Payroll, Payroll Taxes and Forms
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Payroll Taxes and Recordkeeping




Every business with employees needs to understand their responsibilities with respect to writing payroll checks, paying payroll taxes, paying workers compensation premiums, filing numerous payroll forms and how payroll software can help them meet those responsibilities.


Payroll starts with employees. What exactly is the IRS definition of an employee? Can I pay my workers as independent contractors and avoid paying the employer matching social security and Medicare payroll taxes? How do employers get an EIN? And what do employers need to know about workers compensation and unemployment taxes?


Once you have employees and begin withholding taxes you create a "trust fund" or debt to the U.S. Treasury and your State Revenue Department. Withholding and payroll taxes are paid to the government in accordance with strict deposit guidelines. Failure to deposit or pay withholding and payroll taxes, or failure to pay timely, may result in severe company and individual penalties.

Payroll Penalties

 Late Payment Penalties

 Payroll Penalties

 How To Reduce Payroll Penalties

 Responsible Individual

Once the taxes are paid, monthly, quarterly and annual tax forms are required to be filed. And more penalties apply for late filing of these required employment tax returns.

Sounds overwhelming? Well it really is! That's why it's a good idea to use a payroll software program. Since you probably already have a computer and laser printer you are payroll software enabled. See our page on payroll software and find out what to look for in a payroll software program

We'll try and make payroll, payroll taxes, workers compensation and selecting a payroll software program a little less challenging.

2009-2010 Social Security, Medicare and FUTA Wage Base

Social Security Wage Base 2009/2010 $106,800/$106,800
Social Security tax rate .062
Medicare Wage Base None
Medicare tax rate .0145
FUTA Wage Base $7,000
Federal Unemployment rate .8% *

*Assumes a 5.4% credit for unemployment taxes paid to your state.

Payroll Taxes

 Depositing Payroll Taxes

 Guidelines for Payroll Deduction Contributions to Charities

 Payroll Tax

 Unpaid Trust Fund Taxes

 Computing and Depositing FUTA

 FUTA Reporting

 State Unemployment Tax

 Unemployment Taxes

EMPLOYERS

Calculate Net Pay
An example of how to calculate net pay. Payroll processing requires calculating gross pay and the necessary withholding taxes which include: federal and state income tax, social security tax and Medicare taxes.

EIN - Employer's Identification Number
Purpose of and how to apply for an EIN - Employers Identification Number

Nanny Tax
When you hire a household employee to work on a regular basis, you need to complete certain forms and pay a number of taxes.

New Hire Reporting
Employers are required to report information about their newly hired and rehired employees within 20 days of the date of hire.

Social Security Number Verification
The Social Security Number verification: documents and procedures.

PAYROLL RESOURCES

Payroll Forms

Form 8109
Form 8109-B
Form 940
Form 941
Form 944
Form W2
Form W3
Form W4
W-3 Reconciliation with Quarterly Form 941
Workers Compensation



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