Payroll Tax Changes for 2023
Webinar Details $219
- Webinar Date: July 5, 2023
- Webinar Time: 1:30pm - 3:10pm EDT live
- Webinar Length: 100 Minutes
- Guest Speaker: Vicki Lambert
- Topic: Taxation and Accounting, Human Resources, Payroll
- Credit: HRCI 1.5, SHRM 1.5, RCH 1.5, CPE 2.0, ATATX 1.5, ATAHR 1.5, ATAPR 1.5
- Our Focus For Today 00:00:56
- IRS Update 00:04:04
- IRS Update - What We Will Cover 00:04:07
- IRS - Pension Plans for 2023 00:04:19
- IRS - Pension Plans for 2023 Cont’d 00:04:41
- IRS Per Diems and FEIE 2023 00:05:17
- IRS Transportation Fringe Benefits 2023 00:10:11
- IRS Earned Income Credit 00:10:23
- IRS Adoption Benefits 2023 00:11:28
- FSA Changes 2023 00:11:49
- FSA Changes 2023 Cont’d 00:11:55
- Supplemental Tax Rates 2023 00:12:25
- Exempt from Levy Amounts 2023 Pub 1494 00:12:36
- Tax Tables 2023 Pub 15- T 00:13:31
- Nonresident Alien Table 2023 00:15:57
- Federal Holidays For 2023 00:16:31
- Taxation of Fringe Benefits 00:17:08
- Form 940 for 2022 - Steps 1-4 00:24:58
- Form 940 for 2022 - Steps 6-7 00:25:18
- Form 940 for 2022 - Schedule A 00:25:21
- FUTA Credit Reduction for 2022 00:25:24
- Form 941 for 2023 - Part 1 00:25:52
- Form 941 for 2023 - Part 1-2 00:27:06
- Form 941 for 2023 - Part 3-5 00:27:23
- Form 941 SS & PR For 2023 00:27:56
- Form 944 for 2022 - Part 1 00:30:16
- Form 944 for 2022 - Part 1-2 00:30:40
- Form 944 for 2022 - Part 3-5 00:30:43
- Form W-2 for 2023 00:30:45
- Form W-3 for 2023 00:32:51
- Form W-2C 00:32:59
- Form W-3C 00:33:03
- Form W 4 For 2023 00:34:34
- Form W-4 Changes For 2023 00:31:41
- Form 941-X Form Series 0037:50
- Form 941-X 00:38:23
- Third-Party Sick Pay Form 00:39:19
- Federal And State Updates 00:41:52
- Department of Education Update 00:41:56
- Department of Transportation: SIFL Rates 00:43:30
- Wage Hour Updates 00:46:58
- State Update: Be Sure To Check 00:
- Current State Minimum Wages 00:50:54
- Current Local Minimum Wage Ss Of 1-1-23 00:47:36
- Current California Local Minimum Wage As Of 1-1-23 00:
- State SUI Wage Bases 2023 00:47:34
- California: Agricultural Workers 00:54:28
- Less than 25 Agricultural Workers 00:56:15
- Washington Agricultural Workers and Overtime 00:57:43
- State Updates: AZ & AR 00:58:05
- State Updates: CA, DE & DC 00:59:14
- State Updates: ID, KY & MA 01:02:03
- State Updates: MI & MO 01:02:49
- State Updates: MT, NJ & PA 01:03:30
- State Updates: UT & WA 01:04:17
- State Updates SDI/TDI/Meals & Lodging 01:04:31
- State Updates SDI/TDI 01:04:51
- City/States Map 01:05:00
- Legislative Update 01:08:43
- Federal 01:08:46
- Social Security Update 01:10:05
- SSA Update What We Will Cover 01:10:06
- Social Security 01:10:24
- Medicare 01:10:39
- Additional Medicare Tax 01:10:46
- Taxpayer First Act Update 01:10:54
- EFW 2 Record Changes for 2022 01:13:28
- Electronic Forms W-2 to Employees 01:13:56
- Disclosure Requirements 01:15:14
- Disclosure Example from Yale 01:15:46
- Disclosure Example from Yale Cont’d 01:15:56
- When to Use Form W- 2C 01:17:51
- Form W- 2C Example 01:18:19
- Filing Requirements 2023 01:18:24
- Review of Filing Deadlines for 2023 01:19:34
- Form W-2 Due Dates 01:20:05
- Form W 2 Electronic Filing Requirements 01:20:25
- Reconciliation Form 01:20:37
- Form W-2 Reconciliation Form 01:21:17
- Best Practices Review 01:22:19
- Penalties In Effect 01:22:43
- Penalties In Effect 2023 01:24:11
- De Minimis Errors - New Due Date And Penalties Updated 01:24:31
- De Minimis Errors - Safe Harbor 01:25:01
- Social Security Number Verification Service (SSNVS) 01:25:48
- With SSNVS You May 01:26:02
- Results Received 01:26:26
- Mismatch Codes 01:26:41
- Results Received 01:27:16
- Sample Letter Employers Can Give to Employees 01:27:24
- Reconciliations 01:27:26
- Their Reconciliation Process of Your Forms 01:27:37
- Reconciliation Process 01:27:56
- Items Reconciled 01:28:28
- SSA Reconciliation Points 01:29:41
- SSA Reconciliation Points Cont’d 01:30:12
- Rejected Wage Reports 01:30:28
- Reconciliation of Form 941 to Form W-2 01:32:23
- Reconcile Form W-2 to Itself 01:32:32
- Reconciliation 01:33:01
- Reconciliation - Box 13 01:33:22
- Military Spouse Exemptions 01:34:06
- Duplicate Form W-2 01:35:57
- Sample Request For Duplicate Form W-2 for Tax Year: 2023 01:39:03
- Links and Websites 01:39:24
- Questions? 01:39:31
- Presentation Slides 01:29:42
- Accounts Payable (AP) 00:20:30
- Business Services Online (BSO) 00:02:25, 01:10:24, 01:18:37
- California DE4 Form 00:48:23
- De Minimis 00:23:58, 01:24:35
- Department of Labor (DOL) 00:02:47, 00:26:36, 00:47:05, 01:22:38
- EITC - Earned Income Tax Credit 00:00:10:23
- Exempt 00:13:00, 00:37:37
- Fair Labor Standards Act (FLSA) 00:47:14, 00:54:56
- Federal Unemployment Tax Act (FUTA) 00:25:24
- Foreign Earned Income Exclusion (FEIE) 00:05:17
- Form 940 00:02:13, 00:24:59
- Form 941 00:02:10, 00:09:45, 00:17:55, 00:25:52, 00:27:59, 00:33:56, 01:28:10
- Form 941-PR 00:29:23
- Form 941-SS 00:28:56
- Form 941-X 00:37:50, 00:38:28
- Form 944 00:30:16
- Form W-2 00:02:11, 00:07:52, 00:11:02, 00:17:49, 00:30:40, 00:32:27, 00:33:49, 00:37:41, 01:11:13, 01:14:53, 01:30:09, 01:36:07
- Form W-2C 00:33:00, 01:12:46, 01:17:52, 01:25:12
- Form W-3 00:32:53, 01:21:02
- Form W-3C 00:33:05, 01:19:10
- Form W-4 00:02:11, 00:14:59, 00:34:34, 01:34:12
- Fringe Benefits 00:02:03, 00:18:05
- Garnishment 00:59:31
- Levy 00:12:56
- Minimum Wage 00:02:56, 00:05:33, 00:47:11, 00:55:10, 00:59:16
- Nonresident Alien (NRA) 00:16:00
- OASDI 00:00:56, 01:10;27
- Overtime 00:47:12, 00:56:36
- Pension Plan 00:04:10
- Per Diem 00:04:12, 00:05:17, 00:05:50
- Publication 1494 00:12:36
- Publication 15-T 00:13:31
- Regular Rate of Pay 01:22:34
- Standard Mileage Rate 00:04:14
- State Unemployment Insurance (SUI) 00:02:57, 00:47:49, 01:04:33
- Tax Cuts and Jobs Act 00:10:21
- Taxpayer First Act 01:11:15
- Temporary Disability Insurance (TDI) 01:04:31
- Wage 00:02:21, 00:14:20, 00:16:20, 00:54:44, 01:04:57, 01:25:15
Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
Business Services Online (BSO): The Business Services Online (BSO) Suite of Services allows organizations, businesses, individuals, employers, attorneys, non-attorneys representing Social Security claimants, and third-parties to exchange information with Social Security securely over the internet.
California DE4 Form: This certificate, DE 4, is for California Personal Income Tax (PIT) withholding purposes only. The DE4 is used to compute the amount of taxes to be withheld from your wages, by your employer, to accurately reflect your state tax withholding obligation.
De Minimis: Too trivial or minor to merit consideration.
Department of Labor (DOL): The United States Department of Labor is a cabinet-level department of the U.S. federal government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, reemployment services, and some economic statistics; many U.S. states also have such departments.
EITC - Earned Income Tax Credit : The United States federal earned income tax credit or earned income credit is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children.
Exempt : Exempt employee is a term that refers to a category of employees set out in the Fair Labor Standards Act. They do not receive overtime pay, nor do they qualify for the minimum wage
Fair Labor Standards Act (FLSA): The Fair Labor Standards Act of 1938 29 U.S.C. § 203 is a United States labor law that creates the right to a minimum wage, and "time-and-a-half" overtime pay when people work over forty hours a week. It also prohibits most employment of minors in "oppressive child labor".
Federal Unemployment Tax Act (FUTA): The Federal Unemployment Tax Act (FUTA) is a federal law that imposes an unemployment tax on employers. The FUTA tax funds the federal government's oversight of each state's unemployment program. Only employers pay FUTA tax. You must deposit the tax quarterly and file an annual form.
Foreign Earned Income Exclusion (FEIE): The foreign earned income exclusion is intended to prevent double taxation by excluding income taxed in another country from U.S. taxation. The U.S. Internal Revenue Service (IRS) will tax your income earned worldwide; however, if you are an American expat, this means you are taxed twice on this income.
Form 940: Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax.
Form 941: Federal form 941, also called a quarterly federal tax return, is an IRS return that employers use to report their FICA taxes paid and owed for the period. The IRS uses this form to calculate the amount of employer tax payments made during the year as well as the amount of taxes due at the end of the year.
Form 941-PR: Employers in Puerto Rico use this form to: Report income taxes, social security tax, or Medicare tax withheld from employee's paychecks. Pay the Employer's portion of social security or Medicare tax.
Form 941-SS: Use Form 941-SS to report social security and Medicare taxes for workers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands.
Form 941-X: Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund.
Form 944: Form 944 is designed so the smallest employers (those whose annual liability for social security, Medicare, and withheld federal income taxes is $1,000 or less) will file and pay these taxes only once a year instead of every quarter.
Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - Wikipedia (https://en.wikipedia.org/)
Form W-2C: W-2C is a form used to make corrections on previously issued wage/tax information (W-2s) from current or prior years. Like Form W-2, it is a multi-use form used to report corrected wages to the IRS (Internal Revenue Service), FTB (Franchise Tax Board), and SSA (Social Security Administration).
Form W-3: Form W-3 is a tax form used by employers to report combined employee income to the Internal Revenue Service (IRS) and the Social Security Administration. Employers who send out more than one Form W-2 to employees must complete and send this form to summarize their total salary payment and withholding amounts.
Form W-3C: Form W-3c is the transmittal of W-2c Forms (Corrected Wage and Tax Statements). Form W-3c is submitted with Form W-2c in most situations when you're paper filing with the SSA. It provides a summary of the data found in the W-2c Form(s) accompanying it.
Form W-4: Form W-4 (otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.
Fringe Benefits: An extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.
Garnishment: A legal summons or warning concerning the attachment of property to satisfy a debt
Levy: A tax levy, under United States Federal law, is an administrative action by the Internal Revenue Service under statutory authority, generally without going to court, to seize property to satisfy a tax liability. The levy "includes the power of distraint and seizure by any means".
Minimum Wage: The lowest wage paid or permitted to be paid specifically fixed by a legal authority or by contract as the least that may be paid either to employed persons generally or to a particular category of employed persons.
Nonresident Alien (NRA): This income is taxed at a flat 30% rate, unless a tax treaty specifies a lower rate. Nonresident aliens must file and pay any tax due using Form 1040NR, U.S. Nonresident Alien Income Tax Return or Form 1040NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens with No Dependents.
OASDI: OASDI stands for old age, survivors, and disability insurance tax, and the money that your employer collects goes to the federal government in order to fund the Social Security program.
Overtime: Overtime is time and a half of what an employee earns for every hour worked over 40 in a workweek. The FLSA salary threshold is the minimum salary employers must pay employees for them to be exempt from overtime wages.
Pension Plan: A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income. Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies.
Per Diem: (Latin for "per day" or "for each day") or daily allowance is a specific amount of money an organization gives an individual, often an employee, per day to cover living expenses when traveling for work. - Wikipedia (https://en.wikipedia.org)
Publication 1494: The IRS mails Publication 1494 (PDF) with the levy which explains to your employer how to determine the amount exempt from levy.
Publication 15-T: Employers use Publication 15-T to figure the amount of federal income tax to withhold from their employees' wages.
Regular Rate of Pay: An employee’s regular rate is the hourly rate an employee is paid for all non-overtime hours worked in a workweek. When calculating an employee’s regular rate, all compensation received by the employee in a workweek must be included, including wages, bonuses, commissions, and any other forms of compensation.
Standard Mileage Rate: The standard mileage rate, also known as the mileage per diem or deductible mileage, is the default cost per mile set by the Internal Revenue Service (IRS) for taxpayers who deduct the expense of using their personal vehicles for business, charitable, or medical purposes.
State Unemployment Insurance (SUI): The Federal-State Unemployment Insurance Program provides unemployment benefits to eligible workers who are unemployed through no fault of their own.
Tax Cuts and Jobs Act: The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97, is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act, that amended the Internal Revenue Code of 1986.
Taxpayer First Act: The Taxpayer First Act is a law that makes significant reforms to the Internal Revenue Service. The Taxpayer First Act (TFA) was enacted on July 1st, 2019 with strong bipartisan support to reimagine and enhance the way they serve taxpayers, and continue to enforce the tax laws in a fair and impartial manner, and train IRS employees to deliver a world-class customer experience. The Act consists of 45 provisions, including specic mandates to improve the taxpayer experience.
Temporary Disability Insurance (TDI): Temporary Disability Insurance provides cash benefits to workers who suffer an illness, injury, or other disability that prevents them from working, and wasn't caused by their job.
Wage: A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.