Services | Payroll Planning

940

Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. This annual form first calculates the employer’s federal unemployment tax liability, then adjusts for any state unemployment taxes paid, and then calculates the unemployment tax due. Finally, the form compares unemployment tax due for the year to the tax already paid, and then the employer must pay the unpaid tax. We work with clients and their payroll services to make sure these forms are filed properly.

941

Form 941 is the Federal Employer’s Quarterly Tax Return. The form is used by employers to report employment taxes, withholding amounts, deposit amounts, and amounts due to the IRS. We work with clients and their payroll services to make sure these forms are filed properly.

W-2 AND w-3

Annually, Form W-2 and Form W-3 are completed and filed with the appropriate taxing authorities. Form W-3 is a summary of all W-2 information. This form is filed with the Social Security Administration as well as with the applicable state(s). We work with clients and their payroll services to make sure these forms are properly filed. If changes are needed, we can help with filings for Forms W-2c and W-3c.

1099

Prior to calendar year 2012, businesses are required to issue 1099s to contractors if they pay contractors $600 or more in a year. We prepare these 1099s for clients and the associated IRS tax filings that go along with these forms.

Starting in 2012, companies will also be required to issue 1099s to every business where they spend $600 or more for tangible goods and services, not just individual contract workers (with some exceptions). We will prepare these 1099s for clients as well. (Note: this particular tax law is in fluctuation and may change.)

Household employers

Do you pay for someone to do work in or around your home? Do you pay baby-sitters, nannies, health aides, private nurses, maids, caretakers, yard workers, and other domestic workers who work around your house? If so, you may have employees according to the law and you may have Federal and/or State employment tax filing and collection responsibilities, in addition to other paperwork responsibilities. We help clients determine whether they are household employers and identity what their responsibilities are to make sure clients are in compliance with all requirements.

Independent contractor vs. employees

See the attached about this issue, as well as the article in our Resources section.

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Overview Tax Return Preparation Tax Planning Bookkeeping Accounting Information Systems Design & Planning Secure, On-line Client Portal Payroll Planning Business Planning Cash Flow and Budgeting Professional Designations, Connections, and Memberships Sechrest Financial Services, LLC		940 Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. This annual form first calculates the employer’s federal unemployment tax liability, then adjusts for any state unemployment taxes paid, and then calculates the unemployment tax due. Finally, the form compares unemployment tax due for the year to the tax already paid, and then the employer must pay the unpaid tax. We work with clients and their payroll services to make sure these forms are filed properly. 941 Form 941 is the Federal Employer’s Quarterly Tax Return. The form is used by employers to report employment taxes, withholding amounts, deposit amounts, and amounts due to the IRS. We work with clients and their payroll services to make sure these forms are filed properly. W-2 AND w-3 Annually, Form W-2 and Form W-3 are completed and filed with the appropriate taxing authorities. Form W-3 is a summary of all W-2 information. This form is filed with the Social Security Administration as well as with the applicable state(s). We work with clients and their payroll services to make sure these forms are properly filed. If changes are needed, we can help with filings for Forms W-2c and W-3c. 1099 Prior to calendar year 2012, businesses are required to issue 1099s to contractors if they pay contractors $600 or more in a year. We prepare these 1099s for clients and the associated IRS tax filings that go along with these forms. Starting in 2012, companies will also be required to issue 1099s to every business where they spend $600 or more for tangible goods and services, not just individual contract workers (with some exceptions). We will prepare these 1099s for clients as well. (Note: this particular tax law is in fluctuation and may change.) Household employers Do you pay for someone to do work in or around your home? Do you pay baby-sitters, nannies, health aides, private nurses, maids, caretakers, yard workers, and other domestic workers who work around your house? If so, you may have employees according to the law and you may have Federal and/or State employment tax filing and collection responsibilities, in addition to other paperwork responsibilities. We help clients determine whether they are household employers and identity what their responsibilities are to make sure clients are in compliance with all requirements. Independent contractor vs. employees See the attached about this issue, as well as the article in our Resources section.