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Chapter 11 - Payroll taxes, deposits, and reports. After reading this chapter, you should be able to: Explain how and when payroll taxes are paid to the government; compute and record the employer's social security and medicare taxes; record deposit of social security, medicare, and employee income taxes;. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Payroll Taxes, Deposits, and Reports Section 1: Social Security, Medicare, and Employee Income Tax Chapter 11 Section Objectives Explain how and when payroll taxes are paid to the government. Compute and record the employer’s social security and Medicare taxes. Record deposit of social security, Medicare, and employee income taxes. Prepare an Employer’s Quarterly Federal Tax Return, Form 941. Prepare Wage and Tax Statement (Form W-2) and Annual Transmittal of Wage and Tax Statements (Form W-3). Employers make tax deposits for Federal income tax withheld from employee earnings Employees' share of social security and Medicare taxes withheld from earnings Employer's share of social security and Medicare taxes Effective Jan. 1, 2011, ALL employers, regardless of size, must remit payroll tax payments via EFTPS (Electronic Federal Tax Payment System.) Who Deposits Payroll Taxes Objective | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Payroll Taxes, Deposits, and Reports Section 1: Social Security, Medicare, and Employee Income Tax Chapter 11 Section Objectives Explain how and when payroll taxes are paid to the government. Compute and record the employer’s social security and Medicare taxes. Record deposit of social security, Medicare, and employee income taxes. Prepare an Employer’s Quarterly Federal Tax Return, Form 941. Prepare Wage and Tax Statement (Form W-2) and Annual Transmittal of Wage and Tax Statements (Form W-3). Employers make tax deposits for Federal income tax withheld from employee earnings Employees' share of social security and Medicare taxes withheld from earnings Employer's share of social security and Medicare taxes Effective Jan. 1, 2011, ALL employers, regardless of size, must remit payroll tax payments via EFTPS (Electronic Federal Tax Payment System.) Who Deposits Payroll Taxes Objective 1 Explain how and when payroll taxes are paid to the government the amount of tax liability, and the amount reported in the lookback period For simplicity this textbook uses $2,500 as the tax liability threshold. The lookback period is a four-quarter period ending on June 30 of the preceding year. The frequency of deposits depends on: Effective January 1, 2011, ALL employers, regardless of size must remit payroll tax deposits via EFTPS (Electronic Federal Tax payment System.) Remember that both employers and employees pay social security and Medicare taxes Employee Employer (Withheld) (Matched) Social security $139.35 $139.35 Medicare 32.59 32.59 $171.94 $171.94 Total $343.88 Objective 2 Compute and record the employer’s social security and Medicare taxes. At the end of January, the accounting records for Sanchez Furniture Company looked like this Employee Employer (Withheld) (Matched) Total Social security $ 557.40 $557.40 $ 1,114.80 Medicare 130.36 130.36 260.72 Federal income tax .
