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Understanding Quarterly Payroll Tax Forms:

Form W-2: This is a federal annual form that reports employees’ wages through a year and the taxes that have been withheld during that year. This form is given to employees and also sent the social security administration.

Form 940: This is an annual federal form that is filed at the end of 4th quarter. Payments can be paid yearly if the FUTA tax is less than $500. If your company FUTA tax is more than $500 for a calendar year, a payment must be made at least once a quarter.  The form is still filed annually even if payments are required per quarter. (Quarterly payments are made through EFTPS)

Form 944:  This is an annual federal form that is filed at the end of 4th quarter. Taxes calculated on this form are federal withholding, medicare employee and employer portions, as well as social security employee and employer portions.  (This is equivalent to the quarterly form 941, but your payroll is low enough that you are scheduled with the IRS as a 944 filer)

Form 941: This is a federal quarterly form that is filed at the end of each quarter.  The taxes calculated on this form are federal withholding, medicare employee and employer portions, as well as social security employee and employer portions. If your tax liability is over $2,500 for a quarter, you should make monthly payment deposits. Payments are made through the Electronic Federal Tax Payment System (EFTPS).

Form TC-941: This is a Utah state form that is filed quarterly at the end of each quarter. The tax for this form is the Utah State withholding that has been withheld from employees. Some employers are required to make monthly payments with a TC-941PC coupon.

Form TC-941R: This is a Utah state form that is filed annually. The form shows details for each quarter and the total for the year. This form is filed with a copy of employee W-2s . W-2s and form are reconciled to make sure that the total withheld from the employees matches the total the employer has paid to the state.

Form 33H: This is a Utah state form that is filed quarterly. This is for Utah state unemployment taxes. Wages are reported each quarter and taxes are calculated based on your company rate with the state. Taxes calculate on employee gross wages.

Form TC-62S:  This is a Utah state form that is filed either monthly or quarterly based on your filing requirement with the state. The taxes on this form are for sales tax.

 

Other states are similar to Utah and will have a state withholding account as well as a state unemployment account. These forms will be filed on a monthly or quarterly base depending on the filing requirements of that state.

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January 8, 2016

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