About This Chapter
Preparing, Depositing & Reporting Taxes - Chapter Summary
This short chapter makes it easy to grasp the basics of preparing, depositing and reporting taxes. Our instructors take a close look at federal tax filing requirements, unemployment insurance, tax deposition issues and other related topics. Study the lessons at your own pace. When you've finished, you will be able to:
- Discuss the requirements of employers to file and withhold taxes
- Define and list characteristics of current and long-term liabilities
- Detail the process of depositing employment taxes
- Explain the function and use of the Electronic Federal Tax Payment System (EFTPS)
- Share the process for completing Form 941 and Form W-2 for tax purposes
- Describe the significance of unemployment insurance
- Discuss how to complete Form 940 for federal unemployment tax
- Provide details about errors and penalties associated with depositing taxes
If your schedule is busy and you are concerned you won't have time to study this chapter, don't worry! All the lessons are available 24/7 and can be viewed using any computer or mobile device with an Internet connection. Improve your comprehension of the basics of preparing, depositing and reporting taxes, and check your understanding by taking short quizzes and a practice exam. Any questions you have about topics covered in this chapter can be submitted to our experts.
1. Federal Tax Filing Requirements for Employers
Taxes are something that, in general, all American adults must pay in order to fund government programs. In this lesson, we'll discuss the responsibilities of employers to withhold taxes and the manner in which they report those withholdings.
2. Current & Long-Term Liabilities: Definition & Characteristics
In this lesson, we'll define 'liabilities.' You'll also learn the difference between current and long-term liability. Finally, we'll discuss on which financial statement you'll find liabilities and provide examples of each type.
3. Completing Form 941 for Tax Returns
Part of the job of the payroll clerk in any company is the filing of Form 941 with the IRS at the end of each quarter showing the total payroll and the income taxes, Social Security and Medicare taxes withheld for the quarter. Accurate reporting is an important part of the payroll clerk's responsibilities.
4. Unemployment Insurance: Definition and Significance
While no one wants to think about it, it is likely that most people will face some period of unemployment during their working lives. In this lesson, you'll learn about unemployment compensation and its significance to employers, employees and the economy.
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Other chapters within the Certified Payroll Professional (CPP): Exam Prep & Study Guide course
- Payroll Processes & Laws
- Employee Classification
- Calculating Employee Paychecks
- Payroll Withholding & Deductions
- Employer Benefit & Contribution Plans
- Taxable & Nontaxable Employee Benefits
- Payroll Accounting Overview
- Payroll Audits & Internal Controls
- Managing a Payroll Department
- Certified Payroll Professional (CPP) Flashcards