Description

This webinar will review the complete cycle from determining taxable income to final quarterly reporting to the IRS. Participants will learn how to review taxable income according to the IRS standards. Details about the form W-4 and how is a critical part of the employee tax withholding calculation. Review of the draft form W-4 for 2020 that includes the tax reform updates will be reviewed. The participant will better understand the changes and how it will impact payroll. A full review of the withholding depositing schedule and why completing deposits and reporting the deposits properly are critical to avoid IRS notices. Finally, a discussion about year-end best practices that will also avoid timely and challenging disputes with the IRS.

What you'll learn?

• Withholding Taxes
  • Calculating Taxable Earnings
    • IRS definition of taxable earnings
    • Fair Market Value
    • Fringe Benefit Taxation
  • Form W-4
    • Basic W-4 Requirements
  • Social Security and Medicare Taxes
  • Tax Calculations
  • Tax Calculation examples
• Depositing and Reporting Taxes
  • 941 Basic Requirements
    • Reporting Requirements
    • 941 Due Dates
    • Electronic Filing
    • Signing Requirements
  • Form 941 Line by line review
  • Schedule B and Payroll Depositing requirements Reconciliation of Form 941 and W-2’s at year end
• Year-end Best Practices

Why should you attend?

• You will be able to define the proper payroll withholding deposit schedule based on your business along with how to properly report the deposits to comply with the Internal Revenue Service.
• You will be able to describe basic requirements of the Form W-4 and how it impacts the payroll tax calculation
• You will be able to explain how to properly complete a Form 941 correctly
• You will be able to identify proper taxable income methods

Who should attend?

• Payroll Professionals
• Payroll Specialists
• HR Professionals with payroll oversight responsibilities
• Small business owners/controllers who manage payroll themselves
• Accounting and Finance Professionals handling payroll processing