If you’re new to business it can be easy to think that payroll starts and stops at issuing checks to your employees, but this isn’t the case. In today’s video, we’ll be going over the payroll tax obligations business owners with employees need to be aware of.

The 941 is an employer's quarterly tax return that employers have to file on a quarterly basis. It has to be filed by end of April, July, October and January.

Form 941 reports the number of employees you had for that quarter, as well as their total wages and the withholdings for federal income tax. It also reports both the employee and employers’ share of FICA taxes, which comprised Social Security and Medicare taxes.

Depending on what state you're in, you have to file a quarterly state unemployment report, which is usually due at the same time as the 941.

Other than the quarterly reports, the other three annual payroll forms business owners will have to file are due yearly on January 31st. These are the W2s, W3 and Form 940.

Make sure you send copies of your W2 forms to the IRS and the SSA, as not doing so could result in a civil penalty.


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Form W2, W2, W2, W 2, Form W3, W3, W3, W 3, Form 940, 940, Form 941, 941, State Unemployment, Texas C3, How to file, Taxes Explained, Small Business Advice,
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DISCLAIMER:
Tax Tips discussed here were prepared for the purpose of this video. To apply these strategies, please consult with your CPA or professional tax preparer.