Filing Forms 

Hi All, I wanted to complete the Final step in payroll which is filing forms.  There are several forms that you need to be aware that includes 941, 940, W-2s and W-3s.

Form 941 (Employer’s Quarterly Federal Tax Return) – This is a summary what you paid in wages and taxes for each quarter.  This form is due on a quarterly basis and you must file this form if you’re an employer that report wages, have tips from employees that needs to be reported, withheld federal income tax withheld, Social Security, and Medicare taxes, and have Earned Income Credit (EIC) Payments:

For more information, click on this link:

http://www.irs.gov/pub/irs-pdf/i941.pdf

Form 940 (Employer’s Annual Federal Unemployment Tax) (FUTA) Return – This form is due on an Annual basis and it’s an employer tax, so remember not to deduct any taxes from your employees.  This program is to provide funds for paying unemployment compensation to employees that have lost their jobs.  It’s only applied to the first $7000 in wages each calendar year. 

Due Date is January 31 of the following year. 

For more information, please click on this link:

http://www.irs.gov/pub/irs-pdf/i940.pdf

Form  943 (Employer’s Annual Federal Tax Return for Agricultural Employees) – This form is specifically designed for reporting wages and income taxes for workers that work in the farm.  This is similar to the small businesses in filing form 944, they only need to file this form once a year. 

Due date is January 31 of the following year. For more information, please click on the following link:

http://www.irs.gov/pub/irs-pdf/i943.pdf

Form 944 (Employer’s Annual Federal Tax Return) – Starting with 2006, this form was introduced to the small employers to reduce the burden on them.  The IRS has simplified the rules for filing employment tax returns for small businesses.  As an employer, you either file form 941 or 944 for a specific year.  If you file the wrong form, the IRS will notify you in writing to change it.

Due date is January 31 of the following year 

For more information, please click on the following link:

http://www.irs.gov/instructions/i944/index.html

W-2 Copies (Wage and Tax Statement) – These forms (Copies B, C, and 2) are given to the employees by January 31 of each year; it summarizes all the wages from the prior year and tax deductions.  This is what the employee used to file their own personal tax return (1040, 1040A, 1040EZ) by April.  Employer files copy A by February 28 (if filing by paper) or by March 31 (if filing electronically) and keeps copy D for their own records.

W-3 Copies (Transmittal and Wage Tax Statements) – These forms are only filed along with the W-2 if you are filing the forms by paper only; if you are filing the W-2s electronically, then the W-3s are not required.

Due Date is February 28 if filing by paperDue Date is March 31 if filing electronically 

For more information, please click on the following link:  

http://www.irs.gov/pub/irs-pdf/iw2w3.pdf

***Note: There are some state forms also that are filed on a quarterly basis or an annual basis, so please check with your state agency regarding specific forms and due dates.