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Video instructions and help with filling out and completing Form 1120 Schedule M 3 Withholding

Instructions and Help about Form 1120 Schedule M 3 Withholding

Hold on, can't get there, we go. Thirteen point three reporting withholding and payroll taxes. 2. Okay, so we're gonna prepare selected payroll tax reports. Employer annual report to employees of taxes withheld. 3. The employer has to report to us as employees when they withhold taxes, and that's always done at the end of the year. Actually, it's done in January of the next year. 4. So, an employer who withholds taxes from employee earnings must furnish each employee with an annual report of these withholdings. It shows the total year's earnings and amounts withheld for taxes for an employee. 5. They're obtained from the employee earnings record. Remember, we keep records per employee of their all of their salary or how much they've been paid and then all for everything that's been withheld. 6. It's prepared on the Internal Revenue Service form W-2 wage and tax statement. If any of you have had a real job where you get paychecks, you've received W-2s in the mail and you probably pass them on to your parents so they can do their taxes. 7. RW-aw must be furnished to each employee by January 31st of the following year. W-2s must be attached to your tax forms when you submit your taxes. Employer annual report to employees of taxes withheld, this is a W-2. 8. Okay, it's - John P Butler at that address, you are the company with your employer identification number and social security number of John Butler. This is how much they made this year, okay, and that's how much they paid in federal income tax, Social Security tax, and Medicare. And that's what they have to report to the government. 9. Now, the employer told the government they gave them a report, so they know exactly what they withheld. So, there's no cheating the employer. 10....