Federal Payroll Tax and Information Return Filing Requirements: New Quick Reference Chart Added
XpertHR has added a helpful new Quick Reference chart to its payroll resources, Federal Payroll Tax and Information Return Filing Requirements.
The Internal Revenue Service (IRS) and the Social Security Administration (SSA) require all employers to file certain payroll tax and information returns on a quarterly or annual basis by certain deadlines. The information an employer reports on these returns is used by the IRS, the SSA and state and local tax agencies to determine whether the employer has withheld from employees' pay (and deposited) the required federal income tax, state and local income taxes, and employment taxes (e.g., Social Security and Medicare tax, Federal Unemployment tax). An employer (i.e., as a payor) also uses certain returns to report to these agencies any payments made to nonemployees, such as independent contractors, for services performed.
This new chart summarizes the requirements for an employer to properly complete and timely file the quarterly and annual federal payroll tax and information returns required by the IRS and SSA, as well as to timely provide the correct copies of information returns to the appropriate recipients. The chart also summarizes how an employer can correct errors on a previously filed return.