Basic Payroll 101: Withholding, Depositing, and Reporting Federal Taxes 2.5 Credits
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Nov 13, 2024 | 12:30 PM
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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 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 Webinar it will review the penalties for failure to comply with IRS regulations.
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Vicki M. Lambert, CPP, is president and academic director of The Payroll Advisor™ a firm specializing in training payroll professionals. 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 is a 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.
Ms. Lambert has lectured extensively on payroll administration and compliance issues for clients that have included Automatic Data Processing, CCH Incorporated, Ceridian Employer Services, and The Employer Group. Ms. Lambert has also served as a consultant and in-house trainer for businesses such as Sun Microsystems, Paychex, Fox Studios, Disney, County of Riverside, and City of Hesperia.
Ms. Lambert is an adjunct faculty member at Brandman University in Southern California. She is the creator of and the instructor for the Practical Payroll Online program offered through the School of Extended Education. Ms. Lambert currently produces and presents audio seminars and webcasts for clients and business groups throughout the country.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
KJ
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