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Alpha Teach Yourself Bookkeeping in 24 Hours by Carol Costa

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Hour 14

Wage Earners and the Self-Employed

Chapter Summary

In this hour you will learn about…

  • Net paychecks
  • Issuing W-2s
  • The self-employed
  • Issuing and receiving 1099s
  • Self-employment taxes

At the end of every calendar year, bookkeepers are faced with one final payroll task. Every employee who has been on the company’s payroll during the past year, even if only for a short time, must receive a W-2 from the company.

 

The bookkeepers who manage the payroll system and issue the paychecks are also employees. Knowing how to compute wages and calculate tax deductions for others may be all in a day’s work but, when the office closes, the bookkeeper has to deal with his or her own finances. This includes reviewing his or her own wages and taxes at the end of the ...

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