Payroll 101: Withholding, Depositing and Reporting Federal Taxes in 2024

Jackraines171729 Mar, 2024Education

Payroll 101 comprises managing employees in terms of withholding, depositing, paying, and reporting payroll taxes. Federal income tax is one of the renowned paradigms that has to stay up to date by organizations via payroll professionals or professionals handling payroll chores. Withholding of these taxes falls under the IRS, and they have strict measures for dealing with it. The process takes place as employers collect the amount due from the employee or by paying their respective portion and directly forwarding it to the IRS. Non-compliance with deadlines could lead to hefty penalties and civil or criminal cases against employers. This session will offer an elaborative outlook on handling payroll foundation and managing in terms of compliance.