Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a quick recap of the most vital payroll tax forms and what you can do to make your payroll life easier heading into 2024.

Important Payroll Tax Forms

• Form 941 — Employer’s Quarterly Federal Tax Return. This form is used to report income tax withheld from employees’ pay, as well as the employer’s and employees’ share of Social Security and Medicare taxes. Employers generally must deposit Form 941 payroll taxes on either a monthly or semiweekly deposit schedule.
• Form 940 — Employer’s Annual Federal Unemployment Tax Return (FUTA).This return is due annually at the end of January. However, FUTA taxes must generally be deposited once a quarter if the accumulated tax exceeds $500.
• Forms W-2 and W-3- Wage and Tax Statements Employers are required to send these documents to each employee and the IRS at the end of the year. These forms report employee annual wages and taxes withheld from paychecks.

Make Payroll Easier

• Create A Payroll Forecast. Be prepared for how much you’ll spend on salaries and wages in 2024 by creating a payroll expense and benefit forecast. In addition to base salaries and wages, include the following in total salary and wage expenses: Your share of an employee’s Social Security and Medicare taxes; health insurance premiums paid on behalf of employees; and any other benefits you provide to employees.
• Ask For Help. Payroll compliance involves many moving parts at the local, state, and federal levels. Please call if you have any questions about your business’s payroll tax compliance, and how to properly account for payroll expenses on your financial statements.

Contact us today if you need assistance with your 2024 Payroll Taxes at 402-932-8815.

Sincerely,

W. E. Stevens, P.C.

Serving our clients with focused intentionality, professionalism, and timeliness.