Payroll (Employment) Tax Forms


Being an employer you are obliged to report payroll taxes in the end of each fiscal year. In this case you have to prepare and file with SSA such forms as W-2, Wage and Tax Statement for reporting wages, tips and compensation paid to your employees and W-3, Transmittal of Wage and Tax Statements for transmitting a previously mentioned sample. Here you can also complete annual and quarterly tax statements for agricultural and household employees.

What is Employment Tax Returns?

Small business owners have to operate with piles of forms which might be very easy to get confused with. First, you need to understand which form is applicable to your situation. The Employment Tax Return allow employers to report the federal withholdings from most types of employees. The form has to be filed to the IRS and informs it about a number of significant details such as percentage of the salary paid by an employer to a worker.

Payroll taxes can be divided into two general categories:

  1. deductions from an employee’s wages;
  2. taxes paid by the hirer based on the employee's salary.

Payroll (employment) taxes refer to a list of employee-related costs that have to be paid by an employer, either through withholding or by direct payment, or both. Below you can find out more about how to avoid paperwork hassles and fill out your form online in a few simple steps.

Steps to Fill Out A Form Online

Choose the template you wish to work with from the list of online blank forms and click on it to preview your sample, then click on the document or the ‘Start Now’ button to start editing your document online. No additional software has to be installed on your PC, Mac, or mobile device!

Typically, the Payroll Tax Returns contains the following information:

  1. the number of workers you gave wages to for the reporting period
  2. total salaries
  3. taxable wages
  4. federal income withholdings
  5. Social Security and Medicare tax liabilities
  6. total payments made for the quarter
  7. total balance due.

A hirer has also to indicate adjustments for tips and sick pay and any over- and under- payment.

Provide all the required details in fillable fields. Complete the form accurately and check the provided data in order to avoid any errors. If necessary, download the document in PDF format, or print it out and get a paper copy you can fill out by hand.

Questions & answers

Employers use Form 941, Employer's Quarterly Federal Tax Return, to report income taxes, Social Security tax or Medicare tax withheld from employees' paychecks and to pay their portion of Social Security or Medicare tax. In the end, the information on your quarterly 941s must match your submitted Form W-2s.
The difference between a W-2 and W-4 is that the W-4 tells employers how much tax to withhold from an employee's paycheck; the W-2 reports how much an employer paid an employee and how much tax it withheld during the year. Both are required IRS tax forms.
Each year, every business with employees must file Form 940 to compute the amount of unemployment tax that must be paid on the federal level. This payroll tax is based on the first $7,000 of wages of each employee (including owners of S corporations who receive a salary for work performed for their businesses).
Generally, you must file Form 941, Employer's QUARTERLY Federal Tax Return or Form 944, Employer's ANNUAL Federal Tax Return to report wages you've paid and tips your employees have reported to you, as well as employment taxes (federal income tax withheld, social security and Medicare taxes withheld, and your share of ...
Employees fill out a W-4 form to inform employers how much tax to withhold from their paycheck based on filing status, dependents, anticipated tax credits, and deductions.
Form 941 is a Internal Revenue Service (IRS) tax form for employers in the U.S. It is filed quarterly. Employers use this form to report income taxes, social security tax or Medicare tax deducted from employee paychecks.
Who must file Form 941. Generally, any person or business that pays wages to an employee must file a Form 941 each quarter, and must continue to do so even if there are no employees during some of the quarters.
More In Forms and Instructions Employers use Form 941 to. Report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks. Pay the employer's portion of Social Security or Medicare tax.
These business owners are still responsible for paying state unemployment tax, though. Additionally, form 940 is required to be filed annually, while business owners must file form 941 quarterly. Most owners are required to file form 941.
The difference between Forms 940 and 941 lies in the type of employment tax reported. Form 940 is for federal unemployment, and 941 is for Medicare, Social Security, and federal income tax withholding. Form 940 is an annual form due every Jan. 31, and Form 941 is due quarterly, one month after the end of a quarter.