Learn how to review taxable income according to the IRS standards.
This webinar will review the complete cycle from determining taxable income to final quarterly reporting to the IRS. Details about the form W-4 and how is a critical part of the employee tax withholding calculation. Review of the W-4 for 2024 that includes new electronic requirements on employers. The participant will better understand the changes and how it will impact payroll tax calculations, reporting and remitting. 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.
Learning Objectives
- 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 the 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 and methods to record non cash taxable income.
Agenda
Withholding Taxes
- Calculating Taxable Earnings
- IRS Definition of Taxable Earnings
- Fair Market Value
- Fringe Benefit Taxation
- Form W-4
- Basic W-4 Requirements
- Electronic W-2 Requirements
- 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
Speakers
Dayna J. Reum, CPP, FPC,
Dayna J. Reum- Currently the director of payroll operations at a major medical center in Chicago
- Has been heavily involved in the payroll field for more than 17 years
- Starting as a payroll clerk at a small Tucson company, she moved on to be a payroll team leader at Honeywell Inc.
- During her time at Honeywell Inc. she obtained her FPC (Fundamental Payroll Certification) through the American Payroll Association
- Received several merit awards for customer service and acquisitions, and divestiture
- Taught at the Metro Phoenix American Payroll Association meetings and at the Arizona State Payroll Conference
- CPP (Certified Payroll Professional) through the APA
- Serves on the National American Payroll Association on the national Strategic Leadership Task Force, Government Affairs Task Force (PA local tax subcommittee)
- Received a citation of merit for her service along with being a gold pin member of the APA
- Certified in HR hiring and firing practices and is a Six-Sigma Greenbelt
Who Should Attend
This live webinar is designed for payroll professionals, CFOs, attorneys, human resource professionals, business managers, office managers, accountants, controllers, and bookkeepers.
