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Sponsored by Lorman Education
Product ID: 400054EAU
Credit & Course Provided by:

Best Practices for Depositing, Reporting, and Withholding Federal Taxes

OnDemand Webinar (85 minutes)

This topic will review the complete cycle from determining taxable income to final quarterly reporting to the IRS.

You 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. You 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 there will be a discussion about year-end best practices that will also avoid timely and challenging disputes with the IRS.


Dayna J. Reum, CPP, FPC, Dayna J. Reum


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

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