Basic Payroll 101: Withholding, Depositing, and Reporting Federal Taxes 2.5 Credits
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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. Â
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. Â In addition to these penalties, employers also must pay interest on any underpayment of tax resulting from noncompliance with these same regulations.Â
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? Â Which forms are used to correct already submitted forms? Â 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. Â Â
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.Â
Join this CPE Webinar it will review the penalties for failure to comply with IRS regulations.
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2.5 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01660-23-S) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01660-23-S) | 2 CE | Approved |
| Legal update for SHRM Professionals (Approval No. 26-N5RDZ) (Valid upto : Dec 31, 2026) | 2.5 PDC | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1342) | 2 CE | Approved |
| HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 686399) (Valid upto : Nov 30, 2025) | 2.5 RCH | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2.5 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01660-23-S) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01660-23-S) | 2 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2.5 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01660-23-S) | 2 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2.5 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 2 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01660-23-O) | 2 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-01660-23-O) | 2 CE | Approved |
| Business Acumen for SHRM Professionals (Approval No. 24-VHRSC) (Valid upto : Dec 31, 2024) | 2 PDC | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1342) | 2 CE | Approved |
| HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 650060) (Valid upto : Nov 30, 2024) | 2 RCH | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01660-23-O) | 2 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-01660-23-O) | 2 CE | Eligible |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 2 CPE | Eligible |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01660-23-O) | 2 CE | Approved |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 2 CPE | Eligible |
Credits
2.5
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
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MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.
Boost your HR career with MY-CPE’s HRCI Recertification Courses. Designed with your professional growth in mind, our courses make earning HRCI Recertification Credits simple and straightforward. At MY-CPE, we’re committed to your success in the ever-evolving world of human resources. Our courses offer the latest insights and practical skills to help you stay ahead. Whether you’re looking to deepen your expertise or broaden your abilities, MY-CPE provides the resources you need. Take the next step in your HR journey today and secure your competitive edge with our top-quality recertification options.Â
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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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.
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I enjoyed this course, though the last three topics are very rushed with limited additional information apart from what is shared on the slides.
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.webp "Annual Federal Tax Update - C & S Corporations, Partnerships & LLCs (Forms 1120, 1120S & 1065)")
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