As an employer, you have numerous tax responsibilities, one of which is filing state and federal employee payroll tax quarterly and at the end of each taxable year. These taxes are withheld from each of your employees’ paychecks, and you must submit these withholdings regularly to the federal government. Usually, payroll taxes are calculated by subtracting statutory and voluntary payroll deductions from the employees’ gross pay to arrive at net pay for the year. Though this may sound simple, it can actually become quite confusing, especially if you are in charge of a large workforce. If the thought of filing payroll tax for your employees fills you with trepidation, the experienced, and knowledgeable accountants at Sarasota’s Koontz & Parkin, CPAs can help you calculate and file these returns so you can focus on the myriad of other things you need to do.
There are multiple forms of payroll tax that must be calculated and filed. They include:
In addition, employers must take into consideration voluntary payroll deductions such as health insurance, life insurance, retirement plans such as 401(k)’s, stock purchase plans, meals, uniforms, and union dues.
Employee payroll tax must be filed monthly or semi-weekly, and your business must follow schedules according to federal law. These laws and requirements can change at the beginning of every taxable year, so it is important to keep on top of the regulations for the year. Beginning in January and extending through April, there are a number of other forms such as W-2s and 1099s that you are required to file. In short, filing and keeping track of payroll tax can be a full-time job in itself, depending on the number of employees you have.
Jo Ann M. Koontz and Marina Parkin offer a powerful combination of in-depth knowledge of tax regulations, a firm grasp of the business world, and years of experience representing clients. To schedule a consultation, call the Sarasota office of Koontz & Parkin, CPAs at 941.328.3993.