This workshop is designed to assist small business owners and managers with the basics in calculating payroll taxes and withholding taxes. Employers are required to calculate gross pay and with various payroll deductions, arrive at net pay. Withholding payroll taxes from an employee’s paycheck is required by law and must be deposited into an account based on the company's Employer Identification Number. Topics to be discussed include: Determining Contract Labor versus Employee based on Internal Revenue Service and Texas Workforce Commission guidelines; When and how to complete form C-1 in order to establish an employer account with TWC; Rates and maximum taxable amounts for each employee will be discussed; How to calculate Federal Withholding, Social Security, and Medicare as it relates to your employees and the reporting requirements and deposits. Forms used in reporting payroll will be discussed and provided to each participant. These forms include the 940, 941, 1099, W-2, W-4, W-9. Other employer documentation required will be discussed to determine Employment Eligibility and Self Employment Taxes. Websites, online reports, and using the Electronic Federal Tax Payment System will be discussed and how it relates to your business.
Refreshments provided by Longview Economic Development Corporation.
Please click the link below to begin the registration process. The Kilgore College SBDC will contact you for payment and additional registration information. To register by check, print registration form here.