suiseng.lau's Student Data For Lecture 335148
Transcript: 
<transcript> <points> <main_point time="0"> <text><![CDATA[Hi, my name is Ty.]]></text> </main_point> <main_point time="2"> <text><![CDATA[In this lesson, we’ll provide a brief overview on business taxes.]]></text> </main_point> <main_point time="6"> <text><![CDATA[We’ll talk about what different financial information you need to keep track of and provide some great resources to help you properly file your business taxes every year.]]></text> </main_point> <main_point time="14"> <text><![CDATA[Let’s begin.]]></text> </main_point> <main_point time="17"> <text><![CDATA[Although your duties may not include filling out tax forms, it can be important to know what taxes are payable when and what forms are required.]]></text> </main_point> <main_point time="26"> <text><![CDATA[If you work for a small business, your chance is greater of being asked to help in this area.]]></text> </main_point> <main_point time="30"> <text><![CDATA[But if in no way else, you can help by keeping a list of tax forms and due dates and by reminding your employer a few weeks in advance of each deadline.]]></text> </main_point> <main_point time="42"> <text><![CDATA[If the business that employs you is a corporation, a corporate tax form is due each year.]]></text> </main_point> <main_point time="52"> <text><![CDATA[This is Form 1120, and it’s due March 15 of each calendar year, one month prior to the due date for personal returns.]]></text> </main_point> <main_point time="60"> <text><![CDATA[Throughout the year, estimated tax payments are also due; these are payable January 15, April 15, June 15, and September 15.]]></text> </main_point> <main_point time="72"> <text><![CDATA[To pay estimated taxes, a tax coupon book must be obtained from the Internal Revenue Service (IRS).]]></text> </main_point> <main_point time="79"> <text><![CDATA[This coupon book is used to make payments for a variety of different taxes.]]></text> </main_point> <main_point time="83"> <text><![CDATA[When filled out correctly, the coupon shows the type of tax (in this case, 1120), along with the particular quarter of the year for which the payment is being made.]]></text> </main_point> <main_point time="93"> <text><![CDATA[Rather than send these payments directly to the IRS, you may pay them at the bank where the company maintains its checking account.]]></text> </main_point> <main_point time="101"> <text><![CDATA[The Electronic Federal Tax Payment System (EFTPS) is one of the most successful federal government programs undertaken in recent years.]]></text> </main_point> <main_point time="111"> <text><![CDATA[Millions of businesses are already enrolled in this system.]]></text> </main_point> <main_point time="114"> <text><![CDATA[It saves time and money, since there are no more last-minute trips to the bank or post office, lost checks, or missed deadlines.]]></text> </main_point> <main_point time="121"> <text><![CDATA[Here’s how it works.]]></text> </main_point> <main_point time="122"> <text><![CDATA[By 8:00 p.m. Eastern Time—at least one calendar day prior to your tax due date—you log on to the EFTPS website, enter your tax payment report, review the information, and click SUBMIT to initiate the payment.]]></text> </main_point> <main_point time="137"> <text><![CDATA[Per your instructions, EFTPS automatically debits your indicated bank or credit union account and transfers the funds to the U.S. Treasury on the date you indicate.]]></text> </main_point> <main_point time="148"> <text><![CDATA[Your tax records are updated with the IRS.]]></text> </main_point> <main_point time="150"> <text><![CDATA[In order to use EFTPS, you must enroll online at www.EFTPS.com.]]></text> </main_point> <main_point time="158"> <text><![CDATA[After enrolling, you will receive a PIN and password.]]></text> </main_point> <main_point time="163"> <text><![CDATA[If your state charges an income tax (and most do), the corporation must also pay estimated state taxes.]]></text> </main_point> <main_point time="172"> <text><![CDATA[You must obtain a state coupon book and make quarterly payments.]]></text> </main_point> <main_point time="176"> <text><![CDATA[In most cases these payments are made directly to the state by sending them in the mail.]]></text> </main_point> <main_point time="182"> <text><![CDATA[The franchise tax is an annual state tax on corporations payable to the secretary of state’s office in order to keep the corporation’s status current.]]></text> </main_point> <main_point time="194"> <text><![CDATA[Usually the state sends the company a bill.]]></text> </main_point> <main_point time="197"> <text><![CDATA[If your employer is involved in the sale of goods or provides certain services, he or she may be liable to collect and pay sales tax.]]></text> </main_point> <main_point time="207"> <text><![CDATA[Sales tax amounts vary across the country, and forms sent by the state and county explain how much to collect.]]></text> </main_point> <main_point time="215"> <text><![CDATA[Periodically, usually once each month, sales tax reports are sent to each business.]]></text> </main_point> <main_point time="220"> <text><![CDATA[These must be filled out and returned with a check for the sales tax collected.]]></text> </main_point> <main_point time="227"> <text><![CDATA[A variety of employment withholding taxes must be filed and paid.]]></text> </main_point> <main_point time="232"> <text><![CDATA[For example, the federal and state taxes, Social Security tax, and Medicare fees owed the government by the employees, and that are withheld from employee paychecks, must be paid periodically to the IRS and the state taxing authority.]]></text> </main_point> <main_point time="246"> <text><![CDATA[Federal and state guides for employers are available to explain how much to withhold from an employee’s check and when payments are due.]]></text> </main_point> <main_point time="254"> <text><![CDATA[These withholding tax payments must be made promptly.]]></text> </main_point> <main_point time="258"> <text><![CDATA[In some cases, the deadline is as fast as three days following the pay date.]]></text> </main_point> <main_point time="263"> <text><![CDATA[Form 941 must be filled out each quarter for federal tax reporting. Payments are made by using the tax coupon books at your local bank.]]></text> </main_point> <main_point time="274"> <text><![CDATA[Another withholding tax is the unemployment tax, levied against businesses by your local state government throughout the year.]]></text> </main_point> <main_point time="281"> <text><![CDATA[If the company files with the state department of labor and the U.S. Department of Labor, it receives reporting forms a few weeks before the filing deadlines.]]></text> </main_point> <main_point time="291"> <text><![CDATA[State taxes and report forms are sent to the state through the mail along with the payment.]]></text> </main_point> <main_point time="296"> <text><![CDATA[On the federal level, this tax requires filling out Form 940 once each year and using the coupon book to make the payment at the company’s local bank.]]></text> </main_point> <main_point time="308"> <text><![CDATA[If your boss does business as a partnership or a sole proprietor, he or she receives profits directly from the company.]]></text> </main_point> <main_point time="317"> <text><![CDATA[No Social Security tax is withheld from these profits.]]></text> </main_point> <main_point time="321"> <text><![CDATA[Therefore, when it comes time to file annual tax returns, your employer must pay a self-employment tax and file a Schedule SE.]]></text> </main_point> <main_point time="330"> <text><![CDATA[At the same time, any nonincorporated business owner must also file a Schedule C to report his or her business income.]]></text> </main_point> <main_point time="338"> <text><![CDATA[Just as employees on a payroll must pay their taxes throughout the year through withholding, so anyone owing self-employment tax must make estimated tax payments throughout the year.]]></text> </main_point> <main_point time="349"> <text><![CDATA[This can be done using 1040ES forms available from the IRS and sending payments to the IRS office for the particular IRS estimated tax region.]]></text> </main_point> <main_point time="365"> <text><![CDATA[What about you? Are you self-employed?]]></text> </main_point> <main_point time="372"> <text><![CDATA[If you are a part-time secretary and do not have “employee” status, your employer may consider you an independent contractor.]]></text> </main_point> <main_point time="381"> <text><![CDATA[This means that the employer will not withhold taxes from your check, and like a business owner, you are then liable for paying your own taxes.]]></text> </main_point> <main_point time="389"> <text><![CDATA[Depending on how much you earn, you may be required to make estimated tax payments throughout the year.]]></text> </main_point> <main_point time="396"> <text><![CDATA[Whether you are an employee or a contractor is a difficult question to answer.]]></text> </main_point> <main_point time="403"> <text><![CDATA[The Department of Labor and IRS usually state that if you work at the company’s place of business, use its tools, and work specific hours set by the company, then you are an employee.]]></text> </main_point> <main_point time="414"> <text><![CDATA[If you work at home, use your own computer, and come and go when you please, then you might be considered a contractor.]]></text> </main_point> <main_point time="423"> <text><![CDATA[The difference in your status can determine whether your employer is liable to pay half of your Social Security taxes (rather than your being solely responsible for self employment taxes).]]></text> </main_point> <main_point time="435"> <text><![CDATA[In addition, an employer may pay unemployment tax and workers compensation.]]></text> </main_point> <main_point time="441"> <text><![CDATA[Workers compensation, sometimes called workers comp, is a state-funded insurance policy for employees who become injured or disabled while on the job.]]></text> </main_point> <main_point time="450"> <text><![CDATA[If you are injured, the insurance policy pays for some of your medical bills as well as a portion of your wages while you are off the job.]]></text> </main_point> <main_point time="457"> <text><![CDATA[Workers compensation is required in many states but varies depending on the business size.]]></text> </main_point> <main_point time="464"> <text><![CDATA[In most states, businesses pay local county and state governments a tax on inventory and on real property such as land or buildings.]]></text> </main_point> <main_point time="476"> <text><![CDATA[This tax is filed once each year.]]></text> </main_point> <main_point time="479"> <text><![CDATA[Land property tax bills are usually mailed each year, just like those that are sent to you if you own a home.]]></text> </main_point> <main_point time="484"> <text><![CDATA[Net worth taxes are usually reported and paid at the same time the annual tax return is filled out.]]></text> </main_point> <main_point time="491"> <text><![CDATA[Taxes must be paid on business assets as well as cash and investments.]]></text> </main_point> <main_point time="497"> <text><![CDATA[All partnerships and sole proprietors along with some corporations are required to obtain a business license from the city and sometimes from the county where they are located and conduct business.]]></text> </main_point> <main_point time="509"> <text><![CDATA[To obtain a business license, the business owner must fill out paperwork and pay an annual fee.]]></text> </main_point> <main_point time="515"> <text><![CDATA[Business licenses can be renewed each year by paying an annual fee.]]></text> </main_point> <main_point time="523"> <text><![CDATA[Many tax-planning aids are available from the IRS and your state department of revenue.]]></text> </main_point> <main_point time="528"> <text><![CDATA[Check your telephone book for the correct numbers, and call to ask for employers’ guides and needed forms.]]></text> </main_point> <main_point time="533"> <text><![CDATA[Keep these on hand so your boss will always have them available in order to meet a deadline.]]></text> </main_point> <main_point time="539"> <text><![CDATA[That concludes our lesson today.]]></text> </main_point> <main_point time="541"> <text><![CDATA[Check the above resource tab and you’ll find many of the aforementioned tax forms and tools.]]></text> </main_point> <main_point time="546"> <text><![CDATA[Have a great day.]]></text> </main_point> <main_point time="547"> <text><![CDATA[]]></text> </main_point> </points> <definitions> <definition word="*" definition="*"/> </definitions> <html_text><![CDATA[<p><A HREF="Event:Time_0"> Hi, my name is Ty.</A><A HREF="Event:Time_2"> In this lesson, we’ll provide a brief overview on business taxes.</A><A HREF="Event:Time_6"> We’ll talk about what different financial information you need to keep track of and provide some great resources to help you properly file your business taxes every year.</A><A HREF="Event:Time_14"> Let’s begin.</A><A HREF="Event:Time_17"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Although your duties may not include filling out tax forms, it can be important to know what taxes are payable when and what forms are required.</A><A HREF="Event:Time_26"> If you work for a small business, your chance is greater of being asked to help in this area.</A><A HREF="Event:Time_30"> But if in no way else, you can help by keeping a list of tax forms and due dates and by reminding your employer a few weeks in advance of each deadline.</A><A HREF="Event:Time_42"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> If the business that employs you is a corporation, a corporate tax form is due each year.</A><A HREF="Event:Time_52"> This is Form 1120, and it’s due March 15 of each calendar year, one month prior to the due date for personal returns.</A><A HREF="Event:Time_60"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Throughout the year, estimated tax payments are also due; these are payable January 15, April 15, June 15, and September 15.</A><A HREF="Event:Time_72"> To pay estimated taxes, a tax coupon book must be obtained from the Internal Revenue Service (IRS).</A><A HREF="Event:Time_79"> This coupon book is used to make payments for a variety of different taxes.</A><A HREF="Event:Time_83"> When filled out correctly, the coupon shows the type of tax (in this case, 1120), along with the particular quarter of the year for which the payment is being made.</A><A HREF="Event:Time_93"> Rather than send these payments directly to the IRS, you may pay them at the bank where the company maintains its checking account.</A><A HREF="Event:Time_101"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> The Electronic Federal Tax Payment System (EFTPS) is one of the most successful federal government programs undertaken in recent years.</A><A HREF="Event:Time_111"> Millions of businesses are already enrolled in this system.</A><A HREF="Event:Time_114"> It saves time and money, since there are no more last-minute trips to the bank or post office, lost checks, or missed deadlines.</A><A HREF="Event:Time_121"> Here’s how it works.</A><A HREF="Event:Time_122"> By 8:00 p.m. Eastern Time—at least one calendar day prior to your tax due date—you log on to the EFTPS website, enter your tax payment report, review the information, and click SUBMIT to initiate the payment.</A><A HREF="Event:Time_137"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Per your instructions, EFTPS automatically debits your indicated bank or credit union account and transfers the funds to the U.S. Treasury on the date you indicate.</A><A HREF="Event:Time_148"> Your tax records are updated with the IRS.</A><A HREF="Event:Time_150"> In order to use EFTPS, you must enroll online at www.EFTPS.com.</A><A HREF="Event:Time_158"> After enrolling, you will receive a PIN and password.</A><A HREF="Event:Time_163"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> If your state charges an income tax (and most do), the corporation must also pay estimated state taxes.</A><A HREF="Event:Time_172"> You must obtain a state coupon book and make quarterly payments.</A><A HREF="Event:Time_176"> In most cases these payments are made directly to the state by sending them in the mail.</A><A HREF="Event:Time_182"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> The franchise tax is an annual state tax on corporations payable to the secretary of state’s office in order to keep the corporation’s status current.</A><A HREF="Event:Time_194"> Usually the state sends the company a bill.</A><A HREF="Event:Time_197"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> If your employer is involved in the sale of goods or provides certain services, he or she may be liable to collect and pay sales tax.</A><A HREF="Event:Time_207"> Sales tax amounts vary across the country, and forms sent by the state and county explain how much to collect.</A><A HREF="Event:Time_215"> Periodically, usually once each month, sales tax reports are sent to each business.</A><A HREF="Event:Time_220"> These must be filled out and returned with a check for the sales tax collected.</A><A HREF="Event:Time_227"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> A variety of employment withholding taxes must be filed and paid.</A><A HREF="Event:Time_232"> For example, the federal and state taxes, Social Security tax, and Medicare fees owed the government by the employees, and that are withheld from employee paychecks, must be paid periodically to the IRS and the state taxing authority.</A><A HREF="Event:Time_246"> Federal and state guides for employers are available to explain how much to withhold from an employee’s check and when payments are due.</A><A HREF="Event:Time_254"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> These withholding tax payments must be made promptly.</A><A HREF="Event:Time_258"> In some cases, the deadline is as fast as three days following the pay date.</A><A HREF="Event:Time_263"> Form 941 must be filled out each quarter for federal tax reporting. Payments are made by using the tax coupon books at your local bank.</A><A HREF="Event:Time_274"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Another withholding tax is the unemployment tax, levied against businesses by your local state government throughout the year.</A><A HREF="Event:Time_281"> If the company files with the state department of labor and the U.S. Department of Labor, it receives reporting forms a few weeks before the filing deadlines.</A><A HREF="Event:Time_291"> State taxes and report forms are sent to the state through the mail along with the payment.</A><A HREF="Event:Time_296"> On the federal level, this tax requires filling out Form 940 once each year and using the coupon book to make the payment at the company’s local bank.</A><A HREF="Event:Time_308"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> If your boss does business as a partnership or a sole proprietor, he or she receives profits directly from the company.</A><A HREF="Event:Time_317"> No Social Security tax is withheld from these profits.</A><A HREF="Event:Time_321"> Therefore, when it comes time to file annual tax returns, your employer must pay a self-employment tax and file a Schedule SE.</A><A HREF="Event:Time_330"> At the same time, any nonincorporated business owner must also file a Schedule C to report his or her business income.</A><A HREF="Event:Time_338"> Just as employees on a payroll must pay their taxes throughout the year through withholding, so anyone owing self-employment tax must make estimated tax payments throughout the year.</A><A HREF="Event:Time_349"> This can be done using 1040ES forms available from the IRS and sending payments to the IRS office for the particular IRS estimated tax region.</A><A HREF="Event:Time_365"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> What about you? Are you self-employed?</A><A HREF="Event:Time_372"> If you are a part-time secretary and do not have “employee” status, your employer may consider you an independent contractor.</A><A HREF="Event:Time_381"> This means that the employer will not withhold taxes from your check, and like a business owner, you are then liable for paying your own taxes.</A><A HREF="Event:Time_389"> Depending on how much you earn, you may be required to make estimated tax payments throughout the year.</A><A HREF="Event:Time_396"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Whether you are an employee or a contractor is a difficult question to answer.</A><A HREF="Event:Time_403"> The Department of Labor and IRS usually state that if you work at the company’s place of business, use its tools, and work specific hours set by the company, then you are an employee.</A><A HREF="Event:Time_414"> If you work at home, use your own computer, and come and go when you please, then you might be considered a contractor.</A><A HREF="Event:Time_423"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> The difference in your status can determine whether your employer is liable to pay half of your Social Security taxes (rather than your being solely responsible for self employment taxes).</A><A HREF="Event:Time_435"> In addition, an employer may pay unemployment tax and workers compensation.</A><A HREF="Event:Time_441"> Workers compensation, sometimes called workers comp, is a state-funded insurance policy for employees who become injured or disabled while on the job.</A><A HREF="Event:Time_450"> If you are injured, the insurance policy pays for some of your medical bills as well as a portion of your wages while you are off the job.</A><A HREF="Event:Time_457"> Workers compensation is required in many states but varies depending on the business size.</A><A HREF="Event:Time_464"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT">In most states, businesses pay local county and state governments a tax on inventory and on real property such as land or buildings.</A><A HREF="Event:Time_476"> This tax is filed once each year.</A><A HREF="Event:Time_479"> Land property tax bills are usually mailed each year, just like those that are sent to you if you own a home.</A><A HREF="Event:Time_484"> Net worth taxes are usually reported and paid at the same time the annual tax return is filled out.</A><A HREF="Event:Time_491"> Taxes must be paid on business assets as well as cash and investments.</A><A HREF="Event:Time_497"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> All partnerships and sole proprietors along with some corporations are required to obtain a business license from the city and sometimes from the county where they are located and conduct business.</A><A HREF="Event:Time_509"> To obtain a business license, the business owner must fill out paperwork and pay an annual fee.</A><A HREF="Event:Time_515"> Business licenses can be renewed each year by paying an annual fee.</A><A HREF="Event:Time_523"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> Many tax-planning aids are available from the IRS and your state department of revenue.</A><A HREF="Event:Time_528"> Check your telephone book for the correct numbers, and call to ask for employers’ guides and needed forms.</A><A HREF="Event:Time_533"> Keep these on hand so your boss will always have them available in order to meet a deadline.</A><A HREF="Event:Time_539"></P><p ALIGN="LEFT"></P><p ALIGN="LEFT"> That concludes our lesson today.</A><A HREF="Event:Time_541"> Check the above resource tab and you’ll find many of the aforementioned tax forms and tools.</A><A HREF="Event:Time_546"> Have a great day.</A><A HREF="Event:Time_547"></P></A>]]></html_text> </transcript>
Outline: 
<outline version="1.5"> <points> <main_point godTime="0" subPoint="0" index="0"><![CDATA[<p class="title">Filing Business Taxes </p>]]></main_point> <main_point godTime="40" subPoint="0" index="1"><![CDATA[<span class="ll-bullet"><img src="https://aklearning.com/assets/img/slim_poll.png" width="30" height="10" vspace="0"/></span><p class="ll">Poll</p>]]></main_point> <main_point godTime="42" subPoint="0" index="2"><![CDATA[<p class="a-head">Federal Business Income Taxes</p><span class="spacing"><br /></span>]]></main_point> <main_point godTime="136" subPoint="0" index="3"><![CDATA[<span class="ll-bullet"><img src="https://aklearning.com/assets/img/slim_wiki.png" width="30" height="10" vspace="0"/></span><p class="ll">In-depth Information</p>]]></main_point> <main_point godTime="227" subPoint="0" index="4"><![CDATA[<p class="a-head">Employment Withholding Taxes</p><span class="spacing"><br /></span>]]></main_point> <main_point godTime="308" subPoint="0" index="5"><![CDATA[<p class="a-head">Self-Employment Tax</p><span class="spacing"><br /></span>]]></main_point> <main_point godTime="364" subPoint="0" index="6"><![CDATA[<span class="ll-bullet"><img src="https://aklearning.com/assets/img/slim_youtube.png" width="30" height="10" vspace="0"/></span><p class="ll">Tax Filing Scramble</p>]]></main_point> <main_point godTime="365" subPoint="0" index="7"><![CDATA[<p class="a-head">Determining Status and Effects of Status</p><span class="spacing"><br /></span>]]></main_point> <main_point godTime="547" subPoint="0" index="8"><![CDATA[<span class="ll-bullet"><img src="https://aklearning.com/assets/img/link_icon.png" width="30" height="10" vspace="0"/></span><p class="ll">Verbal Survey: Going Forward</p>]]></main_point> </points> </outline>
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Student: 
Samson Lau
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2