Home / EA Course / SEE 2

Workers, employment taxes and other taxes

SEE 2 Chapter 13 · IRS outline 2B9, 2B10, 2E2, 2E10

Payroll is the one tax where a business holds other people's money. Daniel calls his crew 'independent contractors', because it's easier. Copperline's bookkeeper paid the rent with the payroll deposit one tight month. Walt has trucks that need a Form 2290, and his state sent him a fine he'd like to deduct. Nadia tells Theo that the IRS can forgive many things, but it's not forgiving about the money it's trusted people to hold.

In this chapter

1. Employee or independent contractor
2. FICA, FUTA and withholding
3. Payroll returns and deposit rules
4. Penalties and the trust fund recovery penalty
5. Deductible taxes, assessments and penalties
6. Excise taxes and deposits

This chapter has 6 lessons and 56 practice MCQs with explanations, plus flashcards and a recall sheet.

What this chapter covers

• Employee or contractor
• FICA and FUTA
• Forms 941, 940 and 944
• deposit schedules
• trust fund penalty
• deductible taxes
• excise tax deposits

Chapter 12: Pay, fringe benefits, insurance, rent and the ACA · Chapter 14: Depreciation, section 179, bonus and amortization