QuickBooks 2015: The Missing Manual by Bonnie Biafore

Author:Bonnie Biafore [Bonnie Biafore]
Language: eng
Format: epub
Tags: COMPUTERS / Desktop Applications / General
ISBN: 9781491948705
Publisher: O’Reilly Media
Published: 2014-10-19T16:00:00+00:00

A state payroll account. Each state is different. To learn about the IDs and forms that each state requires and the agencies that require them, head to payroll.intuit.com/support/compliance. You can also call your state’s Department of Revenue to find out what you need to do.

Once you have your EIN and payroll tax accounts set up, you’re ready to report and pay payroll taxes. Now all you need are some employees.

UP TO SPEED: Federal Taxes, Taxes, and More Taxes

As an employer, you have to handle two types of payroll taxes: the ones that your employees have to pay and those that your company pays. Payroll withholdings get their name because you withhold those taxes from your employees’ paychecks. But the money you withhold isn’t yours to keep: You have to send it to the IRS, the Social Security Administration, and, in some cases, your state. In addition, your company has to pay employer payroll taxes.

Here are the federal taxes you have to deal with:

Federal income tax. You withhold this tax from employees’ paychecks each pay period. The withholding amount is based on the info on the W-4 form each employee fills out. How often you remit taxes depends on the amount of with-holdings you owe the federal government (the remittance schedule starts monthly and is due the 15th of the following month). You report these taxes on Form 941 (www.irs.gov/pub/irs-pdf/f941.pdf), which is due quarterly.

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