Filing Requirements: 941 or 944
Each year, the IRS notifies employers if their filing requirement changes. If you are assigned a new deposit schedule or filer type (941 or 944), contact your payroll specailist.
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Federal Filing Requirements and Deposit Frequency
New deposit and filing requirements take affect with a company`s first payroll in 2010.
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1 . Security
2 . Services
3 . Payroll
4 . Payroll Taxes
5 . Worker`s Compensation Insurance
1 . How secure is your service?
We use Secure Socket Layer (SSL) with 128-bit strong encryption to ensure that the information you send us is protected against unauthorized use. Further, our service is unique because it`s entirely Web-based. Other companies process payroll by entering information using phone, fax, or mail, which introduces the risk of unauthorized local access, eavesdropping, and unauthorized paper trails.
2 . Will you sell my contact information to third parties?
No. All information you submit to our payroll service is kept confidential unless you explicitly express interest in providing certain information to someone (such as your accountant).
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1 . How will my employees receive their pay each period?
You have these options: • You can write a check from your bank account (payable to your employee) for the net amount indicated on the pay stub. You just give the check to your employee along with a copy of the pay stub, which shows all withholding amounts. • You can print the paycheck and pay stub on pre-printed check stock that is compatible with Microsoft Money or with QuickBooks. Give your employee the paycheck and employee pay stub. • If you and your employee choose the Direct Deposit option, we will electronically transfer the net amount from your bank account to your employee`s bank account. You just give the employee a copy of the pay stub printed on plain paper. Setting up Direct Deposit takes about one pay period.
2 . What pay schedules can your service handle?
We accommodate weekly, bi-weekly (every other week), semi-monthly (twice a month) and monthly pay schedules. Take care to comply with applicable state labor law, which may address how often employees must be paid and the allowed lag time.
3 . Can I export data to Microsoft Excel?
Users can export a payroll report to Microsoft Excel. Scroll to the bottom of the report and click the link "View in Excel." Within Excel, you can save the report to your hard disk. You can also export your payroll data to QuickBooks, Microsoft Money, and Quicken.
4 . My company has only one employee; is your service right for me?
Yes! We offer speicla rate for one employee company to lower the cost of processing payroll. Please call our customer serivce to find out more infomration.
5 . How will I provide my payroll information to my accountant at year end?
Our reports provide you with complete and accurate summaries of all information needed by your accountant, including wages paid to each employee, taxes paid, and taxes owed. Subscribers can export reports to Microsoft Excel to email to your accountant. All subscribers can print reports for accountants. In addition, many customers share online payroll tasks with their accountants. Your account can be set up so your accountant can review your payroll and view reports online at any time.
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1 . What are the differences between small business and household payroll services?
We offer a suite of payroll services providing paycheck calculations and supporting reporting requirements. The reporting and tax depositing requirements of small businesses, however, are much greater than those of households. • Small businesses must file federal Forms 940 and 941. Households do not file these forms and are instead required to submit Schedule H with Form 1040 at the end of the year. • For small businesses using our Payroll services, we can provide email and "To Do" reminders and forms or worksheets for the federal tax deposits you are required to make during the year. Households are not required to make federal tax deposits during the year, so we don`t provide such reminders. • We provide electronic federal tax payment and form filing at no additional charge to small businesses using our services. These electronic services are not included in our household price. • Plus supports payments to contractors; our household service does not support paying contractors. • Our small business services are available in all states and the District of Columbia. Our household service is currently available in most states.
2 . What is the difference between an employee and an independent contractor (self-employed person)?
The amount of control the employer has over the worker determines whether or not the worker is an employee or an independent contractor. If the employer has the right to control what must be done and how it must be done, and supplies the tools to complete the work, then the worker is an employee. If the worker controls how the work is to be done, the worker is self-employed. Self-employed workers usually provide their own tools and have independent businesses serving multiple clients. See IRS Publication 15, Circular E: Employer`s Tax Guide for more information regarding whether a worker is an employee or a contractor.
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Payroll Taxes
1 . What taxes does an employer owe?
Employers are responsible for paying federal Social Security tax (FICA) (6.2% of gross wages paid, the same as the amount paid by the employee), federal Medicare tax (1.45%, the same as the amount paid by the employee), and federal unemployment tax (FUTA) (generally 0.8% if you pay all state unemployment taxes on time.) Non-profit organizations are exempt from FUTA. Employers will owe additional taxes to the state in which they reside, such as state unemployment (SUI) and state disability insurance (SDI) taxes. (Non-profit organizations may be able to choose a reimbursable status for SUI.) In some localities, employers will owe local taxes. If you must pay a local tax agency (for example, a school district, health agency, or city), be sure to read our Setup document, which includes a section on paying local taxes.
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Worker`s Compensation Insurance
1 . What is workers` compensation insurance? Do I need it?
Workers` compensation is a state-administered program to pay for injuries that arise out of, or occur in the course of, employment. Workers` compensation insurance is required for nearly all employers in all states. If you are a small business employer, consult your insurance broker. If you are a household employer, you can usually add a rider to your homeowner`s, renter`s, or general comprehensive liability insurance policy. It is very important that you have adequate workers` compensation insurance. Otherwise, if your employee is injured on the job, you may be personally liable—not only for the cost of medical treatment, but also for disability payments during the period in which the employee is unable to work. Plus you can use our pay per period agrrangment to pay for your Workers` Compensation Insurance premimum.
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