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What every business owner needs to know about payroll taxes
 
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Contact us at 888-727-8796 if you need assistance with your tax problem (and yes, your information will be subject to the attorney client privilege). We’ve successfully assisted thousands of clients deal with IRS issues. You can also email us at [email protected] We deal with both domestic and offshore issues. www.irsmedic.com Before the 1940’s, taxes were only paid by the ‘Fat Cats’, and they were paid in quarterly installments. Since such a small percentage of people were paying taxes, it was easy for the government to ensure that everyone was compliant. They assured us that only these ‘Fat Cats’ would pay --- until they 'changed their mind' to expand the tax burden to include everyone. “But it’s war time! The budget is suffering and we need your help! Don’t worry…this tax won’t be around forever!” And so we all began to pay. What the government realized quite quickly was that they could rapidly lose control of compliance and collections since there were now so many people paying taxes. They also realized that since they were taxing people a percentage of their salary, the tax debts could add up to the point that the taxpayers just couldn’t afford to pay it back. Taking control with “Pay as you go”: In 1943, Congress passed the Current Tax Payment Act. The idea was born from Beardsley Ruml, an executive for R.H. Macy & Co. and adviser to Roosevelt. In his experience in working with customers from Macy's, he noticed that people didn’t like big bills --- they instead liked to make partial, smaller payments. His “Pay as you go” idea grew into this act that required employers to withhold a percentage of federal income taxes from their employees wages. The employers would then be responsible for paying the government on the workers behalf. Withholding was a great way to keep control of the masses. It’s easier to police a smaller number of taxpayers, and, employers are easier to influence as they have more at stake. Understanding withholding and payroll taxes: Payroll withholdings are the taxes and benefits paid by the employee and include: Employee portion of Social Security tax - 6.2 percent Employee portion of Medicare tax - 1.45 percent (a 0.9 percent Medicare surtax when the employee earns over $200,000) Federal income tax State income tax Court-ordered withholdings As an employer, you are technically the 'trustee' and are holding this money 'in trust' for the government until your quarterly payment is due (4/15, 6/15, 9/15, 1/15). Technically, this is not your money... it is the governments. The law also requires you to pay the employer's portion of two of these taxes: a 6.2 percent Social Security tax a 1.45 percent Medicare tax (the “regular” Medicare tax). We have a lot of clients that are dealing with payroll tax debt. The stress can feel overwhelming, and you may make poor choices trying to solve the issues on your own. It’s a scary thing because you are talking about not only your own livelihood, but also the livelihood of your employees. Scarier still is that you are personally liable for this debt; it's not just the responsibility of 'the business' to pay it back. In our experience, we find that 98% of payroll tax problems are caused by cash flow. Cash flow problems can easily spiral out of control, and can be caused by a client that burns you, a natural disaster, a lawsuit, or employee embezzlement, to name just a few reasons. Unfortunately, we find that the nicest people end up with payroll problems because they may be afraid to lay any employees off. These are honest people that didn’t take the money for their own use; they took the money and put it into the business to keep the lights on, or to pay for supplies hoping to turn the business around. They are misunderstood, hard-working, and are simply trying to make ends meet. We’ll talk more in depth in tomorrow’s article about payroll tax solutions and negotiations, but bear in mind that sometimes if you lay people off, you may be able to get your issue under control and end up re-hiring them. If you need assistance with a payroll tax debt, don’t hesitate to contact us. We’re here to help. http://www.irsmedic.com Serving US taxpayers worldwide "Real Tax Attorneys for Tough Tax Problems" IRS Medic: Parent & Parent LLP 212.256.1335 888-727-8796 Twitter: https://twitter.com/irsmedic Facebook: https://www.facebook.com/TheIRSMedic
Views: 7381 IRS Medic
How to pay Payroll Taxes through QuickBooks
 
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Want to learn E-Pay instead: https://canduskampfer.com/epay-to-pay-payroll-taxes-in-quickbooks/ Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 32728 Candus Kampfer
Withholding Taxes:  How to Calculate Payroll Withholding Tax Using the Percentage Method
 
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Withholding Taxes: How to Calculate Payroll Withholding Tax Using the Percentage Method There are multiple ways to calculate withholding taxes. One way is by using the Percentage Method. To begin using the Percentage Method, you must have the employees W-4 form. The employees W-4 form will outline how many allowances the employee is claiming. This information is always necessary when calculating withholding taxes. Your first step is to determine your payperiod, whether you are paying on a weekly, biweekly, or monthly basis. You will then multiply one withholding allowance for your payroll period by the number of allowances indicated on the employee's W-4 form. Next, you will subtract this amount from the employees wages. You will then go to Publication 15, pages 43-44 and use the Percentage Method Withholding Tables to determine the amount of withholding taxes for your employee. Please make sure that you are using the correct IRS table, the correct pay period section and the correct marital status column. All of these steps are outlined in the above video with two very detailed step by step examples.
Views: 118014 Karin Hutchinson
Payroll Tax:  Social Security Taxes
 
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Payroll Tax: Social Security Taxes Social Security taxes are paid by the employee and the employer. As the employer, you will withhold 6.2% from your employee's paycheck for social security tax payments. You will them remit these payments on a monthly or semiweekly basis. Your company is also responsible for the other half of the social security payment (6.2%). The total social security payment is 12.4% of the employee's gross taxable wages. You are responsible for half and you employee is responsible for the other half. The social security is also part of FICA taxes. FICA taxes represents the medicare tax and social security tax.
Views: 9378 Karin Hutchinson
How to use E-pay to pay Payroll Taxes in QuickBooks
 
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How to process payroll taxes through EFPTS & EDD website: https://youtu.be/XfhMfqIySrA Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 8417 Candus Kampfer
IRS Form 941 - Employers Quarterly Federal Tax Return
 
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IRS Form 941 - Employers Quarterly Federal Tax Return This payroll tax form is due at the end of each quarter. Every employer must submit this form to detail the payroll tax liabilities for the quarter. This is the form that the IRS uses to reconcile your payroll taxes so please make sure that it is correct. Step by step examples are given in the video.
Views: 63171 Karin Hutchinson
How to Pay Payroll Liabilites in QuickBooks
 
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Payroll can get overwhelming, here's a quick video on how I recommend paying your payroll liabilities. Remember I'm not a tax professional ;) I'm an entrepreneur who specializes in QuickBooks. Join my Quarterly and Year End Forms Course and learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: QBO: https://canduskampfer.com/YearEndFormsQBO Desktop: https://canduskampfer.com/YearEndTaxForms Don't miss a tip, Join my Tips & Tricks: https://CandusKampfer.com/tips Candus' Free Mini Course: https://canduskampfer.com/minicourse/ Find out how to Join my QuickBooks Simplified Community: http://quickbookssimplified.com Are you new to QuickBooks or are you struggling to figure out the software? Would you love a course that is step by step vs searching for each answer and trying to figure it all out on your own? I would like to share with you my course called Confidence with QuickBooks. Everyone who has taken the course loves it. For more details visit: http://ConfidenceWithQuickBooks.com If you need help with QuickBooks, set up an appointment here: https://canduskampfer.com/private-sessions-with-candus/ Click here to be notified of upcoming Webinars & Workshops: https://canduskampfer.com/webinar-wai... Learn how to process: 941, 940, DE9, DE9C, W2's, W3, 1099-misc & 1096. Click here to join and for more details: https://canduskampfer.com/quarterly-and-year-end-forms-cou Have a great day! Candus :)
Views: 29287 Candus Kampfer
I haven't paid payroll taxes in awhile what do I do?
 
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http://getirshelpvideos.com IRS Payroll Tax problems get out of hand quickly. An experienced Tax Attorney discusses what to do in such a situation to ensure that your business survives the IRS payroll tax onslaught.
Current Liabilities Accounting (Payroll Deductions, Employee Vs Employer Payables & Expense)
 
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Accounting for payroll deductions as employee related liabilities, common types of payroll deductions are taxes, insurance premiums, employee savings & union dues etc., If a company has not remitted in the amounts deducted to the proper authority at the end of the accounting period, it should recognize them as a Current Liability, Examples of governmental types of payroll withholding taxes, (1) Social Security Taxes (FICA): Report the amount of unremitted tax on the gross wages paid as a Current Liability & as an Operating Expense, (2) Unemployment Taxes (FUTA): Record the amount of accrued but unpaid employer contributions as an Operating Expense & as a Current Liability when preparing financial statements and (3) Income Tax Withholding (Federal & State): Tax laws require employers to withhold from each employees pay the applicable income tax due on those wages, example explains that these withholdings have to be broken down between (1) employee payroll deductions and (2) employer payroll taxes where current liability payable accounts have to be setup for both employee and employer with wage expense for employee payroll deductions and payroll tax expense for employer payroll deductions, detailed accounting by Allen Mursau
Views: 34621 Allen Mursau
Federal Income Tax FIT - Payroll Tax Calculation
 
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The calculation of the federal income tax FIT is one to the most confusing payroll taxes for multiple reasons. One is that it is easy to get the federal income tax FIT payroll tax mixed up with the corporate federal income tax. FIT for payroll taxes is paid based on employee wages. The other reason Federal Income Tax withholdings FIT withholdings are are difficult is because they are based on a progressive tax, one where the rates increase as income increases. The progress income tax used for federal income tax FIT withholdings requires the use of tables to calculate the tax. To fine the proper withholding on the table we need the allowances, marital status, and pay periods. For more accounting information see website. http://accountinginstruction.info/courses/
How to Legally Avoid Payroll Tax
 
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https://nomadcapitalist.com/tax-reduction/ While planning tax reduction strategies, people are mostly focusing on the income tax and they are neglecting the important part of the US tax system - the payroll tax. If you're not sure what it represents, this type of tax includes social security and medical care. Digital nomads, freelancers, and other people living and working overseas may avoid paying income tax, but if their company is registered in the US, they still have to pay the payroll tax. That's why opening an offshore company and employing people outside your home country may be the solution you're looking for. ------- ABOUT NOMAD CAPITALIST Andrew Henderson is the world's most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to "go where they're treated best". Work with Andrew: https://bit.ly/Nomad-Capitalist-Application Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries. He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster. About Andrew: https://nomadcapitalist.com/about/andrew-henderson/ Our website: https://www.nomadcapitalist.com Subscribe: https://www.youtube.com/subscription_center?add_user=nomadcapitalist Buy Andrew's book: https://amzn.to/2QKQqR0 DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
Views: 1626 Nomad Capitalist
I Owe For Payroll Taxes, What Do I Need to Know?
 
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http://www.legacytaxresolutionserices.com, http://www.facebook.com/causeHesTheTaxMan I Owe For Payroll Taxes, What Do I Need to Know? I have not paid my payroll taxes. Do I need payroll tax help? Not paying your payroll taxes is a serious problem. Hefty fines are incurred when not paying your payroll taxes. Stephan H. Brewer, CPA, Phoenix Arizona
Views: 224 Stephan H. Brewer
Calculating federal taxes and take home pay | Taxes | Finance & Capital Markets | Khan Academy
 
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Created by Sal Khan. Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/calculating-state-taxes-and-take-home-pay?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Missed the previous lesson? Watch here: https://www.khanacademy.org/economics-finance-domain/core-finance/taxes-topic/taxes/v/tax-brackets-and-progressive-taxation?utm_source=YT&utm_medium=Desc&utm_campaign=financeandcapitalmarkets Finance and capital markets on Khan Academy: Benjamin Franklin (and several other writers/philosophers) tells us that "In this world nothing can be said to be certain, except death and taxes." He's right. This tutorial focus on personal income tax. Very important to watch if you ever plan on earning money (some of which the government will take for itself). About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy’s Finance and Capital Markets channel: https://www.youtube.com/channel/UCQ1Rt02HirUvBK2D2-ZO_2g?sub_confirmation=1 Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 141425 Khan Academy
Form W-3 & W-2 - Payroll Taxes
 
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Form W-3 and Form W-2 covering each box of the forms and discussing what they mean. We will start with form W-2, the form we are most familiar with as employees. We will talk about total wages in box one, total wages in box 1 being reduced by things like a 401K plan. We will talk about FIT withholdings in box 2, whithholdings the employer kept to pay employee payroll taxes. We will talk about social security wages in box 3, a number that will have a cap and therefor may be lower then box 1 wages for high income earners. We will talk about medicare wages in box 5 which is often the most accurate number for actual wages earned. We will talk about the relationship between what is reported on form W-2 and what is reported on form w-3, for W-3 being a compilation of the number on all form W-2s. For more accounting information see website. http://accountinginstruction.info/courses/
Payroll 2018 in Excel - Calculate Federal Income Tax Withholding
 
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Welcome to 2018 Payroll in Excel - What's happening to my Paycheck edition! The video shows a Semi-Monthly Payer paycheck and withholding formulas. A Weekly Version coming soon. visit http://www.kenbraverman.com/payroll-in-excel-2018-whats-going-on-with-my-paycheck/
Views: 9976 Ken Braverman
Accounting for Beginners #52 / Payroll / Employer taxes  / Employer FICA match / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #52 / Payroll / Employer taxes / Employer FICA match / Accounting 101. We stayed on the topic of Payroll in this video. But we changed hats to think of weekly payroll in the eyes of the employer instead of the employee as we did in the last video. The employer has to mach the employees Social Security and Medicare and give to the Tax man . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 10761 CPA Strength
How Do You Calculate Employer Payroll Taxes?
 
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"How Do You Calculate Employer Payroll Taxes? Watch more videos for more knowledge Calculating Payroll Tax - www.TaxTV.com - YouTube https://www.youtube.com/watch/RcFz-exbeNM How Do You Figure Out Payroll Taxes? - YouTube https://www.youtube.com/watch/7Hh0a_mNco4 Work Together 13-2 Calculating employer Payroll ... https://www.youtube.com/watch/wQof5vA9tk4 Accounting Basics: Lesson 13 - Payroll Taxes for ... https://www.youtube.com/watch/BXNBawBBeGY What are Payroll Taxes - YouTube https://www.youtube.com/watch/kyHFyyufNvM Employer Payroll Tax Threshold Calculation - YouTube https://www.youtube.com/watch/5s2cm2sNk9U Withholding Taxes: How to Calculate Payroll ... https://www.youtube.com/watch/VkmlfgHvlHU Employer Payroll Tax Calculator 2014 California ... https://www.youtube.com/watch/s3FolBXEPsk Chapter 12 - Calculating Total Earnings and ... https://www.youtube.com/watch/l_4KZ7EDN0w How Do You Figure 941 Taxes? - YouTube https://www.youtube.com/watch/W8VHOpdHVkM Payroll Tax: Social Security Taxes - YouTube https://www.youtube.com/watch/rQmHzaWZ0tc How to Withhold Payroll Taxes - YouTube https://www.youtube.com/watch/7nBkWMLRdiI Free payroll tax, paycheck calculator - YouTube https://www.youtube.com/watch/55ETLz4pLbI paycheck and payroll tax calculation - YouTube https://www.youtube.com/watch/5Ok-pLiysfw Using the Income Withholding Calculator - YouTube https://www.youtube.com/watch/3HJrpg1pnTk Calculating federal taxes and take home pay ... https://www.youtube.com/watch/DtCfOMl3qo0 Payroll tax wages webinar (FY 2016-17) - YouTube https://www.youtube.com/watch/fMfoI_bTpcM Professional Management Tips : Understanding ... https://www.youtube.com/watch/A6RobHXRcMI Chapter 13 Recording Employer Payroll Taxes ... https://www.youtube.com/watch/Aw0ma-1QOEc Medicare Tax Calculation - How to Calculate ... https://www.youtube.com/watch/puDdEwu14ls"
Views: 46 Tip Tip 3
QuickBooks Pro 2016 Tutorial Paying Payroll Tax Liabilities Intuit Training
 
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FREE Course! Click: https://www.teachucomp.com/free Learn about Paying Payroll Tax Liabilities in QuickBooks Pro 2016 at www.teachUcomp.com. A clip from Mastering QuickBooks Made Easy. Get the complete tutorial for free at http://www.teachucomp.com/free - the most comprehensive QuickBooks tutorial available. Visit us today!
Views: 11766 TeachUComp
Accounting Basics: Lesson 13 - Payroll Taxes for the Employer
 
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Lesson thirteen explores the cost of payroll taxes on the firm. The cost of Social Security, Medicare, and state and federal unemployment taxes that employers must pay on behalf of their employees are calculated and discussed. Handout - https://drive.google.com/file/d/0B4R_gW1fpAXZOWY3MWU0OTYtMGQ3ZS00ZDNiLTg1MGEtY2YxMjkyY2U4OTcw/edit?usp=sharing Transcript - https://drive.google.com/file/d/0B4R_gW1fpAXZYmFmNTgzNDItNmRmMC00OGE4LThhZWItYmM3NGRhMzk3NjQ4/edit?usp=sharing
Views: 14575 Charlotte Houke
Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #51 / Payroll / Employees Net Pay / Where do the Taxes Go? / Accounting 101. We really switch gears with this video. So much so, that i had to put a video of a sideshow in. We went to payroll. And this video is focusing on the Employee's check. How you start with the gross amount minus taxes and you are left with the net amount. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 9952 CPA Strength
What Is the Payroll Tax Withholding on a Weekly Income?
 
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What Is the Payroll Tax Withholding on a Weekly Income?. Part of the series: Tips on Managing a Business. Payroll tax withholding on a weekly income is calculated in a very specific way. Learn about payroll tax withholding on a weekly income with help from a versatile business and financial consultant in this free video clip. Read more: http://www.ehow.com/video_12200755_payroll-tax-withholding-weekly-income.html
Views: 207 ehowfinance
Payroll Journal Entries
 
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Description
Views: 77273 Athens Tech Accounting
Payroll Taxes
 
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A payroll tax is tax upon a business entity that has wage-earning employees. The total tax consists of two parts. The first part of the payroll tax is the amount withheld from an employee's paycheck. This part is known as the trust fund portion because the employer holds this amount in trust for the IRS until the payroll tax is due to be paid. Second part is known as the employer's matching contribution. The IRS usually assesses the trust fund portion of unpaid payroll taxes to the individuals within a business entity that are responsible for paying creditors and or responsible for running the company. Generally the amount of the trust fund portion of the unpaid payroll tax is about two thirds of the entire delinquent payroll tax that the corporation owes. People who owe payroll taxes have to be very careful because the IRS is very aggressive in trying to collect payroll taxes. But the good news is that the corporation can submit and Offer in Compromise for delinquent payroll taxes. And an individual responsible for the trust fund portion can submit an Offer in Compromise against the trust fund portion that is due. There is also a variety of legal defenses to even being determined or designated responsible party by the IRS for the trust fund portion. It is also possible that there is more than one responsible party in a corporation that owes payroll taxes. Find out more at: http://www.freeofferincompromise.com/ FREE information about IRS tax debt resolution FREE Calculator for your Offer in Compromise to eliminate tax debt
Views: 82 DonWestland
QuickBooks Pro 2018 Pay Payroll Taxes - New version
 
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QuickBooks Pro 2018 Pay payroll taxes will cover the accounting system process for tracking, recording, and paying payroll taxes. To understand the payroll tax process within QuickBooks Pro 2018 we first discuss the payroll options the accounting software has as well as payroll options outside of the QUickOboks Pro 2018 Program. We discuss how payroll is set up in the accounting software. We cover the process for accruing payroll liabiilities and how QuickBooks Pro 2018 makes the calculations. We look and the the balance sheet and income statment generated from the financial software. Then we walk through the pay payroll liabilities option, an option QUickOBoks Pro 2018 provides to generate the check for payroll taxes. The payroll system takes some time to set up in the accounting software but once set up does a good job to track payroll and payroll liabilites
Do you Know How Canadian Tax Works? | Your Money, Your Choices
 
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In today’s episode, I’m going to give you some insights into the world of taxes so that you can make the type of personal financial decisions that help you pay just what you need to and not more. If you have any questions after watching my video, make sure to leave them in the comment section below! Update: There is a calculation error at 1:19. It should be $44,718 with tax of 9,167.19 (at 20.5%) for total taxes of $15,959.19 and an average tax rate of 17.7% (74,040.81 leftover after taxes). ---------------------------------------------------- Visit PWL Capital: https://goo.gl/uPcXg7 Follow PWL Capital on: - Twitter: https://twitter.com/PWL_Capital - Facebook: https://www.facebook.com/PWLCapital - LinkedIN: https://www.linkedin.com/company/pwl-capital Follow Susan Daley on - Twitter: https://twitter.com/_SusanDaley - LinkedIN: https://linkedin.com/in/daleysusan
Views: 50601 Susan Daley
QuickBooks Pro 2019 Pay Payroll Taxes - QuickBooks Desktop 2019
 
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Pay payroll taxes in QuickBooks. QuickBooks has different levels of payroll services but each one, including the manual payroll will have a payroll liabilities icon in the employees section of the home page to help pay payroll taxes. Payroll tax liabilities will accumulate as liabilities when we enter payroll, when we generate payroll checks in QuickBooks. The payroll taxes payable will include both employee payroll taxes, those taken out of employee wages, and employer payroll taxes, those the employer must pay. We can just write a check for payroll, lowering cash and lowering the payroll taxes payable. QuickBooks provides an icon that helps us organize the payroll tax payments. For more accounting and QuickBooks information see accounting website. http://accountinginstruction.info/
Payroll Taxes
 
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Businesses are required to withhold federal income taxes, and the employee's portion of social security, and Medicare taxes, and remit those, along with the employer's share of payroll taxes to the IRS. Failure to do so incurs huge penalties, and individual liability for the person responsible for not remitting the taxes. The penalties for failing to timely file and failing to fully pay the payroll taxes results in enormous penalties to the employer. The penalties and interest are so egregious that they will double to triple the payroll taxes in three to seven years. If you start falling behind in your payroll taxes to the IRS, please contact this tax law firm as soon as possible, so we can get you back on track, and hold the IRS revenue officer at bay. The IRS will quickly come collecting unpaid payroll tax deposits, and they will lien, levy, and seize your business all in an effort to prevent pyramiding future payroll taxes. This tax law firm will help you in this difficult period of time. We are one of the few firms that have both an accounting and bookkeeping division, and also a legal and tax division to help you with the payroll taxes, and the problem issues. Even though the payroll tax debt is a liability of the business, the IRS can hold the responsible party who willfully failed to pay the payroll taxes individually and personally responsible for the trust fund portion of those taxes. This not only includes the business owner, but also includes the president, officers, directors, shareholders, managers, CFO, accounting, and bookkeeping employees if they made the decision as to which creditors got paid. This tax law firm will proactively obtain all the corporate formation documents, accounting and financial records, and minutes to show that you are not the responsible party who willfully failed to pay the payroll taxes, and therefore are not individually liable for the business's payroll tax debt. This tax law firm will defend your rights against the IRS when they try to collect these funds from you. We have an excellent reputation in the community for aggressively representing our clients before the tax agencies, and obtaining an excellent result for our clients. Please give us a call at 858-481-4844 to discuss your tax case. The call is protected by the attorney-client privilege, and will never be disclosed to the IRS. We look forward to hearing from you.
"Failure To Pay Payroll Taxes" Owe Payroll Taxes And Penalized For Failure To Pay?
 
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Click Here: http://www.taxproblem.org/free-irs-advice/ If the government has notified you of a failure to pay payroll taxes notice contact our firm right away. Joe Mastriano, CPA has been in business since 1980 and has pioneered some IRS resolutions being used today. Call us to see how we can help you. 713-774-4467. END Help with back taxes, IRS Tax Debt and IRS Offer in Our team of tax relief specialists have the experience and knowledge necessary to assist Get IRS Tax Relief and Tax Problems Help Since 2002, we've saved our clients a documented $20000000 in back taxes, will discover during your research on tax representation firms, the tax assistance How to Get Free Tax assistance For Elderly, Low Back Taxes HelpMar 9, 2011Information on qualifications needed in order to get free tax assistancethrough Understand if you meet the qualifications.Payroll Tax Assistance Alabama: Birmingham, Huntsville, Mobile, Montgomery, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadsden, Anchorage Alaska: Juneau, Fairbanks, College, Sitka, Ketchikan, Knit, Kenai, Lakes, Kodiak Arizona: Chandler, Gilbert Town, Glendale, Mesa, Peoria, Phoenix, Scottsdale, Tempe, Tuscon, Yuma Arkansas: Little Rock, Fort Smith, North Little Rock, Fayetteville, Jonesboro, Pine Bluff, Springdale, Rogers, Hot Springs, Jacksonville Colorado: Arvada, Aurora, Boulder, Centennial, Colorado Springs, Denver, Fort Collins, Lakewood, Pueblo, Thornton, Westminster Connecticut: Bridgeport, Hartford, New Haven, Stamford, Waterbury, Norwalk, Danbury, New Britain, West Hartford, Greenwich, Bristol District of Columbia: Washington Delaware: Wilmington, Dover, Newark, Pipe Creek, Bear, Brookside, Hockessin, Glasgow, Claymont, North Star, Elsmere, Georgetown Florida: New Castle, Cape Coral, Clearwater, Coral Springs, Fort lauderdale, Gainesville, Hialeah, Hollywood, Jacksonville, Miami, Miramar, Orlando, Pembroke Pines, Port ST, St. Petersburg, Sunrise, Tallahassee, Tampa Georgia: Atlanta, Athens-Clark County, Augusta-Richmond County, Columbus, Macon, Savannah, Sandy Springs, Roswell, Albany, Marietta Hawaii: Honolulu, Hilo, Kailua, Kaneohe, Waipahu, Pearl City, Waimalu, Mililani CDP Idaho: Boise, Nampa, Pocatello, Idaho Falls, Meridian , Coeur, Twin Falls, Caldwell, Moscow Illinois: Aurora, Chicago, Elgin, Joliet, Naperville, Peoria, Rockford, Springfield, Waukegan, Cicero Indiana: Evansville, Fort Wayne, Gary, Indianapolis, South Bend, Hammond, Bloomington, Muncie, Anderson, Terre Haute Iowa: Cedar Rapids, Davenport, Des Moines, Sioux, Waterloo, Iowa City, Council Bluffs, Dubuque, Ames, West Des Kansas: Kansas City, Olathe, Overland Park, Topeka, Wichita, Topeka, Olathe, Lawrence, Shawnee, Salina, Hutchinson Kentucky: Lexington-Fayette, Louisville, Owensboro, Bowling Green, Covington, Hopkinsville, Frankfort, Henderson, Jeffersontown Louisiana: Baton Rouge, Lafayette, New Orleans, Shreveport, Metaire, Lake Charles, Kenner, Bossier City, Monroe, Alexandria Maine: Augusta, Auburn, Biddeford, Brunswick, Bangor, Lewiston, Portland, South Portland Maryland: Baltimore, Columbia, Silver Spring, Dundalk, Wheaton, Elliott, Germantown, Bethesda, Frederick, Gaithersburg Massachusetts: Boston, Brockton, Cambridge, Fall River, Lowell, Lynn, New Bedford, Quincy, Springfield, Worcester Michigan: Fall River, Ann Arbor, Dearborn, Detroit, Flint, Grand Rapids, Lansing, Livonia, Sterling Heights, Warren, Clinton Minnesota: Minneapolis, Rochester, St., Duluth, Bloomington, Brooklyn Park, Plymouth, Eagan, Coon Rapids, Burnsville Mississippi: Jackson, Gulfport, Biloxi, Hattiesburg, Greenville, Meridan, Tupelo, Southaven, Vicksburg, Pascagoula Missouri: Independence, Kansas City, Springfield, St. Louise, Independence, Columbia, Saint Joseph, Lee's Summit, Saint Charles, Saint Peters, Florissant Montana: Billings, Bozeman, Butte, Kalispell, Great Falls, Helena, Missoula Nebraska: Lincoln, Omaha, Bellevue, Grand Island, Kearney, Fremont, Hastings, North Platte, Norfolk Nevada: Henderson, Las Vegas, Paradise, Sunrise Manor, Spring Valley, Sparks, Carson City, Winchester, North Los Vegas, Reno New Hampshire: Concord, Derry, Dover, Hudson, Manchester, Merrimack, Nashua, Londonderry, Salem, Keene, Portsmouth, Jersey City New Jersey: Newark, Paterson, Elizabeth, Edison, Toms River, Trenton, Camden, Clifton New Mexico: East Orange, Albuquerque, Las Cruces, Santa Fe, Rio Rancho, Roswell, South Valley, Farmington, Alamogordo, Clovis, Hobbs failure to pay payroll taxes, delinquent payroll tax, delinquent payroll taxes, federal payroll tax, federal payroll taxes, help unpaid tax return, help unpaid taxes, unpaid tax return, unpaid tax returns
Views: 291 cpaforirsadvice
Form 941 - Quarterly Payroll Tax Form - How Fill Out
 
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The form 941 is a quarterly payroll tax form. Form 941 is filed four times a year and report payroll liability and deposits for federal income tax (FIT), social security, and Medicare, the FICA taxes. Form 941 is not used to calculate what we owe so we can make quarterly payment. Form 941 is an information return. In other word, we should already have paid the IRS for FICA and FIT before completing form 941. Form 941 will recalculate taxes owed for the quarter and payments made. Form 941 will calculate both the employer and employee portion of payroll taxes. Federal income tax withholding are all employee taxes while social security and medicare have an employee and employer portion. For more accounting information see website. http://accountinginstruction.info/courses/
QuickBooks Online Plus 2017 Tutorial Paying Payroll Tax Liabilities Intuit Training
 
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FREE Course! Click: https://www.teachucomp.com/free Learn about Paying Payroll Tax Liabilities in QuickBooks Online Plus 2017 at www.teachUcomp.com. A clip from Mastering QuickBooks Online Made Easy. Get the complete tutorial for free at https://www.teachucomp.com/free - the most comprehensive QuickBooks Online tutorial available. Visit us today!
Views: 2667 TeachUComp
Payroll Expense Journal Entry-How to record payroll expense and withholdings
 
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Note - Total gross earnings are 48,896 consisting of four employees with gross earnings of 4,062.5, 4,424, 5,409.5, & 35,000. Payroll expense and wihholdings is one of the most complex journal entries that a company will see regularly. Part of the reason for the complexity in payroll journal entries is the legal requirement for the employer to withhold taxes and provide optional benefits. When thinking about payroll tax journal entry it is useful to start at the basic journal entry level. On a basic level the payroll journal entry would be similar to paying any expense with a debit to payroll expense and a credit to cash. The problem is the we will not be paying the employees the same amount they earned because we must withhold part of their earnings. Therefore, the payroll expense amount stays the same, the debit stays the same, because it represents what was the earned. The credit will be broken out into multiple components. We will credit liability accounts for payroll taxes payable. We will credit a liability accounting for social security payable, Medicare payable, and federal income tax FIT payable. We will credit payable accounts, liability accounts, because this is money earned by the employee that we owe to a third party, the government, and will pay on the employees behalf. We may also withhold things like union dues, health care, and retirement plans. The difference between the earning we debit to salaries expense and the credits to the payable accounts will be a credit to cash and equal the amount we actually pay to employees. For more accounting information see website. http://accountinginstruction.info/courses/
What is Payroll tax? Explain Payroll tax, Define Payroll tax, Meaning of Payroll tax
 
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#Payrolltax #audioversity ~~~ Payroll tax ~~~ Title: What is Payroll tax? Explain Payroll tax, Define Payroll tax, Meaning of Payroll tax Created on: 2019-01-18 Source Link: https://en.wikipedia.org/wiki/Payroll_tax ------ Description: Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions from an employee’s wages, and taxes paid by the employer based on the employee's wages. The first kind are taxes that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax , or pay-as-you-go tax and often covering advance payment of income tax, social security contributions, and various insurances . The second kind is a tax that is paid from the employer's own funds and that is directly related to employing a worker. These can consist of fixed charges or be proportionally linked to an employee's pay. The charges paid by the employer usually cover the employer's funding of the social security system, medicare, and other insurance programs. The economic burden of the payroll tax falls almost entirely on the worker, regardless of whether the tax is remitted by the employer or the employee, as the employers’ share of payroll taxes is passed on to employees in the form of lower wages than would otherwise be paid. Because payroll taxes fall exclusively on wages and not on returns to financial or physical investments, payroll taxes may contribute to underinvestment in human capital such as higher education. ------ To see your favorite topic here, fill out this request form: https://docs.google.com/forms/d/e/1FAIpQLScU0dLbeWsc01IC0AaO8sgaSgxMFtvBL31c_pjnwEZUiq99Fw/viewform ------ Source: Wikipedia.org articles, adapted under https://creativecommons.org/licenses/by-sa/3.0/ license. Support: Donations can be made from https://wikimediafoundation.org/wiki/Ways_to_Give to support Wikimedia Foundation and knowledge sharing.
Views: 10 Audioversity
QuickBooks 2018 Training Tutorial Part 47: How to Pay Payroll Taxes in QuickBooks
 
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Get the complete 7-hour course for QuickBooks 2018 course here ► https://www.simonsezit.com/courses/quickbooks/learn-quickbooks-2018-training-tutorials/ During this QuickBooks 2018 tutorial video, we will take a look at how to pay your payroll taxes and other liabilities. Checkout some of our other training on YouTube: QuickBooks 2018 training tutorials for beginners: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3gPyODIlRzHhc-cgBG0i9Ga QuickBooks Pro 2017 tutorials: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jmQNGnrpG2YC26WHfTIVAb Excel 2016 for Beginners training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3jUeMoLReqNzzuKj7rdLhZ2 Excel 2016 Advanced training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3hzyKexLt4YW-AaIUPeiCen Word 2016 for Beginners training: https://www.youtube.com/playlist?list=PLzj7TwUeMQ3gLcSQaxPMW_vma_z3xiwF1 Stay in touch: SimonSezIT.com: https://www.SimonSezIT.com/ StreamSkill.com: https://streamskill.com/ YouTube Channel: https://www.youtube.com/user/simonsezittraining Twitter: https://twitter.com/SimonSezIT If you enjoyed the video, please give a "thumbs up", leave some comments and subscribe to the channel ;-)
Views: 3036 Simon Sez IT
Payroll tax
 
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Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. Payroll taxes generally fall into two categories: deductions from an employee’s wages, and taxes paid by the employer based on the employee's wages. The first kind are taxes that employers are required to withhold from employees' wages, also known as withholding tax, pay-as-you-earn tax (PAYE), or pay-as-you-go tax (PAYG) and often covering advance payment of income tax, social security contributions, and various insurances (e.g., unemployment and disability). The second kind is a tax that is paid from the employer's own funds and that is directly related to employing a worker. These can consist of fixed charges or be proportionally linked to an employee's pay. The charges paid by the employer usually cover the employer's funding of the social security system, and other insurance programs. The economic burden of the payroll tax falls on the worker, regardless of whether the tax is remitted by the employer or the employee, as the employers’ share of payroll taxes is passed on to employees in the form of lower wages than would otherwise be paid. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Views: 187 Audiopedia
Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics
 
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https://www.youtube.com/playlist?list=PLT-zZCow6v8t5_2RQDnAOQHfQiBYDw26z BEST ACCOUNTING PLAYLIST ON YOUTUBE !!!!!!!! Accounting for Beginners #53 / Payroll Journal Entry / Payroll Taxes / Accounting Basics. We stayed on the topic of Payroll in this video. We wear the hat of Bookkeeper with the task of making a journal entry for Payroll. There will be 2 different journal entries involving cash leaving the business and Paying Wages Expense and Payroll Taxes . The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners. Accounting For Beginners #1 https://www.youtube.com/watch?v=_pTU4gwmcMs Debits and Credits / Assets = Liabilities + Equity Accounting For Beginners #2 https://www.youtube.com/watch?v=0--jJn6zqfg Basics / Accounting Equation Accounting For Beginners #3 https://www.youtube.com/watch?v=YXFEEr3qHIo Journal Entries / Beginner Tips Accounting For Beginners #4 https://www.youtube.com/watch?v=Yy1DtVND7yo Income Statement / Revenue - Expenses Accounting For Beginners #5 https://www.youtube.com/watch?v=fEtBFB_Nq-o The Balance Sheet / Basic Tutorial Accounting For Beginners #6 https://www.youtube.com/watch?v=XyB3mmzQ_jU Putting an Asset on the Balance Sheet Accounting For Beginners #7 https://www.youtube.com/watch?v=H4udCOiU8i8 Depreciating an Asset / Basics Accounting For Beginners #8 https://www.youtube.com/watch?v=xjXgpnUEgFI Depreciation Expense / Basics Accounting For Beginners #9 https://www.youtube.com/watch?v=QFV6PGIMT5M Accounts Receivable / Basics Accounting For Beginners #10 https://www.youtube.com/watch?v=xQ0u_QocSO4 Accounts Payable / Basics Accounting For Beginners #11 https://www.youtube.com/watch?v=tFA9HD3-7SI Fifo and Lifo Inventory / Basics Accounting For Beginners #12 https://www.youtube.com/watch?v=Z-g1Tnf3oi4 1 Journal Entry With 2 Assets / Basics Accounting For Beginners #13 https://www.youtube.com/watch?v=ds2Y0MxzMBA Accounting Study Guide / Template Accounting For Beginners #14 https://www.youtube.com/watch?v=BU9emeoLKX0 Journal Entry with Cash / Expense Accounting For Beginners #15 https://www.youtube.com/watch?v=kwCtASXQRLU Journal Entry With Cash / Revenue Accounting For Beginners #16 https://www.youtube.com/watch?v=1YrcjlHFBZ0 Debits & Credits / Negative Asset Accounting For Beginners #17 https://www.youtube.com/watch?v=amf1hyptG70&t=25s T-Accounts / Debits and Credits / Accounting 101 Accounting For Beginners #18 https://www.youtube.com/watch?v=18zPzkMbS2c What is a Draw? / Withdraw / Distribution / Dividend / Equity Accounting for Beginners #19 https://www.youtube.com/watch?v=r43j010KT58 Don't Abbreviate / Accounting 101 / Basics Accounting For Beginners #20 https://www.youtube.com/watch?v=yXJVISZA8yU Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses Accounting For Beginners #21 https://www.youtube.com/watch?v=CK9NgJoqJa4 T Account Example / Accounting Tutorial Accounting For Beginners #22 https://www.youtube.com/watch?v=EC93RsvgK9E&t=25s Trial Balance Unadjusted / Accounting Basics Accounting For Beginners #23 https://www.youtube.com/watch?v=-9-LAnE61lw&t=25s Cash in a Bank Account / Checking Account / Basic Accounting Accounting For Beginners #24 https://www.youtube.com/watch?v=aUjVslkn4HI&t=25s Does The Transaction Increase Assets / Accounting Basics Accounting for Beginners #25 https://www.youtube.com/watch?v=zKreBUTJx5E&t=25s Accounts Receivable Example / Accounting 101 / Accounting Basics Accounting For Beginners #26 https://www.youtube.com/watch?v=66YddsOGau0&t=312s Reducing Accounts Receivable / We got Paid / Accounting basics. #Accounting #Exercise #CPA
Views: 8664 CPA Strength
Federal 941 Payroll Tax Payment Guidelines
 
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E File your federal 941 payroll taxes from online. http://www.onlinetaxinformation.com/ Get latest tax rates and news from our online web site. http://onlinetaxinformation.com/category/tax-refund/ This is use of Wages you have paid to your employees. Federal income tax you have withheld from employees and more.
Views: 336 Ashley Thomas
How to Avoid Taxes ... Seriously
 
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Free Training To A Brand New High-End Career (limited time only 2018) https://www.besthighendcareer.com/webinar How to do taxes as a college student? How do taxes work? What are some of the best ways to avoid taxes? What does it mean when someone writes off something in their taxes? Keep mind, I summarized a lot of stuff that is not "perfect" by the books, but if you don't make a lot of money, you'll likely not get audited for grey area deductions such as cell phone, and office room rent. The #1 internship marketplace exclusively for college students and new grads ➡ http://www.wayup.com/refer/engineeredtruth ⬅ https://Facebook.com/EngineeredTruth https://Twitter.com/EngineeredTruth https://www.instagram.com/EngineeredtTruth/
Views: 603594 ENGINEERED TRUTH
Almost 50% of Households Pay ZERO Federal Income Tax!
 
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Almost 50% of Households Pay ZERO Federal Income Tax! Visit the Dave Ramsey store today for resources to help you take control of your money! https://goo.gl/gEv6Tj Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Views: 98343 The Dave Ramsey Show
Federal Unemployment Tax Act Calculation (FUTA)-Payroll Tax Calculations FUTA
 
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Federal unemployment tax or FUTA is a payroll tax that is paid by the employer only. In other words the payroll tax is based on employee wages but is not withheld from employee pay but taken form the employer. Employer only payroll taxes are often less understood because most people have less experience with them as employees. FUTA payroll tax can also be confusing because it has a low cap of $7,000 at this time. In other words the employer pays FUTA tax on the first $7,000 of each employee earning and then stops paying FUTA after the employee has reached the 7,000 cap. The other confusing thing about FUTA is that the rate is tied to Statue Unemployment Tax or SUTA. In other words, the FUTA tax rate is less if the state has SUTA that the employer must pay. Just about every state does have SUTS so companies generally pay the lower FUTA rate. The FUTA tax is a kind of flat tax, or even rate up to the 7,000 cap. For more accounting information see website. http://accountinginstruction.info/courses/
How Do I File Payroll Taxes
 
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"How Do I File Payroll Taxes Watch more videos for more knowledge How to pay Payroll Taxes through QuickBooks - YouTube https://www.youtube.com/watch/XfhMfqIySrA How to Pay Self-Employment Taxes - YouTube https://www.youtube.com/watch/OBgJ345_Po4 How to use E-pay to pay Payroll Taxes in ... https://www.youtube.com/watch/xbDqfpOGJD8 Withholding Taxes: How to Calculate Payroll ... https://www.youtube.com/watch/VkmlfgHvlHU Some Taxpayers Can File Their Employment Taxes ... https://www.youtube.com/watch/f5jhKduVwX8 How to Do Your Taxes EXPLAINED! - YouTube https://www.youtube.com/watch/ujdN7uK5kDk Form 941 - Quarterly Payroll Tax Form - How Fill Out ... https://www.youtube.com/watch/PGB0WR0cYOk My Tax Account 4 – File and Pay Withholding Tax ... https://www.youtube.com/watch/eSyKlMp8L9o I Want to Make a Payroll Tax Deposit (DE 88 ... https://www.youtube.com/watch/5DlUQbVN7BY Intuit QuickBooks – Payroll Taxes Made Easy - YouTube https://www.youtube.com/watch/AdtCAdbolMU QuickBooks Pro 2016 Tutorial Paying Payroll Tax ... https://www.youtube.com/watch/LBo9z7iGy0g How do I send in my self-employment tax? - YouTube https://www.youtube.com/watch/borLoKu4eQA Withholding Tax Requirements for New York State ... https://www.youtube.com/watch/Z-CNE4UNibI Self-Employment Tax Filing - YouTube https://www.youtube.com/watch/hBpU1vT2Fxs IRS Small Business Self-Employed Tax Center - YouTube https://www.youtube.com/watch/ZK9pQXD7hKE How to Pay Taxes on Your Small Business - YouTube https://www.youtube.com/watch/1Tw9OYOhSfA QuickBooks Training Tutorial - Part 45 - How to Pay ... https://www.youtube.com/watch/IFJtYC7cCng Quarterly Employer Reporting and Contributions ... https://www.youtube.com/watch/NsYiO3F6lpY 13. Quickbooks Online - HOW TO PAY TAXES ... https://www.youtube.com/watch/JHG0ZKkOVLg "
Views: 21 ASK bulbul
Unpaid Payroll Taxes?
 
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In this edition of the Blog Segment of the IRS Radio Hour: Jim and I talk about a nice couple who came in this week and how one missed paycheck ended up closing down a business and costing the owner and several of his employees thousands of dollars in unpaid payroll tax debt. If you or someone you know is facing IRS, mortgage, foreclosure, bankruptcy, loan modification, or other debt related issues give the folks at Opem Tax Resolutions a call at (312) 664-6649 or visit them on the web at ChicagoTaxTeam.com
Income Tax vs Payroll Tax | Know the Top Differences
 
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In this video, on Income Tax vs Payroll Tax we will do comparative analysis of Income Tax vs Payroll Tax. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱? ------------------------------------ Income tax includes local, federal and state taxes.Taxes fluctuate from place to place as some areas charge an extra local income tax. 𝐖𝐡𝐚𝐭 𝐢𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱? ------------------------------------ Payroll taxes comprise of taxes on health care,unemployment,and social security.This is the type of tax that contributes to both the employer and the employee. 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐯𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱 𝐊𝐞𝐲 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 ----------------------------------------------------------------------------- #1 - Income taxes are taxes that a person gets for various incomes.Whereas, Payroll Tax are calculated only through the wages of the employee, that is the income that a person gets through his job/employment. #2 - Income taxes are paid to governments to function.Whereas, Payroll taxes benefit the taxpayers directly, as these taxes are help in Medicare and retirement funds. If you want to know more about 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐯𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐓𝐚𝐱, you can visit the 𝐥𝐢𝐧𝐤 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐡𝐞𝐫𝐞:- https://www.wallstreetmojo.com/income-tax-vs-payroll-tax/
Views: 47 WallStreetMojo
Social Security Tax Calculation - Payroll Tax Withholdings
 
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Social security tax calculations focusing on the employee side for social security. We will calculate social security in the payroll register. Social security is closer to a flat tax in that we have a fixed rate we multiply time wages. Social security does a cap however, meaning we stop calculating social security taxes after an employee has reached the cap. Social security has an employee and employer portion. For more accounting information see accounting instruction website. http://accountinginstruction.info/courses/
Getting Started with Square Payroll
 
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Square Payroll: Automatic tax filings, sick leave, timecard hours, and more—https://squareup.com/payroll This video will go over how to sign up for Square Payroll if you are brand new to payroll. This means you haven’t paid payroll taxes for this business before. If you have paid taxes for this business, please watch Switching to Square Payroll for Existing Businesses. ----- This video will go over how to sign up for Square Payroll if you are brand new to payroll. Step one is signing up for a Square account. If you don’t have a Square account, go to squareup.com/payroll and create one by entering your email address and a password. If you already have a Square account, sign in. Are you currently paying payroll taxes? Select no, not yet. This screen lists the helpful state specific information you will need in order to sign up. Once you have these numbers ready, proceed to the next screen. Here you will add your employer taxpayer information like your EIN, Business Type, Legal Business Name and Address. This information should match what your EIN is registered under. Next, enter the bank account you’d like us to use for payroll withdrawals. If you already have a Square account you may use the same bank account or add a new one here. The next business day Square will deposit and then withdrawal two small amounts to and from your bank account. Before you run payroll we’ll ask you to confirm those deposit amounts. Next, choose how often you want to pay your employees. Then select a date for your first pay period to begin. Don’t worry, you can change the pay schedule and pay period start if you need to before processing your first payroll. Next, you will be asked to authorize Square Payroll as your Reporting agent. The information entered on this form must match what you’ve registered with the IRS. This form authorizes us to pay and file taxes on your behalf and will be submitted to the IRS. Finally review all of the information you’ve entered. It’s extremely important that your information is accurate and up to date. Congrats! You are all signed up for Square Payroll!
Views: 29921 Square
Temporary Nurse Staffing: Always Pay Payroll Taxes Video
 
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REQUEST A FREE QUOTE TODAY: http://www.prnfunding.com/contact-us PRN Funding's president, Phil Cohen, has given unsolicited advice and presentations on the importance of nurse staffing companies paying their payroll taxes. Even going so far as to point out that payroll and taxes are a nurse staffing business owners two biggest obligations, and they are obligations that will NEVER go away. Another fellow factoring blogger warns about the complications of not paying payroll taxes in the post: Payroll Taxes Must be Paid. The blogger states specifically: "Unpaid payroll taxes are a liability that goes beyond the corporation and sticks directly to the business owner personally." The bottom line, don't mess around with not paying your payroll taxes because when the IRS finds out, and they will find out eventually, your temporary nurse staffing business and you, personally, will pay.
Views: 189 PRNFunding
calculate payroll taxes - Help with your Taxes
 
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Tax help, http://tinyurl.com/taxhelp21 Get the most out of your takes this year. We will help you get back a min of 2000$ on your return. calculate payroll taxes and earn back money this year, why would you want to pay the government anymore taxes this year. Arent you tired of this every year, You make so little and the government still wants to take more and more from you. calculate payroll taxes is easy and you can for sure get a 2000$ return this year hands down.
Views: 66 dr Smith
"Payroll Tax Penalty" Need Professional Help Solving Your IRS Payroll Tax Penalty?
 
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"Click here: http://www.taxproblem.org/free-irs-advice/ Our CPA firm has IRS solutions for dealing with payroll tax penalty. Get valuable free IRS and tax information on our site! Or call Joe Mastriano CPA at 713-774-4467 for professional IRS representation and tax problem solutions." END How To Reduce Payroll Tax Penalties can be devastating. A payroll penaltyThere are things businesses can do to reduce a payroll tax penalty. The first thing to Failure to timely and properly pay federal payroll taxes results in an automatic penalty of 2% to 10%. Similar state and local penalties Withholding tax - Federal Insurance Contributions Act tax - Taxation in Australia 7 Things small business owners should know about payroll tax Payroll tax penalties can add up quickly and generate huge tax debt. The penalties assessed on delinquent payroll tax deposits or filings can Payroll taxes are state and federal taxes paid by the employer and/or the employee and include Social Security, Medicare Keep all records of employment taxes for at least 4 years. These name and SSN on Form W-2, you may owe a penalty unless you have reasonable cause. .Payroll Tax Problems: Unpaid Employment Taxes & Business Audit Failing to file and pay your payroll taxes is a sure way to incur the wrath of the IRS. Unpaid payroll taxes will not only generate huge IRS penalties Many of the potential payroll tax penalties are the same ones you'll find when you're dealing with other types of taxes. For example, there are both criminal and Penalties for Violating Federal Employment Tax Rules It is your responsibility as an employer to withhold, deposit, report and pay federal employment taxes for your employees. Generally, the federal Interest and Penalty Tax. Payroll Tax Act 2007. Ruling history. Dates of effect. Ruling no lPenalty software uses over 250 alternative methods to find the lowest allowed IRS failure to deposit penalty amount owed to Kings, Lake, Lassen, Los Angeles, Madera, Marin, Mariposa, Mendocino, Merced, Modoc, Mono, Monterey, Napa, Nevada, Orange, Placer, Plumas, Riverside, Sacramento, San Benito, San Bernardino, San Diego, San Francisco, San Joaquin, San Luis Obispo, San Mateo, Santa Barbara, Santa Clara, Santa Cruz, Shasta, Sierra, Siskiyou, Solano, Sonoma, Stanislaus, Sutter, Tehama, Trinity, Tulare, Tuolumne, Ventura, Yolo, Yuba,Bakersfield, Chico, El Centro, Fresno, Hanford--Corcoran, Los Angeles--Long Beach--Glendale, Madera, Modesto, Merced, Napa, Oakland-- Fremont--Hayward, Oxnard--Thousand Oaks--Ventura, Redding, Riverside--San Bernardino--Ontario, Sacramento--Arden Arcade--Roseville, Salinas,Big Sur, Cascade Range, Central California, Central Coast, Central Valley, Channel Islands, Coachella Valley, Conejo Valley, Cucamonga Valley, Death Valley, East Bay (SF), East County (SD), Birmingham, Huntsville, Mobile, Montgomery, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadsden, Anchorage, Little Rock, Fort Smith, North Little Rock, Fayetteville, Jonesboro, Pine Bluff, Springdale, Rogers, Hot Springs, Jacksonville, Clearlake, Coalinga, Corcoran, Crescent City, Crestline, Davis, Delano, Desert Hot Springs, Dixon, Lodi, El Centro, Eureka, Fillmore, Fortuna, Bridgeport, Hartford, New Haven, Stamford, Waterbury, Norwalk, Danbury, New Britain, West Hartford, Greenwich, Bristol,Kansas City, Olathe, Overland Park, Topeka, Wichita, Topeka, Olathe, Lawrence, Shawnee, Salina, Hutchinson,Jackson, Gulfport, Biloxi, Hattiesburg, Greenville, Meridan, Tupelo, Southaven, Vicksburg, Pascagoula,Bronx, Brooklyn, Buffalo, Long Island, Manhattan, New York, Queens, Staten Island, North Hempstead, Brookhaven, Oyster Bay, Babylon, Bismarck, Dickinson, Grand Forks, Minot, Fargo, Jamestown, West Fargo,Aberdeen, Watertown, Brookings, Mitchell, Pierre, Addison, Alamo, Alice, Allen, Alvin, Amarillo, Andrews, Angleton, Arlington, Athens, Austin, Azle, Balch Springs, Bay City,Denton, Desoto, Dickinson, Donna,Dumas, Duncanville,
Views: 199 IRSAssistanceCPA
How Do I Pay Myself in a Single-Member LLC? - All Up In Yo' Business
 
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Learn more about 180 Law Co. LLC by visiting http://180lawco.com. One question that I get asked quite often, because it’s a really good question, is how the owner of a single-member LLC is supposed to pay him/herself. There are two possible answers to this question, depending on how the LLC is taxed. Unless the LLC elects otherwise, a single-member LLC is considered a “disregarded entity” and all of the income to the LLC is treated as income to the business owner, and is all subject to self-employment tax. So basically, the owner of a single-member LLC can pay himself however and whenever he wants, keeping in mind a few important considerations: 1. Make sure you are prepared to pay taxes. Since the LLC is a disregarded entity, if the business earns $100k but you only “pay” yourself $50k, you are still going to be responsible for paying all of the taxes, including self-employment taxes, on the full $100k. (For simplicity’s sake, I am pretending there are no deductions or anything.) So you need to set aside enough money to make sure you can cover your taxes. 2. The business has to remain adequately capitalized. This means that you need to keep enough money in the business to cover all your overhead, debts, bills, salary for employees, etc. You should also leave some extra “padding” for possibly building up your business, purchasing equipment, and whatever else you may decide to do with your business. In the books, any payments to yourself should be recorded as “Member Distribution” or “Member Withdrawal.” If the LLC elects to be taxed as an S Corporation, on the other hand, you have to be paid a “reasonable” salary. Self-employment taxes will only be paid on that salary rather than on the full amount of profit the business earns. Any money that the business owner takes above that reasonable salary is considered a dividend and won’t be subject to self-employment taxes. To learn more about S Corporations, watch my earlier video What the Heck is an S Corporation at http://youtu.be/i5to7Da3wMw?list=UUNh7tqEn68tf0oOfq4NsFsg If your LLC is not taxed as an S Corp, you don’t need to put yourself on payroll, since those member distributions aren’t treated as normal payroll. If your LLC is taxed as an S Corp, then the salary you earn can be part of your payroll, and any additional dividends will be separate from that. Whether or not you elect to have your LLC taxed as an S Corp and how to handle and record the money that you pay yourself is an important conversation that should be had with your accountant, bookkeeper, & attorney. Doing it the “right” way can help minimize your tax liability and can make your life (and that of your accountant) much easier come tax time. Contact Aiden and learn more at www.180lawco.com. [email protected] | 720-379-3425 Thumbs up & subscribe if you want more AUIYB! Follow Me! IG: @allupinyobusiness Twitter: @_AllUpInYoBiz www.facebook.com/180lawco www.google.com/+aidenkramerlawAUIYB www.pinterest.com/AUIYB The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 50 S. Steele Street, Suite 250, Denver, CO 80209. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. All Up In Yo’ Business® is a registered trademark of 180 Law Co. LLC. ©180 Law Co. LLC. All rights reserved.
Views: 394527 180 Law Co. LLC
Payroll Item Setup Vision Insurance Employee Paid Before Taxes in QuickBooks
 
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Set up payroll item in QuickBooks for vision insurance that is paid by the employee and paid before taxes. We will compare and contrast this payroll item that is employee paid before taxes to the a prior payroll item for dental insurance that was setup as employee paid after taxes. For more accounting information see accounting website. http://accountinginstruction.info/
How does UK Tax work? - What you need to know about HMRC & PAYE
 
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UK Tax can be confusing. This short video gives a visual explanation of how tax and tax codes work and uses some examples to show you how you pay tax. Further information on tax codes, taxable benefits and other deductions are covered in part 2. Check out other relevant videos: How do UK tax codes work (part 2)?: https://youtu.be/mYHLF0JOuCs Basic Finance Guide Part 1: https://youtu.be/gixva7aWFUg Our FREE finance spreadsheet is available from this link: http://s000.tinyupload.com/?file_id=50519842102171355303 This spreadsheet will help you start tracking your finances and create budget to start building wealth. Log and track your transactions, paste them directly from your online bank, categorise, set savings goals and get detailed analysis. Subscribe to our channel for more tips. You can watch the spreadsheet tutorial here for a further insight: https://youtu.be/75ttMLaVa2E Music: http://www.purple-planet.com Video: Videezy.com Pictures & Video: Pexels.com
Views: 42185 Fast Finance