Video instructions and help with filling out and completing Form 944 Pr Taxpayers

Instructions and Help about Form 944 Pr Taxpayers

So Chapter six periodic and urine no I all tell you that we have a payroll Akane and this book is different than that and I have to say that one of the things I like best about the book that you're using is that they put all these reports after the fact that you've done everything with with wages calculations you know how to federal income tax you know how to do unemployment taxes you know Social Security taxes so where they have played this chapter and these these death makes a whole lot more sense than some of the other folders so you sometimes that almost sure about every approach is a little different but this this is this is a good one and then they call it a real-world approachable and they do for the most part a really nice job yet one of the things that they they don't really go through their examples are kind of simplified but they do have some nice charts that we're going to refer to in the book and it this is we're not going to worry about the journal entries but the journal entries the general ledger will supply some of this information but there's a bunch of reports there's 941 940s so 941 is social security in your federal income tax with health sending that into the government form 940 is fourth buda so the federal unemployment that's an annual record night for Lawrence quarterly and then you don't want to because you get so now for accounting people we have to fill all this stuff up in business majors a lot of you where this comes into play for you is that a lot of these things have to all tie together at the end so if you start your own business or you're working you know kind of like managing an entire business these are things you might have somebody else do for you but what you're looking for is that at the end of the day your payroll records your general ledger your 941 and w-2s all have to make sense and tie together because if you're ever audited you know part of it is that if your 941 is don't tighten your w-2s and your w3 s you start sending a bread place yeah your ass NASA yes let's draw attention to yourself so that's why these pieces are important the other thing that's really important it and this book does not tell you then is that there's nothing that will come out and tell you okay did you fill out your 941 you send it do you have your w-2 send out by the end of January the government doesn't send you reminders but they will penalize you with huge penalties and interest if you do any of these things like there there are so many penalties that can hit business owners business owners can go under because they just screwed up their tax situation that you're filing your taxes in your income tax world which kind of ties but it's not on the w2 some people some employers have paid we paid this much for health care which tells the government yes this person had health care but they also sent most employer sending in a college ID there's a specific form you get it says you had health insurance it's a question on the ten nine ten points they want to know it's a my time to people since she probably just you know maybe she has a pastor she just assumes she knows and it shows that you have slept spending or ditching Padian for your insurance premiums or anything like you know anything that's already on that w to get kind of insurance one of the things that tell you let's say you start a business one employee and that's where the some of that if you don't really we're not going to worry about that much but fibers are different ways they've created this new schedule which is on page 177 and it can be a monthly semi-monthly if you have a Wednesday to Friday payday or if your semi excuse me semi-weekly if you have a PT that's calls between Saturday and Tuesday now the two things they there's there's two lines in this that they don't ever put in the schedule but they mentioned in various places throughout the book one of them they first talked about on page 181 and that is for large employers and if the employer ever on one date that's okay so let's do Friday payday because that's typical and let's say on Friday they do they run payroll on that they end up here on that Friday and between the federal withholdings and the Social Security in the Medicare when that total amount withheld from the employees and the employers match is over a hundred thousand that has to be submitted by the merit by the next business day I when I worked at people in when I was a corporate manager we were annexed a viola you were a one-day pilot now and what that meant for us because the penalties are so severe and at that time you still we took deposit it we can take it to the bank as we yes and it read to the Fed system you never wanted to be late we actually deposited the same thing because it was just our little cushion whenever they're talking about these it was where it says on the following Wednesday if that Wednesday would be a holiday let's say it's Christmas key and they can do it on Thursday the other type of depositor that they don't mention on here is the exact opposite of the one day it's the super small guy he has it's like he runs a snow removal business and he has one person who helps him what on the.