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12 Cards in this Set
- Front
- Back
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Federal Employer Identification Number (EIN) also referred to as taxpayer identification number is a..
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9 diget number that the IRS uses to identify the tax accounts. Use EIN number on all documents sent to the IRS and Social Security Administration
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Social security and Medicare tax pay for ...
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benefits that workers and families receive under the Federal Insurance Contributions Act (FICA)
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Deposit Schedule
You are a monthly schedule depositor if your total payroll tax liability for the previous four quarters was $50,000 or less. Payment are due on the ... |
fifteenth day of the following month after payments were made.
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Form 941- If you report less then $2,500 for the quarter, you can use the IRS Form 941, Quarterly Employers Tax Return to make payments by the due date of the return. If your tax oblation exceeds $2,500 for quarter, you are subject to payments according to the deposit schedule.
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Calculating Federal Unemployment Tax Act FUTA. Employers who pay the state unemployment tax, on a timely basis, will receive an...
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offset credit to the federal tax.
Deposits are made quarterly |
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Penalties- Accurate and prompt deposits are required to avoid penalties that can range...
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from 2% to 100% for your tax liability
Penalties apply if-- -you do not may payroll tax deposits on time. -make deposits for less then what required amount - don'e use the Electronic Federal Tax Payment System. |
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Penalties for-
1 to 5 days late 6 to 15 days late More then 16 days |
1 to 5 days late 2%
6 to 15 days late 5% More then 16 days 10% |
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Furnish W-2 form, Wage and Tax Statements to All Employees by...
and File 940 or 940-EZ, Employers Annual Federal Unemployment Tax Return by... |
January 31
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File Copy A of W-2 forms, Wage and Tax Statement with W-3 form, Transmittal of wage and Tax Statements with Social Security Administration by...
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February 28
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File Form 941 , Employer's Quarterly Federal Tax Return and deposit any undeposited income, social security and Medicare taxes
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By April 30, July 31, October 31, January 31
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Virginia Department of Taxation is the regulating agency for the state tax program
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Corporate Income Tax. Corporations that do business in Virginia are subject to corporate income tax of 6% of federal taxable income.
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