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ST (Payroll:Tips, Tax Deposits, FICA, Unemployment Return) - Coggle Diagram
ST
Payroll:Tips
Quick facts
Taxable
Charged tips
Cash tips
Withheld
Reported monthly
Form 4070
Daily record
Reported
Tip Agreements
TRDA
GITCA
Show uncollected
W-2
Social Security
Medicare
Who reports
Tipped employees
Non-profit employees
Pub 15
Farm workers
Form 943
Factors
Total compensation
Benefits
Supplemental wages
Bonuses
Commissions
Overtime pay
Sick leave
Severance pay
Awards
Prizes
Retroactive pay
Back pay
Moving expenses
Fringe benefits
Expenses
Withholding methods
Percent
Wage>Bracket
15-T
Formula
1 Allowance * # claimed=x
Wages - x
Bracket
15-T Table
Factors
Payroll period
Marital status
Allowances claimed
Withheld from
Wages
Exceptions
Retirement plans
Gross pay
Flat 22%
Gross-withheld
Available Funds
Not Enough
Withhold Order
Social security
Medicare
Medicare: tips
Income: tips
Regular pay
Tax Deposits
Form 941
<$2500 current
No
Next-day Deposit
$100,000 obligation
Info Needed
EIN
Employees #'s
Total Wages
Tips Reported
Taxable Fringe
Other Compensation
Tax withheld
Wages
Without withholding
All wages
Subject to
Social Security
Medicare
Medicare taxes
Don't include
Plan contributions
Wage exclusions
Who Signs
Sole proprietor
Business owner
Partnership/Incorporated
Partner
Member
Officer
Corporation
President
Vice President
Principle Officer
Tax Payer
Authorized agent
Monthly/Semi-weekly
Per Qt
$2500 prev
$2500> tax
Look-back Period
12mo Ending
June 30
Previous year
Semi-Weekly
Form 941-B
Penalties
Interest charged
Unpaid + Penalty
Late
100% unpaid
All responsible
Trustfund tax
Filing
Making
Wrong amount
Willful failure
Bad checks
False returns
By EFTPS
Wage Base
Meets
Stop withholding
SS Tax
Still Subject
Medicare tax
Additional Medicare
FICA
Federal
Payroll tax
Deducted:Paycheck
Earn credits
SSI benefits
Unemployment Return
FUTA
Unemployment tax
State creates
State tax
You're subject
Becomes credit
Towards fed
Possibly exempt
Fringe benefits
Life insurance
Retirement/Pension
Dependent care
Insurance systems
Fed approves
Laws
Administrative costs
Employer paid
File if
$1500+/Quarter
1+ employee/Quarter
PT included
Farm Workers
Paid $20,000+/qt
10+ Employees
Per day
Household workers
$1000+/Quarter
If
$500 carry
$500> send
Use EFTPS
EOY
Pay prev
Calculate
6%
First $7000/yr
Tax credit
<5.4% against
Result
Net .6%
Return
State file
Various times
Fed file
Yearly
Form 940
Due 1.31