In this course, Vern discusses the current Tax Codes, cases and rules affecting payroll and self-employment taxation.
Highlights of this Chapter:
· Learning about the new .9% additional Medicare tax for high income wage earners and self-employed individuals.
· Reviewing how the DOMA Supreme Court decision created payroll tax refunds for employers & employees.
· Understanding the simplified payroll tax return filing requirements for small employers.
· Examining, in-depth, the factors IRS auditors are using to determine if a worker is an employee or an independent contractor.
· And closing with a look at the nasty surprises in the IRS’s clarification of the tip reporting rules.
Upon successful completion of this course, you should be able to:
· Recognize key tax changes affecting the taxation of business pension plans.
· Identify numerous tax issues and provisions impacting your clients’ or employer’s tax returns.
· Apply various tax rates and computations to scenarios just like those you see in your office, to better prepare you for the upcoming tax season.
Prerequisites: A basic understanding of tax preparation.
Program Level: Update
Program Published to the Web: November 2013
No advance preparation required.