Payroll Accounting Services

Payroll Tax

Companies showing a profit are required to put at least one owner on the payroll. Payroll taxes must be paid monthly or quarterly, payments are due the 15th of the month. (Companies with larger payrolls are required to pay after each payroll.) Payments are made at the bank with a coupon, electronically or by telephone. Quarterly Payroll tax filings include a 941 to the IRS and a UCT -6 to the state of Florida. States with income tax also require a quarterly state return.

Payroll Tax returns are due quarterly. Due dates follow.

• April 30 – January through March Payroll
• July 31 – April through June Payroll
• October 31 – July through September Payroll
• January 31 – October through December Payroll

You will need to file form 941 with the IRS and an unemployment tax return form with the State Department of Revenue. In Florida this is form UCT-6 you are required to file even if you have zero payroll. Failure to file quarterly reports results in penalties. The penalty for late filing is $25 per month up to $75. Tax deposits are due quarterly, monthly or weekly depending on the size of your payroll. Monthly and Quarterly deposits are due on the 15th of the month following the end of the pay period. The penalty for late payment is 10% per month up to 100%.

Avoid stiff penalties have us take care of these filings.

Payroll Records to keep:

The IRS has strict rules regarding the payroll records you need to keep. State, Federal and Workman’s comp payroll audits are frequent. For all employees you need to keep a file with the following:

• New Hire Reports
• I-9 for Immigration if applicable
• W-4
• Copy of Drivers License or State ID
• Copy of Social Security

You also need to maintain daily/weekly/monthly payroll records showing hours worked, rate of pay, gross and net payroll. All payroll records must be kept for at least 3 years.

Payroll Resources: Payroll Withholding