As a young elementary school student, I enjoyed reading. I read comics mostly, but I enjoyed the occasional fantasy epic or sci-fi adventure. However, I did not enjoy the book reports that I was required to write for school. Instead of laying back on my plush couch and just enjoying the escapades of the hero, I had to analyze the character arcs and decipher the creative language of the story, effectively ruining the pleasurable experience I was accustomed to. Thankfully, as I have grown, I have found a bit of excitement in the scrutinizing of books, so it’s not all bad.
Similarly, I know most people enjoy receiving their paycheck, and companies like to keep their employees happy by sending out paychecks. But, like my adolescent pleasure of reading books, our money must be recorded and reported or Mr. Uncle Sam will give us a little more than a bad grade.
The first quarter of 2019 just ended which means payroll reports are due the 30th of April. I know you are all super excited.
There are a few different items to keep in mind when preparing to file the report.
The Federal Payroll Tax Return, which is the normal 941 Form to the IRS, reports the amount of federal income tax, Social Security, and Medicare taxes that were withheld from employee paychecks. The Federal Unemployment tax does not require a report each quarter, but payments over $500 must be deposited by the end of the month following the quarter’s end. State Payroll Tax reports are normally filed every quarter and show the withheld money for the state income tax. State Unemployment Taxes and State Workers’ Compensation must also be paid and reported.
If you need any help with your payroll or payroll reports, visit us at Stapley Accounting, your QuickBooks and Payroll Professionals.