Crash Course for Payroll Taxes!
If you run a business and have employees, it is important to know that you have a deadline coming up at end of this month to submit quarterly payroll reports to the IRS and to your state workforce commission. With the 2nd quarter deadline for the 941 approaching, we would like to give you a refresher on payroll taxes. As a business owner you know reporting all information is very crucial for you and your employees as it includes withholding from their paychecks to cover income taxes. To start reporting the wages and number of employees, you will file Form 941. This form also reports the employer's and employees' FICA taxes, which include social security and Medicare. A state unemployment report (SUTA) needs to be submitted quarterly as well. If you need to know more about payroll taxes, make sure to check out the video below for the beginner's guide! https://youtu.be/CaL7eVjkIJU #payroll#taxes#tax#smallbusiness#business#finance