Overview: The most important payroll process for all employers is undoubtedly withholding for federal, state and local income and employment taxes and timely remitting the amounts collected to the appropriate government agencies. In turn, proper withholding leads to correct employee paychecks, and timely remitting of withheld taxes avoids serious employer penalties.
The income and employment tax withholding process requires an employer to understand:
Author: Rena Pirsos, JD, Legal Editor
Updated to reflect notice requirements under the New York City Fair Work Practices ordinances, effective November 26, 2017, and forthcoming safe time amendments to the New York City Earned Sick Time Act.
This section reviews tax deposit schedules, the Electronic Federal Tax Payment System (EFTPS) and other electronic filing requirements, potential penalties for noncompliance, and important tax forms (e.g., 941, W-2, W-3, 1099).
Updated to include inflation-adjusted deposit threshold amounts, effective January 1, 2018.
Updated to reflect amended pay frequency and lag time requirements in Maine, effective November 1, 2017.
Updated to include a penalty for rejected EFT or ACH payments of withheld taxes, effective October 1, 2017.
In-depth review of the spectrum of Hawaii employment law requirements HR must follow with respect to withholding taxes.
An explanation of the process of payroll withholding of federal, state and local income taxes and Social Security and Medicare (FICA) taxes.