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Federal Forms and Publications

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Question
What are the different types of federal forms and publications?

Answer

There are many forms a business may be required to file and some their employees are required to present to them. Below is a list of the most common federal forms employers and employees will see.

 I-9 The I-9 form is used to verify the identity and employment authorization of individuals hired for employment in the United States. Employees should complete this form- the I-9 can be found on the U.S. Citizenship and Imigration Services website - I-9 Form
 W-4 The W-4 form should be completed by employees so that employers can with withhold the correct federal income from pay. Consider completing a new Form W-4 each year and when your personal or financial situation changes. 2015 W-4 can be found on the IRS Website - Form W-4 (2016)
 941 Form 941, Employer's Quarterly Federal Tax Return is filed each quarter to report quarterly wages and taxes - Social Security, Medicare and Federal Income. Semi-Weekly Depositors will also file a Schedule B (Form 941) form.
 944 Form 944, Employer's ANNUAL Federal Tax Return is filed annually to report yearly wages and taxes - Social Security, Medicare and Federal Income Tax. Filed when your annual liability is $1,000 or less. If you liability exceeds $1,000, you will file the 941 form.
 940 Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return is used to report your anual Federal Unemployment Tax Act (FUTA) tax and is filed annually.
 Publication 15(Circular E) Publication 15 (Circular E), Employer's Tax Guide explains your tax responsibilities as an employer. The publication can be found on the IRS website - Publication 15  (Circular E).
 Publication 509 Publication 509, Tax Calendar, has three tax calendars with specific due dates for filing tax forms, paying taxes and taking other actions required by federal tax law. This publication can be found on the IRS website - Publication 509.
 W-2/W-3

The W-2 Wage and Tax Statement

  • This form is used to report wages and taxes withheld (Federal Income, Medicare and Social Security) from employees for a specific year.
  • This form is reported to the IRS and Social Security Administration (SSA).
  • Employers must complete a W-2 for each employee
  • State income taxes are also reported on the W-2

Different W-2 Copies

  • Copy A - This copy is submitted to the SSA
  • Copy B - Sent to the employee and filed with the employee's federal income tax returns.
  • Copy C - Sent to the employee and retained by the employee for the employee's records.
  • Copy D - For employer's records.
  • Copy 1 - Filed with the employee's state or local income tax returns (if any).
  • Copy 2 - Filed with the employee's state or local income tax returns (if any).

W-3 Transmital of Wage and Tax Statement

  • Must be filed with W-2s when filing employer copies manually. This form is not needed if filed electronically.
  • Summarizes the totl wages, Seocial Security wages, Federal income tax and FICA tax withheld from employees

 

 1099-Misc

1099-Misc form

  • The 1099-Misc form is used to report payments made to contractors, such as vendors, contractors, landlords, attorneys, etc.
  • An organization that pays independent contractors must file two forms at the end of each tax year
    • 1099-Misc: The contractor version of the employee's W-2. Reports all wages or payments delivered for the entire year. One 1099-MISC form is sent to each contractor who was paid $600 or more during the year.
    • 1096: The single transmittal form the payer sends to the IRS. Reports all payments made to all contractors. For example, if a payer sends out fifteen 1099s for the year, the information from all fifteen 1099-Misc forms is captured onto the single 1096.

 


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Article Details
Views: 1024 Created on: Apr 23, 2015
Date updated: Feb 17, 2016
Posted in: Resource
Tagged: Payroll


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