Employers have a responsibility to complete specific tasks related to wages paid to employees. Different types of businesses may require additional forms. It is always best to confirm your particular requirements with the IRS.
In January employers will be wrapping up the previous year’s reporting issues. Employers will file, with the IRS, the previous year’s 4th quarter 941 form. Determine if the tax withholding (federal, Social Security and/or Medicare) rates have changed from the previous year. If rates have changed you will need to make the necessary changes accordingly. The deadline for issuing W2 forms to employees also comes at the end of the month.
With the second month of the year come a few more tasks. This is the time to file W2 forms A and W3 with the SSA. Take the time to match form 941b totals W3 information.
April starts the second quarter of the tax year. File 1st quarter 941 form by the last day of April. The 2nd quarter 941 form is due the last day of July this includes payroll from April 1st through June 30th. In October third quarter 941 form is due including payroll periods July through September.
In November request Publication 393, MMREF instructions from SSA or IRS, if you have not received it. If employers plan on electronically filing W2 information they should update their password at SSA’s Business Services Online. Before the end of the year have your employees update their W-4 and W-5 forms for the next year. Whether electronic filing or paper filing submitters should test their form processes for the next year.
The beginning of the new tax year may be an excellent time to consider investing in payroll software. A complete payroll program can save users time and money at the same time avoiding costly calculation errors on payroll forms. For a free trial of Payroll Mate follow this link: payroll software download
To read this article in Spanish please follow this link:
Reporte De Salarios Para
Los Empleadores Con Software De Nomina
