What are the federal tax filing responsibilities?

Employers must report the withheld taxes from the employees to federal and state agencies. If you opt for special pricing, TaxBandits will file your tax returns to respective agencies on your behalf.

Federal Tax Filings:

Federal taxes are filed using various forms. Here are the required federal tax forms that must be filed with the IRS.

• Form 941 - Employer’s Quarterly Federal Tax Return is used to report the federal income, Social Security, and Medicare tax withheld from your employee’s wages. This form must be filed on a quarterly basis with IRS.
• Form 944 - Form 944, Employer's Annual Federal Tax Return, allows small business owners whose annual tax liability for Social Security and Medicare tax is $1,000 or less. You can file the taxes in a year instead of filing every quarter.
• Form 940 - Employer’s Annual Federal Unemployment Tax (FUTA) liability is used to report FUTA tax. It is an annual form, and it should be reported on January 31 of every year.
• Form W-2 - Employers who pay remuneration, including noncash payments more than $600, must file Form W-2 for their employees.