Payroll Taxes

Redesigned Form 940 replaces previous Form 940 and Form 940-EZ. We have replaced both Form 940-EZ and Form 940 with a new simplified Form 940. If you filed Form 940-EZ before, you must now use the redesigned Form 940.

The amount of the elected non-taxable deferral is reported On Form W-2 in box 12. Enter the code of D and the section 401(k) amount. Do not include this amount in the W-2, box 1, Taxable wage amount.

Form 8109-B - Federal Tax Deposit Coupon was used before 2011 to make deposits for payroll taxes, corporate income taxes, and other tax deposits.
IMPORTANT Effective for tax payments after January 1, 2011 the IRS will not accept deposit coupons. All tax deposit transactions must be made through the Electronic Federal Tax Payment System (EFTPS). Learn how to use EFTPS to make tax payments electronically.

Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment tax's, corporation tax's and excise taxes.
Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10. Generally electronic funds transfer are made using the EFTPS system.
If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution.
To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477 1-800-555-4477.

Depositing FUTA tax in the bank with coupons has stopped.
Use IRS E-file to file and EFTPS to pay. Go to IRS.gov to E-file and www.eftps.gov or call 1-800-555-4477 to call for EFTPS The Federal unemployment Tax (FUTA)is reported and filed separately from the Employer's Quarterly Federal Tax Return Form 941.

Form 941 and Annual Form 944 will still have to be filed when no wages are paid unless you are considered a seasonal employer, farm employer or household employer.

The Employer's Quarterly Federal Tax Return (Form 941)for the 1st period January-March is due by April 30.
The Employer's Quarterly Federal Tax Return (Form 941)for the 2nd period April-June is due by July 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 3rd period July-September is due by October 31.
The Employer's Quarterly Federal Tax Return (Form 941)for the 4th period October- December is due by January 31st.
In any quarter, if all the taxes were timely deposited for the quarter, then the due date is extended 10 more days.
If the 941 reports are not filed timely, there is a late filing penalty. There is also a penalty for late paying with associated interest on the balance due.

Corrections are made using Form W-2C and Form W-3C. A copy of the corrected version should be given to the employee and also sent to the Social Security Administration.

The W-3 is a summary of an employer's W-2s for the calendar year. Employers and other payers must file Transmittal of Income Tax and Tax Statements, or Form W-3 with Copy A of Form W-2 by the last day in February.
The form is filed with: The Social Security Administration, Data Operations Center, Wilkes-Barre, PA 18769-0001. (Certified mail use 18769-0002)