Perfect Your Payroll Tax Withholding: Avoid Liabilities and Ensure Compliance

Credit(s)

IRS CPE Credits: 1 Tax hour

Understand the ins and outs of payroll taxes, including federal, state, and local withholdings.

Paying employees is one of the most significant expenses for any company. Employers are required to withhold and pay various payroll taxes, both from the employees’ wages and as additional employer liabilities. The complexity of payroll taxes varies based on the size of the business, its location, and where employees live and work. This webinar by payroll expert Debbi Cash, CPP aims to demystify payroll tax withholding, offering detailed insights into what must be withheld from employees' paychecks, how to determine these amounts, and how these responsibilities evolve as your business grows.

During the session, Debbie will explore the different types of withholdings required, providing a comprehensive understanding of federal, state, and local income taxes, as well as unemployment taxes. Detailed instructions will be given on how to handle these withholdings, including examples of tax withholding deposits and filing frequencies. The session will also cover what reports need to be filed and when, ensuring compliance with all regulatory requirements.

Understanding employer taxes and their compliance is crucial. Failing to pay the correct employer taxes can result in significant fines and penalties from the IRS and state or local governments. This webinar will equip you with the knowledge to avoid such liabilities, helping you navigate the complexities of payroll taxes and stay compliant.

What’s New or Different in This Training :

This training will delve into the specifics of Payroll Tax Withholding, covering all the different types of taxes, including how to determine which state to pay unemployment taxes to and understanding the wage bases of these taxes. We will provide detailed explanations of federal, state, and local income taxes, along with practical examples of tax withholding deposits and the required filing frequencies.

Debbie will also address what happens when liabilities increase or decrease and how to manage these changes effectively. Attendees will be introduced to helpful websites that offer further guidance on handling various payroll tax situations, making this session a comprehensive resource for managing payroll taxes efficiently.

Webinar Objectives

• Understanding the different types of taxes that must be withheld from employees' wages.
• Employer tax responsibilities and compliance requirements.
• Recognizing when liabilities increase and adjusting payments accordingly.
• Filing the correct reports, understanding when and where to file them.
• Best practices for avoiding fines and penalties related to payroll taxes.

Webinar Agenda

• 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
• 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
• Reporting of Federal Taxes-Withholding and Unemployment
  • Form 941
  • Form 941X-Amended Return
  • Form 940
  • W-2 and W-3
• Reporting of State Taxes/Payments
  • Information on calculating State withholding
  • How often do I withhold and pay
  • Liability increases
• 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
• State Unemployment Taxes
  • Determining What State I pay taxes to
  • Understanding Wage Bases
  • State Reporting
  • How/When to file

Webinar Highlights

• Federal Income Tax Withholding
• FICA and Medicare Tax
• State Taxes
• Local Taxes
• Unemployment Taxes (State and Federal)
• Detailed explanations of tax withholding deposits and filing frequencies.
• Managing changes in liabilities and adjusting payments.
• Avoiding common payroll tax mistakes and penalties.
• Resources and websites for further guidance.

Who Should Attend

Payroll Professionals, Owners, Tax Professionals, Bookkeepers, Managers