CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 13-3LESSON 13-3

Reporting Withholding And Payroll TaxesEmployer annual report to employees of

taxes withheldEmployer’s quarterly federal tax returnPreparing an employer’s quarterly federal

tax returnEmployer annual reporting of payroll taxes

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

Competency: Implementing Payroll and Competency: Implementing Payroll and Payroll Tax ProceduresPayroll Tax Procedures

2

LESSON 13-3

Objectives:85 Journalize payroll transactions

89 Describe record-organization-retention schedule procedures for payroll and payroll taxes

90 Prepare employer tax returns

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

3

LESSON 13-3

EMPLOYER ANNUAL REPORT TO EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELDEMPLOYEES OF TAXES WITHHELD page 378

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

4

LESSON 13-3

EMPLOYER’S QUARTERLY FEDERAL EMPLOYER’S QUARTERLY FEDERAL TAX RETURNTAX RETURN page 379(continued on next slide)

11

22

1. Heading 2. Number of employees

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

5

LESSON 13-3

EMPLOYER’S QUARTERLY FEDERAL EMPLOYER’S QUARTERLY FEDERAL TAX RETURNTAX RETURN page 379(continued on next slide)

3. Total quarterly earnings

4. Income tax withheld

5. Employee and employer social security and Medicare taxes 7. Total taxes

6. Social security plus Medicare taxes

44

55

33

66

77

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

6

LESSON 13-3

EMPLOYER’S QUARTERLY FEDERAL EMPLOYER’S QUARTERLY FEDERAL TAX RETURNTAX RETURN page 379(continued from previous slide)

88 88 8899

8. Total taxes for each month 9. Total taxes

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

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LESSON 13-3

EMPLOYER ANNUAL REPORTING OF EMPLOYER ANNUAL REPORTING OF PAYROLL TAXESPAYROLL TAXES page 381