned payroll professional who is seeking to refresh your knowledge, everyone can benefit from reviewing the basics of withholding, depositing and reporting federal taxes.
Why Should you Attend:
Attend this 90 minute presentation to gain or refresh your knowledge of how to calculate, withhold and deposit federal taxes including federal income tax, FICA taxes and FUTA.
Objectives of the Presentation:
By the end of this webinar the attendee will have learned about:
Introduction to the federal tax system
Obtaining an EIN
Federal Income Tax
Methods of withholding
How to handle supplemental wages
FICA Taxes
What is OASDI
What is Medicare
What are the current wage bases and rates
How to handle the Additional Medicare Tax for 2014
How do totalization agreements affect FICA taxes
Are there special rules for nonresident aliens on visa
FUTA Tax
Who is subject
Current rate and wage base
Effect of credit reduction
Computing and paying the tax
Basic rules for Successor employers
Basic rules for Common Paymaster
Deposit rules
Reporting requirements
Penalties for non-compliance
Who can Benefit:
Payroll professionals
Human Resources
Accounting Personnel
Business Owners
Lawmakers
Attorneys
Any individual or entity that must deal with withholding and depositing federal taxes
Quick Contact
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