Taxes Withholding, Depositing and Reporting Federal Taxes - HRCI and SHRM Certificates
- Speaker:Vicki M. Lambert
- Product Code:GRC-90406
HRCI Credits: 1.5
SHRM Credits: 1.5
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This topic is available for On Site/ Corporate Training
SHRM PDCs - 1.5GRCTS is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1.5] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HRCI CPE - 1.5HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
This webinar covers the basics of withholding, depositing, paying and reporting payroll taxes. It provides a good solid foundation for the payroll beginner or an excellent refresher course for the seasoned professional.
Federal income taxes are such a common occurrence in present times it is easy to forget their relatively recent origin. It is also easy to forget that the withholding of these taxes fall 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 own portion and sends it directly to the IRS. But though it sounds simple and basic it is critical for the employer to withholding the taxes correctly based on several factors including:
- The type of payroll frequency used by the employer
- The information supplied on the employee’s form w-4
- The taxable wage base and rate in effect for oasdi or social security taxes
- The rate in effect for Medicare tax
- If the employee is subject to the additional Medicare tax
- Status of the employees such as nonresident alien or expatriate
- The wage base and rate in effect for federal unemployment insurance or futa
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 have to pay interest on any underpayment of tax that is a result of 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.
Objectives of the presentation:
Every payroll professional from the seasoned veteran to the novice beginner must have a good working knowledge of these requirements to process payroll efficiently and in compliance. So join us as we cover the basics of withholding, depositing and reporting federal taxes including:
- 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 is the Additional Medicare Tax
- What are the current wage bases and rates
- How do totalization agreements affect FICA taxes?
- Are there special 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 can benefit:
- Payroll Professionals
- Human Resources
- Accounting Personnel
- Business Owners
- Attorneys, or any individual or entity that must deal with the complexities and technicalities of ensuring compliance within the payroll process
Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations.
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 has become the most 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. A pioneer in electronic and online education, Ms. Lambert produces and presents payroll related audio seminars, webinars and webcasts for clients, APA chapters and business groups throughout the country.
Ms. Lambert is an adjunct faculty member at Brandman University in Southern California and is the creator of and instructor for their Practical Payroll Online program, which is approved for recertification hours by the APA. She is also the Program Developer, Subject Matter Expert (SME), and Facilitator for the Certificate in Payroll Practice and Management Program offered by Cengage Learning / Ed2Go through hundreds of colleges and universities across the country.