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Let's Get Back to the Basics of Withholding, Depositing and Reporting Federal Taxes (HRM440X)

Presented By : Vicki M. Lambert , CPP
(*) Single User Price. For multiple users please call 1-800-223-8720
Pre Recorded Audio Conference
90 minutes
  •  Tue, April 22, 2014
Event Description
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1.5 Credits

Know the Essentials of Federal Income Tax, FICA and FUTA Taxes

One of the basic requirements of payroll is to withhold, deposit and report federal income tax, Social Security, 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 training during their first few weeks of their very first payroll job. This training was usually on-the-fly, while learning how to process 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.  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.

This webinar by Vicki Lambert 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. She will 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). The session 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 highlight basic rules for successor employers and common paymaster.

Participants will receive excellent source for training staff members who are new to payroll, inclusive of those attendees who are not payroll professionals on a full-time basis, but must handle the withholding, depositing, and reporting of taxes

Session highlights:

  • 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 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 noncompliance

Who should attend:

  • Payroll and human resources professionals
  • Anyone who must handle the withholding, depositing and reporting of federal income taxes, social security taxes and Medicare taxes
About Our Speaker(s)

Vicki M. Lambert, Hr Training Programs ExpertVicki M. Lambert CPP
Vicki M. Lambert, CPP is President and Academic Director of The Payroll Advisor™ a firm specializing in the training of payroll professionals.  With over three decades of hands-on experience in all facets of payroll functions as well as over 20 years as a trainer and author, Ms. Lambert is a sought-after ... More info

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    Event Title: Let's Get Back to the Basics of Withholding, Depositing and Reporting Federal Taxes
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