The following list provides a brief summary of your basic responsibilities. Because the individual circumstances for each employer can vary greatly, responsibilities for withholding, depositing, and reporting employment taxes can differ.
New Employees:
- Verify work eligibility of new employees
- Record employees’ names and SSNs from social security cards
- Ask employees for Form W-4
Each Payday:
- Withhold federal income tax based on each employee’s Form W-4
- Withhold employee’s share of social security and Medicare taxes
- Deposit:
- Withheld income tax
- Withheld and employer social security taxes
- Withheld and employer Medicare taxes
- Note: Due date of deposit generally depends on your deposit schedule (monthly or semiweekly).
Quarterly (By April 30, July 31, October 31, and January 31):
- Deposit FUTA tax if undeposited amount is over $500
- File Form 941 (pay tax with return if not required to deposit)
Annually:
- File Form 944 if required (pay tax with return if not required to deposit)
- Remind employees to submit a new Form W-4 if they need to change their withholding
- Ask for a new Form W-4 from employees claiming exemption from income tax withholding
- Reconcile Forms 941 (or Form 944) with Forms W-2 and W-3
- Furnish each employee a Form W-2
- File Copy A of Forms W-2 and the transmittal Form W-3 with the SSA
- Furnish each other payee a Form 1099 (for example, Form 1099-MISC)
- File Forms 1099 and the transmittal Form 1096
- File Form 940
- File Form 945 for any nonpayroll income tax withholding
You can review the IRS calendar in Publication 15.
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