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Navigating the Complexities of Payroll Tax
- 16
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10:00 AM PST | 01:00 PM EST
Duration: 60 Mins
Webinar ID
IQW26K1145
Level
Basic & Intermediate
Speaker
- 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
- Calculating Taxable Earnings
- 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
- 941 Basic Requirements
- Year-end Best Practices
Overview of the webinar
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.
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
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
Faculty - Ms.Dayna J. Reum
Dayna is currently the Senior Director of Payroll & HRIS at Ann and Robert H. Lurie Children’s Hospital of Chicago. Dayna has been heavily involved in the payroll field over 20 years. Starting as a payroll clerk at a small Tucson company. Dayna moved on to be a Payroll Team Leader at Honeywell Inc. During Dayna’s time at Honeywell she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association. She also received several merit awards to include Customer Service and Acquisitions and Divestitures. Dayna is no stranger to teaching she has taught at the Metro Phoenix American Payroll Association meetings and at the Arizona, Illinois, and Pennsylvania State Payroll Conference. Topics including Payroll Basics, Global/Cultural Awareness, Immigration Basics for the Payroll Professional, Multi-State and Local Taxation and Quality Control for Payroll, International and Canadian payroll. Dayna has her CPP (Certified Payroll Professional) through the PayrollOrg. Dayna has taught for the CPP preparation classes for the Chicago PayrollOrg Chapter. She has served on the National American Payroll Association on the National Strategic Leadership Task Force, Government Affairs Task Force (PA Local tax subcommittee). Dayna has received a Citation of Merit for her service along with being a Gold Pin member of the APA. Besides her payroll accomplishments Dayna is certified in HR hiring and firing practices and is a Six-Sigma Greenbelt.
Credits
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
HR (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