The IRS deadline, to file the second quarter 941 form (Employer’s Quarterly Federal Tax Return) is nearing. To be compliant with government regulations this is one of many payroll forms business owners and employers need to prepare. Employers use this form to report wages paid, tips received by employees, federal income tax withheld, both the employee and employer portion 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.
Those employers, who filed the first quarter 941 form, for 2009, may recall the credit for COBRA premium assistance payments line was a new addition at the time. This line was added to accommodate the COBRA premium benefits outlined in the American Recovery and Reinvestment Act of 2009.
Form 941 is due the last day of the month that follows the end of the quarter. Second quarter 941 Form is due on July 31, 2009 and includes payroll periods in April, May and June. Third quarter 941 Form is due October 31, 2009 and includes payroll periods in July, August and September. Fourth quarter 941 Form is due January 31, 2010 and includes payroll periods in October, November and December.
Preparing this can be cumbersome and time consuming. Comprehensive payroll software that includes payroll forms and reports can save business owners time and money. An automated payroll solution can save employers from possible mistakes during tedious calculations when completing payroll forms.
Many states have undergone tax table changes in 2009. Another dilemma averted by an automated payroll program. Receive automatic tax table updates and payroll forms with Payroll Mate. Payroll Mate is a user friendly, cost effective payroll solution.
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