Payroll Tax Overview
Date/Time: Monday, July 16, 2012, 1-3 p.m. Eastern
(see all dates)
Presenter(s): Karen Davis, EA, MBA, Ph.D., Bob Lickwar, CPA, MST
Tax advisors are often called to advise with respect to income that may or may not be treated as wages, and accordingly may or may not be subject to payroll tax withholding. This program addresses the kinds of payments that are treated as wages for payroll tax purposes and accordingly subject to federal employment taxes. The program also discusses the ongoing problem of attempt to differentiate between employees, those who should receive W-2's, and independent contractors, who should receive a Form 1099.
- The Federal employment tax definition of wages
- The temporary payroll tax cut affecting Social Security withholding for 2012
- Which worker should get a W-2 and who should get a Form 1099?
- How and when the IRS locates additional wages paid from an examination of an employer's non-payroll expenditures
- Which fringe benefits are treated as part of wages paid and which are not treated as wages?
- Accountable and non-accountable plans and their impact on an employee's Form W-2
- Correcting Form W-2's
- Determine how W-2 taxable wages are calculated for social security and Medicare
- Distinguish employees from independent contractors
- How to deal with the payroll tax holiday for employees in 2012
- CPAs involved in W-2 preparation for 2012 wages paid
- CPAs who may be called to advise employers regarding Form W-2 reporting for 2012
Course Level: Basic
CPE Credits: 2, Taxes
Prerequisite: General knowledge of tax rules differentiating an employee from an independent contractor
Advance Preparation: None