| A | B |
|---|
| what are the two accepted methods an ER can use for calculating Federal withholding tax on regular wages, if a manual pay is needed? | Wage Bracket Method and Percentage Method |
| For both of these methods, what information is required to calculate the federal withholding tax? | Marital Status, number of allowances/exemptions, pay frequency, amount of gross wages, whether the wages are regular or supplemental, are there any pretax deductions. |
| Which taxes make up the Federal Tax Deposit? | Federal Income Tax (FIT), Employee and Employer Social Security, Employee and Employer Medicare, and minus any Earned Income Credits |
| If the lookback period has a liability of $50,000 or less; then the tax deposit is due on or before the 15th of the following month. | Monthly |
| If the employment tax history shows less than a $1000 during the year, then the tax deposit is due on January 31st of the following year. | Annual |
| If the total liability less than $2,500, for the current or previous quarter, the tax deposit is due at the end of the month following the quarter. | Quarterly |
| If the lookback period has a liability of over $50,000 but less than $100,000; then the tax deposit is due on Wednesday or Friday. | Semi Weekly |
| When the tax liability is $100,00.00 or more for a specific pay period, when are the taxes due? | due on the next banking day. |
| what reports do Tax Filing clients receive and what types information do clients receive on these reports? | Statement of Deposits (SOD) - quarterly and annually; verifies amount and timing of deposits made and the figures filed to agencies) |
| What are the conditions that determine whether a client is eligible for Tax Filing Service? | The client can not process any payrolls in house or through another system. |
| What is a Statistical Summary? | Displays the tax impound for the payroll |
| How often is the Statistical Summary received? | every payroll processing. |
| Which clients receive the QTVL? | All clients, whether or not they have TFS, receive the QTVL. |
| How often does a client receive the Quarterly Tax Verification Letter? | It is generated EVERY quarter, in the ‘middle month’ of each quarter (February, May, August, and November) so that clients have adequate time to verify information for accurate quarter closing. |
| What is a Statement of Deposits and Filings? | is a recap of all of the liabilities & filing amounts for the client’s tax jurisdictions. |
| What is a “combo” Statement of Deposits and Filings? | When the client has more than one company code but the companies share the same tax ID numbers, the combo SOD will combine all of the information onto one report for the client. |
| Amounts for invoices or impounds | P002 |
| Company header information | CH01 |
| Information on tracer research | TR80 |
| Statement of deposit totals | CH03 |
| Deposit information for each payroll within a quarter | CH02 |
