Quarterly Payroll Tax Filings and Payments Reminders

Quarterly Payroll Tax Filings and Payments Reminders

Payroll and taxes are a necessary evil for all businesses if they want to stay afloat. Payroll Partners wants to remind existing clients of the following payroll taxes paid and reports filed on a quarterly basis:

Employer’s Quarterly Federal Tax Return (Form 941)

 
Filing the Form: Form 941 is used to report payroll taxes (Federal Income Tax, Social Security and Medicare) withheld from employees’ wages and tips to the Internal Revenue Service (IRS) on a quarterly basis. This form generally needs to be received by the IRS by April 30 for wages paid in the first quarter of the year (January-March), July 31 for wages paid in the second quarter of the year (April-June), October 31 for wages paid in the third quarter of the year (July-September), and January 31 for wages paid in the fourth quarter (October-December). As part of our payroll tax services, we at Payroll Partners file form 941 for all our tax filing clients. All clients have online access to copies of each form for future reference or needs.

Paying for Taxes:  Because payment of these taxes is required to be deposited monthly or semi-weekly to the IRS, Payroll Partners submits these payments for each client as individually required, and no additional payment is sent with the form.

Employer’s Annual Federal Unemployment (FUTA) Tax Return (Form 940)

 
Filing the Form: This form is used to report employers’ federal unemployment tax liability annually. Most employers file both a federal and a state unemployment tax return (churches are usually exempt from this requirement). Generally, the due date for filing form 940 is January 31 of the year following the year being reported on. As part of our payroll tax services, Payroll Partners files form 940 for all our tax filing clients.  All clients have online access to copies of each form for future reference or needs.

Paying for Taxes:  The FUTA tax applies to the first $7,000 each employer pays to each employee during a calendar year. Even though the filing requirement for this tax is annual, payment of these unemployment taxes is done quarterly, usually by April 30 for wages paid in the first quarter of the year, July 31 for wages paid in the second quarter, October 31 for wages paid in the third quarter, and January 31 for wages paid in the fourth quarter. Payment of these taxes are usually higher in the first quarter of the year as January is the start of a new payroll year for employers, and decrease the rest of the year as the $7,000 federal earnings threshold is met by each employee. As part of our payroll services, we at Payroll Partners submit FUTA tax payments for all our clients the last week of April, July, October and/or January depending on the quarter being paid.

State Unemployment (SUTA) Tax Reports/Returns

 
Filing State Unemployment Tax Forms: State unemployment tax forms or returns vary by state and are used to report employee earnings to the State unemployment department on a quarterly basis. These forms generally need to be received by the State by April 30 for wages paid in the first quarter, July 31 for wages paid in the second quarter, October 31 for wages paid in the third quarter, and January 31 for wages paid in the fourth quarter. As part of our payroll services, Payroll Partners files state unemployment tax forms for all our tax filing clients, and clients have online access to copies of each form for future reference or needs.

Paying for Taxes:  SUTA earning thresholds and tax rates vary by state. Payments for these taxes are usually higher in the first quarter of the year as January is the start of a new payroll year for employers, and decrease the rest of the year as the State’s earnings threshold is met by each employee.  Because payment of these taxes is generally required by each State’s unemployment department on a quarterly basis, Payroll Partners submits these payments for all our tax filing clients the last week of April, July, October and/or January depending on the quarter being paid.

State/Local Income Tax Withholding Tax Reports/Returns

 
Filing State/Local Income Tax Withholding Tax Forms: These forms or returns vary by state and local municipality and are used to report employee earnings to their state/local revenue department on a quarterly, monthly or semiweekly basis, depending where the business and employees resides. As part of our payroll tax services, we at Payroll Partners file state/local income tax withholding tax reports/returns for all our tax filing clients. All clients have online access to copies of each form for future reference or needs.

Paying for Taxes:  Because payment of these taxes is made either quarterly, monthly or semi-weekly to states and/or local municipalities depending on their payment requirements. Payroll Partners submits these payments for each tax filing client as individually required.

As always, feel free to contact us if you have any questions related to your specific tax filing and payment status.  You can reach out to us toll free at (866) 757-8111 Monday-Thursday from 8:00AM-5:00PM and Fridays 8:00AM-4:30PM Central Standard Time.

Legal Disclaimer: Payroll Partners are not engaged in the practice of law. The content in this email should not be construed as legal advice, and does not create an attorney-client relationship. If you have legal questions concerning your situation or the information you have obtained, you should consult with a licensed attorney. Payroll Partners cannot be held legally accountable for actions related to this article.