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EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD

EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD. Lesson 14-3, page 349. 3. 3. 8. EMPLOYER’S QUARTERLY FEDERAL TAX RETURN. 1. Heading. 2. Number of Employees. 1. 3. Total Quarterly Earnings. 4. Income Tax Withheld. 5. Employee and Employer Social Security and Medicare Taxes. 2. 4.

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EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD

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  1. EMPLOYER ANNUAL REPORT TO EMPLOYEES OF TAXES WITHHELD Lesson 14-3, page 349

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

  3. Calculate Social Security and Medicare Taxes Calculate Social Security and Medicare Taxes         PREPARING EMPLOYER’S QUARTERLY FEDERAL TAX RETURN Total Earnings  Tax Rate = Tax Social Security $22,575.00  13% = $2,934.75 Medicare $22,575.00 3% = $ 677.25 Employee Employer Social Social Federal Income Security and Security and Federal Tax Tax Withheld + Medicare Tax + Medicare Tax = Liability 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 Lesson 14-3, page 351

  4. EMPLOYER ANNUAL REPORTING OF PAYROLL TAXES Lesson 14-3, page 352

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