CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-3 Reporting Withholding And Payroll Taxes.

Slides:

Advertisements

Similar presentations

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Advertisements

LESSON 13-4 Paying Payroll Taxes and Unemployment Taxes.

Employer Taxes, Payments, and Reports

LESSON 13-3 REPORTING WITHHOLDING AND PAYROLL TAXES.

11–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater Paying, Recording, and Reporting Payroll and Payroll.

Chapter Nine Employer Taxes, Payments, and Reports.

Payroll Accounting, Taxes, and Reports

LESSON 12-2 Determining Payroll Tax Withholding

Payroll Accounting, Taxes, and Reports

Chapter 13 Accounting Test Review Test is Friday (53 Points)

LESSON 13-1 Recording A Payroll

LESSON 13-2 RECORDING EMPLOYER PAYROLL TAXES. Employee vs. Employer Taxes Employee Taxes ◦Federal Income Tax ◦Social Security Tax ◦Medicare Tax Employer.

LESSON 13-4 PAYING WITHHOLDING AND PAYROLL TAXES.

8 - 1 The Employer’s Tax Responsibilities: Principles and Procedures Chapter 8.

Chapter 13 Payroll Taxes – Journalizng, Reporting and Paying.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 14-1 Recording A Payroll.

Payroll Liabilities & Tax Records Chapter 13

Payroll Accounting, Taxes and Reports

Payroll Liabilities and Tax Records

LESSON 13-1 Payroll Accounting, Taxes, and Reports

Preparing Payroll Records

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-1 Preparing Payroll Time Cards.

8–1 McQuaig Bille 1 College Accounting 10 th Edition McQuaig Bille Nobles © 2011 Cengage Learning PowerPoint presented by Douglas Cloud Professor Emeritus.

Payroll Accounting, Taxes, and Reports

Payroll Liabilities and Tax Records

Hosted by Ms. Appel True/False 1True/False 2Fill In The Blank 1 Fill In The Blank FinalFinal.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-1 Completing Payroll Records for Employee Earnings and Deductions.

Payroll Accounting, Taxes, and Reports

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO4 Prepare selected payroll tax reports.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes Original created by M.C. McLaughlin, Thomson/South-Western.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-4 Paying Withholding and Payroll Taxes.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-4 Paying Withholding and Payroll Taxes  Paying the liability for employee taxes.

0 Glencoe Accounting Unit 3 Chapter 13 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Analyzing and Journalizing the Payroll After.

Unit 9 Federal Payroll and Tax Returns McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Recording Employer Payroll Taxes Original created by M.C. McLaughlin, Thomson/South-Western Modified.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-2 Recording Employer Payroll Taxes.

Journalizing and Posting the Payroll

LESSON 12-1 Preparing Payroll Time Cards

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-2 Determining Payroll Tax Withholding.

Section 3Tax Liability Payments and Tax Reports What You’ll Learn  How to pay payroll tax liabilities.  Which tax reports are prepared and filed. What.

Chapter 14 Payroll Accounting, Taxes, and Reports.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-4 Paying Withholding and Payroll Taxes.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes.

© 2015 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Chapter 13 Section 3 Accounting II Ms. Alltucker TAX LIABILITY PAYMENTS AND TAX REPORTS.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-2 Recording Employer Payroll Taxes  Calculating employer payroll taxes  Unemployment.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 13-3 Reporting Withholding And Payroll Taxes  Employer annual report to employees.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 12-3 Preparing Payroll Records.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 3-1 CHAPTER 3: CALCULATING AND RECORDING DEPARTMENTAL PAYROLL DATA Define accounting terms related.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 3-2 Recording a Payroll and Payroll Taxes.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-4 Paying Withholding and Payroll Taxes.

Payroll Liabilities and Tax Records Making Accounting Relevant Federal, state, and local governments pass tax laws in order to generate revenue for government.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 3-2 Recording a Payroll and Payroll Taxes Modified by D. Burns West Johnston High School.

PAYROLL LIABILITIES AND TAX RECORDS Chapter 13. Journalizing and Posting Payroll  Salaries Expense – The expense account used to record employees’ earnings.

Journalizing Payroll Review. Lesson 13-1 Source of amounts for payroll journal transaction.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Accounting April 23, 2015 Chapter 13-3 & 13-4 notes 13-3 & 13-4 WT & OYO 13-3 & 13-4 Application.

Accounting April 21, 2015 Critical Thinking Notes for 13.1 and 13.2

GETTING PAID WHERE DOES MY MONEY GO?. PAY CHECK DEDUCTIONS Deductions Video What is the difference between gross and net income? What are state taxes.

GLENCOE / McGraw-Hill. Payroll Taxes, Deposits, and Reports.

Chapter 3 Departmental Payroll. After the payroll register has been prepared, a check is written to transfer the total net pay amount from the regular.

LESSON 13-1 Recording A Payroll

Reporting Withholding And Payroll Taxes

EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD

JOURNALIZING PAYMENT OF A PAYROLL

Payroll Accounting, Taxes, and Reports

Presentation transcript:

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 13-3 Reporting Withholding And Payroll Taxes

CENTURY 21 ACCOUNTING © Thomson/South-Western PROCESS Record Employee Payroll Taxes/Pay Wages (Lesson 1) Salary Expense Federal Income, Social Security, Medicare Record Employer Payroll Taxes (Lesson 2) Payroll Expense Social Security 6.2%, Medicare 1.45%, Federal Unemployment.8%, State Unemployment 5.4% Report Taxes to Government (not unemployment) Quarterly - Form 941 (quarterly) Yearly - W3 (employer) and W2 (employee)

CENTURY 21 ACCOUNTING © Thomson/South-Western REPORTING QUARTERLY 3 LESSON 13-3

CENTURY 21 ACCOUNTING © Thomson/South-Western FORM 941 – Quarterly Report of Payroll Employer’s Quarterly Federal Tax Return - FORM 941 Reports to the federal government: Total earnings of all employees Amount of employee taxes owed to the government Required quarterly Due before the last day of the month following the end of quarter Ex: End of first quarter is due when? End of quarter is March 31 4 LESSON 13-3 Before April 30

CENTURY 21 ACCOUNTING © Thomson/South-Western EMPLOYER’S QUARTERLY FEDERAL TAX RETURN (continued on next slide) 1 2

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 13-3 WTG pg. 382 & DateTot. EarningsFed. Income Employee SS Employee Medicare Jan 31 $10, $731.00$647.28$ Feb , Mar , Total taxes

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 13-3 EMPLOYER’S QUARTERLY FEDERAL TAX RETURN page 379 (continued from previous slide) WTG pg. 382 &

CENTURY 21 ACCOUNTING © Thomson/South-Western REPORTING ANNUALLY 8 LESSON 13-3

CENTURY 21 ACCOUNTING © Thomson/South-Western W2 ANNUAL REPORT TO EMPLOYEES Sent to employees: W2: Employee Annual Report of Withholdings Employers must provide to employee Annually By January 31 Reports the previous year’s: Total Earnings Taxes Withheld Deductions Net Pay 9 LESSON 13-3

CENTURY 21 ACCOUNTING © Thomson/South-Western W2 CONTINUED Four Copies: One to employer One sent by employer to Social Security Administration Two to employee One copy for employee records One copy attached to tax forms and mailed to government Sent to IRS to determine tax payment/refund 10 LESSON 13-3

CENTURY 21 ACCOUNTING © Thomson/South-Western 11 LESSON 13-3 W2 – EMPLOYEE REPORT OF TAXES page 378 Source: Information pulled from Employee Earnings Record

CENTURY 21 ACCOUNTING © Thomson/South-Western W3 – ANNUAL REPORTING OF PAYROLL Sent to the Government: W3 – Transmittal of Wage and Tax Statements The W3 is the businesses form sent annually Sent by February 28 to Social Security Administration Previous year’s total earnings and payroll taxes for all employees A Copy of each employee’s W2 attached if under 250 employees Over 250, electronically submitted 12 LESSON 13-3

CENTURY 21 ACCOUNTING © Thomson/South-WesternLESSON 13-3 EMPLOYER ANNUAL REPORTING OF PAYROLL TAXES page 381