This comprehensive course delves into the intricacies of payroll tax withholding, a critical aspect of business operations for any company with employees. Understanding payroll taxes is crucial for maintaining compliance, avoiding costly penalties, and efficiently managing one of the largest expenses for businesses.
This training is designed to equip participants with the knowledge and tools necessary to navigate the complex landscape of payroll taxes, from federal and state requirements to local regulations.
Course Objectives:
• Gain a thorough understanding of various payroll taxes and withholding requirements
• Learn to accurately calculate and withhold employee taxes
• Understand employer tax obligations and how to fulfill them
• Master the timing and frequency of tax deposits and report filings
• Identify key factors that influence payroll tax obligations, such as business size and location
• Develop strategies to adapt to changing tax liabilities as your business grows
• Explore resources and tools for staying current with payroll tax laws and regulations
Key topics :
1. Types of Payroll Taxes
• Federal Income Tax Withholding
• FICA and Medicare Taxes
• Additional Medicare Tax Withholding
• State Taxes
• Local Taxes
• Unemployment Taxes-Both State and Federal
2. Federal Tax Withholding Calculations/Payments
• How to calculate federal tax withholding
• How to determine how often to pay/report
• What happens if my liability increases
• 100,000 liability rule
3. Reporting of Federal Taxes-Withholding and Unemployment
• Form 941
• Form 941X-Amended Return
• Form 940
• W-2 and W-3
4 . Reporting of State Taxes/Payments
• Information on calculating State withholding
• How often do I withhold and pay
• Liability increases
5. Local Taxes
• How to determine if there are local taxes
• Who/where do I pay them
• Am I obligated to withhold for non-residents
• Employer tax responsibilities/reporting
6. State Unemployment Taxes
• Determining What State I pay taxes to
• Understanding Wage Bases
• State Reporting
• How/When to file
Target Audience:
• Payroll Professionals
• Business Owners
• Tax Professionals
• Bookkeepers
• Managers overseeing payroll operations
Live Q&A.
This webinar will be recorded and accessible for on-demand viewing if you are unable to attend the live session.
