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Mars Real Estate - Coggle Diagram
Mars Real Estate
Payroll
Withheld from:
Wages:
Gross pay
Gross-withheld
Flat 22%
Retirement plans
Exceptions
Available funds
Withholding methods:
Wage bracket method:
15-T table
Factors:
Allowances claimed
Payroll period
Martial status
Percent wage method:
Formula
1 allowance per number of claims
Wages - x
15-T
Wage> bracket
Who reports:
Non-profit employees
Pub 15
Tipped employees
Farm workers
Form 943
Factors:
Supplemental wages:
Bonuses
Comissions
Overtime pay
Sick leave
Severance pay
Awards
Prizes
Retroactive pay
Back pay
Moving expenses
Fringe benefits
Expenses
Total compensation
Benefits
Not enough:
Withhold order:
Regular pay
Social security
Medicare
Medicare; Tips
Income; Tips
FICA
Stands for the Federal Insurance Contributions Act
Deducted from paychecks
Can earn credits
SSI benefits
Federal
Payroll Tax
Tax Deposits
Form 941
Who signs:
Tax payer
Authorized agent
Corporation
Corporate officer
Vice President
President
Sole Proprietor
The business owner can only sign this form.
Partnership/Incorporated
Officer
Partner
Member
Information needed on the form:
Tax withheld
Taxable fringe
EIN
Employee's numbers
Total wages
Tips reported
Other compensation
Without withholding
Wages <$2,500 current
$100,000 obligation, next day deposit
Wages?
Subject to:
Medicare
Social security
Medicare taxes
This form does not include:
Plan contributions to the business
Wage exclusions
Tax deposits are made from the EFTPS
EFTPS is the Electronic Federal Tax Payment System
Penalties
Interest is charged.
Unpaid + penalty
Bad Checks
Tax evasion/ failure to pay taxes
Wrong amount when you file the taxes
Fake returns
Late
100% unpaid
Trustfund tax
All responsible
Unemployment Return/Taxes
FUTA
Employer paid
$1,000 paid quarterly
File if:
10+ employees
Pays $1,500 quarterly
Part time is included
Farm Workers:
Get paid $20,000 quarterly
Work per day
Employers pay only by this:
1+ employee/pay quarterly EOY
Pay previously
$500 carry
$500> send
Use EFTPS
Unemployment tax
State creates
State tax
Becomes credit
You become subject to the taxes/credit
Possible exempts
Fringe benefits
Dependent care
Life insurance
Retirement/pension
Insurance systems
Federal approves
Laws
Administrative costs
Return
State file
Various times
Federal file
Yearly
Form 940
Due on January 31rst.
Calculation:
Tax credit
<5.4% against
Which equals
The total net to be .6%.
$7,000 wages first year
6%