Monday, June 6, 2011     17:19

Payroll

Confirm payroll tax liabilities for the year

Vendor Statement Reconciliation

Employers are obligatory to make federal payroll tax payments to the government, as well as filing the proper reporting and informational returns. Employers should also offer employees and contractors with W-2 and 1099 reports explaining the compensation paid and suppression amounts. There might be state requirements as well. The rules can be complex and consequences for noncompliance severe, which is why the administration of payroll tax responsibilities is often outsourced by small businesses.
Appropriately handling payroll tax responsibilities includes not only making sure that your federal and state taxes are paid and reported to the suitable tax agencies, but also contains reporting responsibilities to employees and contractors, as well as recordkeeping requirements. Particular and appropriate compliance is the key to avoiding payroll tax consequences!

When you hire your first employee, you'll need to register with the IRS and, maybe, your state and local tax agencies. In addition to conveying you an employer identification number (EIN) for use on all your correspondence, deposits, returns, and other documents, the tax agencies will typically supply you with information about your particular payroll tax obligations and with the forms you'll need to use when you deposit the taxes and file returns.

For federal payroll tax determinations paying the government the money you owe and filing supporting returns that show how you computed the taxes are done separately:

  • Federal tax deposits must be made on a periodic basis.
  • Federal tax returns must be filed on a quarterly or annual basis.

Federal Tax Deposits Must Be Electronic
Beginning in 2011, federal tax deposits should be made electronically. There are four methods that an employer can use to electronically transmit tax payments:

  • Use the Treasury Department's free Electronic Federal Tax Payment System (EFTPS), either online or the voice response system.
  • Ask your financial institution to initiate an ACH Credit payment on your behalf.
  • Ask a trusted third party, such as a tax professional or payroll service, to make the payment for you.
  • In extraordinary situations, ask your financial institution to make a same-day tax wire payment for you.

 

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