Medicare Social Security 765 Combined Rate Federal Form 941 Quarterly Pay with

Medicare social security 765 combined rate federal

This preview shows page 35 - 46 out of 60 pages.

Medicare & Social Security 7.65% – Combined Rate Federal – Form 941 – Quarterly - Pay with Payroll Deposit 35
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Taxes to Whom Taxes are Due Fiduciary Payroll Taxes 36
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Federal Income Tax – FIT Federal – Form 941 – Quarterly - Pay with Payroll Deposit Medicare & Social Security 7.65% – Combined Rate Federal – Form 941 – Quarterly - Pay with Payroll Deposit State Income Tax – PIT State – Form DE – 6 – Monthly – Pay with Payroll Deposit 37
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Payroll Tax Reporting Requirements 38 DE-34 DE- 542
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DE-34 (New Employee) – DE-542 (New Independent Contractors)- Within 20 days of start of work or payments in excess of $600 39
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Payroll Tax Reporting Requirements 40 W-2 W-2 (Employee Wages) – by end of January; W-3 Transmittal to SSA
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Payroll Tax Reporting Requirements 41 1099 1099 (Independent Contractors, LLC, Partnerships, etc.) – by end of January
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Who is an ‘Independent Contractor?’ IRS 20 Factors in 3 Broad Categories 42
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Behavioral Control – is the employee on a leash? Financial Control – who is in charge of the piggy bank? Type of Relationship – Dating or marriage? 43
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Who is an ‘Independent Contractor?’ California – A B C Test 44
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45 On April 30th, 2018, the California Supreme Court issued a Landmark Decision in the case of Dynamex Operations v. Superior Court of Los Angeles. In the ruling, the Court essentially reinterpreted the standards for determining whether a worker should be classified as an Employee or an Independent Contractor for purposes of the California Labor Codes. The Court disregarded prior tests which had been used by the Courts since 1989 under the Case of S.G. Borello & Sons, Inc. v. Department of Industrial Relations, and instead adopted a new test known as the ABC Test. Under the ABC Test, all workers are presumed to be an employee unless the hiring entity can prove all of the following: A.The worker is free from the control and direction of the hirer in connection with the performance of the work, both under the contract for the performance of such work and in fact; B.the worker performs work that is outside the usual course of the
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