Overview
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.
Why should you Attend
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.
Areas Covered in the Session
- Withholding Taxes
- Calculating Taxable Earnings
- IRS definition of taxable earnings
- Fair Market Value
- Fringe Benefit Taxation
- Form W-4
- 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
Who Will Benefit
- AP and Payroll Professionals
Speaker Profile
Dayna Reum ,CPP, FPC is currently the Director of Payroll Operations at a major medical center in Chicago. Dayna has been heavily involved in the payroll field over 17 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 for 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, Pennsylvania and Illinois 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 APA. She also serves 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.
Instructor
Dayna J. Reum
