ComplianceOnline

Let's Get Back to Basics: Withholding, Depositing and Reporting Federal Taxes

Instructor: Vicki M. Lambert
Product ID: 704182
  • Duration: 90 Min
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This webinar will cover the basics of withholding, depositing, paying and reporting payroll taxes. It will provide a good solid foundation for the payroll beginner or an excellent refresher course for the seasoned professional.

Course "Let's Get Back to Basics: Withholding, Depositing and Reporting Federal Taxes" has been pre-approved by HRCI as eligible for 1.5 credits towards a participant's recertification upon full completion.
“The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program”.

Why Should You Attend:

Once 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. Although considered basic payroll issues, they are the foundation that supports quarter-end, year-end as well as all other IRS compliance issues facing the payroll department.

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. In this webinar, the instructor will cover the basics of withholding, depositing and reporting federal taxes, and address the questions above.

Areas Covered in the Webinar:

  • 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 are the current wage bases and rates
    • How to handle the Additional Medicare Tax for 2013
    • 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 Will Benefit:

  • Payroll Professionals
  • Human Resources Professionals
  • Accounting Personnel
  • Business Owners
  • Lawmakers
  • Attorneys or any individual or entity that must deal with the complexities and technicalities of ensuring compliance within the payroll process

Instructor Profile:

Vicki M. Lambert, CPP is president and academic director of The Payroll Advisor™ a firm specializing in the training of 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.

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.

Topic Background:

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.

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