Step-by-step explanation:
1. Federal taxes exempt from dependent care:
The federal taxes exempt from dependent care are the FICA (Federal Insurance Contributions Act) taxes, which include Social Security tax and Medicare tax. These taxes are not applicable to dependent care expenses.
2. Forms 1099NEC and 1099MISC and the number of Form 1096:
If a company needs to produce both Forms 1099NEC (Nonemployee Compensation) and 1099MISC (Miscellaneous Income), a separate Form 1096 needs to be produced and submitted for each form.
Form 1096 is a summary transmittal form that consolidates the information reported on Forms 1099 and provides a summary to the IRS. Each type of 1099 form (1099NEC and 1099MISC) requires its own separate Form 1096. So, if a company is producing both Forms 1099NEC and 1099MISC, they would need to produce and submit two Forms 1096, one for each type.
3. Amending an entire year's SSA filings:
If a company needs to amend its entire year's SSA (Social Security Administration) filings, such as correcting errors in wage and tax statements (Forms W-2), they need to follow these steps:
a) Prepare corrected Forms W-2: Obtain the original Forms W-2 and prepare corrected versions with the accurate information. The corrected forms should be marked as "Corrected" and include the correct data.
b) Complete Form W-2c: Fill out Form W-2c (Corrected Wage and Tax Statement) for each corrected Form W-2. This form provides the corrected information and explains the changes made.
c) File with the SSA: Submit the corrected Forms W-2 and Form W-2c to the Social Security Administration. This can be done through electronic filing (e-filing) or by mailing paper forms.
d) Provide copies to employees: Furnish copies of the corrected Forms W-2 (with Form W-2c attached) to the affected employees so they have the accurate information for their tax records.
It's important to note that the process for amending SSA filings may vary based on specific circumstances and regulations. Companies should consult the SSA's guidelines, instructions, and contact the SSA directly for precise instructions and any additional requirements.