federal payroll forms
Note: Not all forms on this list are required for all taxpayers. QuickBooks Assisted Payroll only prepares and files the forms that apply to your company.
Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return is an annual tax form on which you report your federal unemployment (FUTA) tax liability. Beginning in the 2006 tax year, the IRS redesigned and simplified the Form 940. How quickbooks calculates numbers on Form 940
You must complete and file Schedule A (Form 940): Multi-State Employer and Credit Reduction Information with if you were required to pay:
- State unemployment tax in more than one state.
- Wages in any state that is subject to credit reduction.
You complete the Computation of State Unemployment Credit Adjustment Worksheet if any of your state unemployment payments were made after the Form 940 filing due date. If you pay your 940 payment late, you’re limited to 90% of the credit reduction allowed if you made your payment on or before the due date.
Beginning with the 2006 tax year, the redesigned Form 940 replaces previous versions of both Form 940-EZ (abbreviated version of Form 940) and Form 940. The redesigned Form 940 replaces two forms with one simplified form that should make preparing your tax return easier. If you filed Form 940-EZ before, you must now use the redesigned Form 940.
You are required to file a Schedule B with your Form 941 if you are:
- A semiweekly schedule depositor.
- A monthly schedule depositor who accumulated a $100,000 tax liability on any given day in the quarter.
Schedule B is used to report the employer’s daily tax liability (income tax withheld, plus both employee and employer social security and Medicare taxes, minus any advanced earned income credit payments).
You file these returns quarterly, on a calendar-year basis, even if your fiscal year is different from the calendar year. How quickbooks calculates numbers on Form 941
Some employers with smaller payrolls will file Form 944, Employer’s ANNUAL Federal Tax Return each year, instead of filing Form 941, Employer’s QUARTERLY Federal Tax Return each quarter. Generally, if you have annual liability of $1,000 or less for withheld income tax, Social Security and Medicare tax, you are affected by this change in filing requirement and you will be notified by the IRS early in the year.
Form 944 is a payroll tax form on which you report:
- Employee wages you have paid
- Tips your employees have received
- Federal income tax you withheld
- Both the employer’s and the employee’s share of social security and Medicare taxes
- Advance earned income tax credit (EIC) payments
You file these returns annually, on a calendar-year basis, even if your fiscal year is different from the calendar year. How quickbooks calculates numbers on Form 944
Important: If your annual tax liability is less than $2,500, you can deposit your tax payment with your Form 944 return if you file your return on time. Note that the $2,500 threshold for tax deposits are different than the $1,000 annual tax liability that enables an employer to file Form 944. For more the most current information about deposit requirements for Form 944 filers, review the Federal Tax Deposit Requirements for Form 944 Filers chart in the IRS Form 944 instructions or contact the IRS.
Companies who employ agricultural workers must report Social Security and Medicare taxes and federal income tax withheld on Form 943, Employer’s Annual Tax Return for Agricultural Employees. If the tax liability is deposited semiweekly, the 943 filer is required to list the liability amounts on Form 943-A.
QuickBooks includes an Excel workbook containing worksheets designed to collect and organize data required in Form 943. The 943 worksheet shows totals for taxable wages and the tax amounts for federal income tax withholding, Social Security, and Medicare. It also shows the total for advance earned income payments. You can summarize the 943 data in Excel and use the information to file Form 943 with the IRS.
QuickBooks Standard and Enhanced Payroll customers can also prepare Forms 943 and 943-A in QuickBooks.
Form W-2 (Wage and Tax Statement) is the end-of-year form you send to each employee and submit to federal, state, and local tax agencies. The form shows the employee’s wages and taxes withheld for the year.
Form W-3 (Transmittal of Wage and Tax Statements) is a summary of all the W-2 forms you are submitting to the federal government.
Last updated 12/17/2007. 2008 Intuit Inc. All rights reserved.