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© South-Western Educational Publishing EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD Lesson 14-3, page 349.

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Presentation on theme: "© South-Western Educational Publishing EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD Lesson 14-3, page 349."— Presentation transcript:

1 © South-Western Educational Publishing EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD Lesson 14-3, page 349

2 © South-Western Educational Publishing EMPLOYER’S QUARTERLY FEDERAL TAX RETURN Lesson 14-3, page 348 5 1 4 2 3.Total Quarterly Earnings 1. Heading 4.Income Tax Withheld 2.Number of Employees 5.Employee and Employer Social Security and Medicare Taxes 6. Social Security plus Medicare Taxes 7.Total Taxes 8.Total Taxes for Each Month 9.Total Taxes 6 9 7 8 3 3

3 © South-Western Educational Publishing PREPARING EMPLOYER’S QUARTERLY FEDERAL TAX RETURN Lesson 14-3, page 351 Total Earnings  Tax Rate=Tax Social Security$22,575.00  13%=$2,934.75 Medicare$22,575.003%=$ 677.25 Employee Employer Social Federal IncomeSecurity and Security andFederal Tax Tax Withheld+Medicare Tax+Medicare Tax=Liability Calculate Social Security and Medicare Taxes     Dec. 1-15$273.00+$304.33+$304.33=881.66 Dec. 16-31$269.00+302.08+$302.08=$873.16 Totals$542.00+606.41+606.41=$1,754.82

4 © South-Western Educational Publishing EMPLOYER ANNUAL REPORTING OF PAYROLL TAXES Lesson 14-3, page 352

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