Taxes
Filing Payroll Taxes
An organization has a large number of employees who receive a salary for the work they do. Some employees may be paid a stable salary while others are paid on the basis of productivity or the number of hours worked. All organizations having employees are in charge of paying payroll taxes. Payroll taxes are all the different forms of employment taxes paid by the organization and covers Federal and state income tax, social security and Medicare taxes and federal unemployment tax. Payroll taxes are deducted from the employees pay. Filing pay roll taxes becomes an important task in order to maintain proper record and pay taxes regularly.
There are a number of forms and documents that need to be filed with the IRS. Payroll taxes involve large number of deductions and exemptions that are to be taken into account during the filing process. First, pay roll taxes need to be calculated accurately and each of the employees is required to fill out a form know Form W-4. The form helps to calculate payroll taxes. The form is used to calculate federal and state income tax to be deducted from the salaries of the employees. Social security and Medicare deductions are also considered and the amount to be paid is calculated. Both the employer and the employee pay the calculated amount.
The organization must also file Form 941 with the IRS. In case of agricultural employees Form 943 needs to be filed. The amounts mentioned in Form 941 should be in accordance with the amounts given every month using tax coupons or the EFTPS. At the end of the tax year, Form 940, which is basically an information returns form, is required to be filed with the IRS. W-2 forms are also required to be filed with the IRS.
The IRS has its own website which provides all the information related to filing of payroll taxes. The rules and regulations specified on the IRS website must be strictly followed.
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Seth Miller
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