Payroll Tax Forms

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What are some payroll tax forms?

Payroll Tax Forms

If you have any employees, even if only one person, you need to withhold payroll taxes from his or her paycheck. Payroll taxes you need to withhold include: federal income tax, state income tax (if any), social security tax, and Medicare tax. Social security and Medicare tax combined is known as FICA. You also need to pay your share of federal unemployment taxes. Here are some the forms involved in the payroll field when you have employees:

Form 8109-B. Federal Tax Deposit Coupon will be used by you monthly to pay the IRS the amount of federal taxes you withheld from your employees paychecks. These coupons must be included with each deposit you make.

940 – Annual Federal Unemployment Tax Return. This is the IRS tax form you use to report and pay the total amount you need to pay into the federal unemployment tax (FUTA) system.

940-EZ. This IRS form is a shortened version of the 940. You can use it if the following situations are met: you have not hired a household employee to work in your private home, your business only uses FUTA to one state, all your state unemployment taxes were paid by January 31, 2007, and all FUTA paid was the same amount

941- Employer's Quarterly Federal Tax Return. This IRS form will be used by you to report and pay your (employer) share of the federal and FICA taxes withheld from your payroll. This form will contain the total wages you paid for the quarter, the number of employees, deposit amounts made throughout the month, and your tax amount due. This tax amount due will be decreased by the deposits you have made each month. Hopefully, this balance is close to zero. (If your recordkeeping is up to par, there will be no balance due on their tax return.)

941 – Payment Voucher. This is the IRS Form you use to pay your quarterly tax amount due (if any).

W-2. Wage & Tax Statement. This is the IRS tax form that reports the wages paid to employees. (Described in Employee Form tip)

W-4. Employee's Withholding Allowance Certificate. (Described in Employee Forms tip)

I-9. Employment Eligibility Verification. (Described in IRS Form section)



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