Tuesday, December 22, 2009

Fourth Quarter 941 Form

The IRS deadline, to file form 941 (Employer’s Quarterly Federal Tax Return), is soon approaching. Quarter Four Form 941, which includes payroll periods from October, September and December, is due on January 31, 2010.
Form 941
is one of the many payroll forms that a business owner or an employer needs to prepare to be in compliance with government regulations. This payroll form is used by employers to report wages paid, tips employees have received, federal income tax withheld, both the employer and employee share of social security and Medicare taxes, the current quarter’s adjustments to social security and Medicare tax for fraction of cents, sick pay, tips group-term life insurance, advanced earned income tax credit (EIC) payments and credit for COBRA premium assistance payments. Credit for COBRA premium assistance payments is new to form 941 this quarter. This box has been added to accommodate COBRA premium benefits set forth in the economic stimulus package.

Using payroll software can save a business owner vast amounts of time and energy. An automated payroll solution can keep a business owner from possible mistakes during tedious calculations.

Thursday, December 17, 2009

1099 Software Review

It is that time of year to be thinking about W2 and 1099 forms. Payroll Mate generates W2 forms for the user however if you also need to complete 1099 Misc forms for your vendors you may want to consider trying W2 Mate. W2 Mate supports 1099 Misc form printing. This software prints 1099 Misc copies B, C, state 1 and 2 to blank paper. W2 Mate supports a multitude of features/optional
that you can add to the program if they fit your needs such as e-filing.

1099 Software Reviews
can be a valuable tool when evaluating a product or you may want to test the product for yourself.

Download a free demo of 1099 software: W2 Mate download

Thursday, December 10, 2009

Payroll Mate 2010

Real Business Solutions has released Payroll Mate 2010. A few new features in the program are state reporting for California and New York and a general ledger report. The general ledger report can be exported as a .qif file to be imported directly into Quicken or an excel file.

Remember besides preparing for next year's payroll you have to prepare for end of the year wage reporting. Employers are required to file W-2 Forms (Wage and Tax Statements) for each of their employees. Employees whom have had income, Social Security and Medicare taxes withheld from their pay. A W-3 form is required to be filed with the W-2 Forms. A W-3 Form is a transmittal summary. This form gives a total amount and number of the W-2 forms being filed. W-2/W-3 forms are filed with the Social Security Administration not the Internal Revenue Service. At this time the SSA requires any employer filing more than 250 W-2 Forms to file those forms electronically versus mailing paper forms. W2 forms are to be issued to employees no later than January 31st. Employee copies consist of copies B, C and 2.
Payroll Mate
supports these forms.

Fourth quarter 941 forms are due January 31st encompassing payroll in October, November and December. Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax which is due February 1st. Payroll Mate supports both these federal tax forms.

To try this comprehensive payroll software for yourself download a free demo program from the following link:
Payroll Mate Demo

For more information about software and wage reporting supplies visit Real Business Solutions