U.S. Employee Payroll TaxesFor Work From Home Business OwnersThe Bookkeeper's Notes on U.S. employee payroll taxes ... everything in one place ... to use as a handy reference to calculate payroll taxes.You can scroll down to find what you are looking for or click on one of the QUICK LINKS to go right to the spot. Other pages that might interest you are U.S. tax compliance information, the latest IRS news relevant to work from home business owners, or U.S. tax on self employment income. Use this search feature to quickly find the information you're looking for.  Custom Search Quick Links to U.S. Employee Payroll TaxesFeburary Calendar Deadlines Employment Tax Forms Wondering what an information return is? According to the law dictionary at law.yourdictionary.com, it is "a tax return intended to communicate information about the taxpayer’s activities or status to the Internal Revenue Service, but upon which no tax is due". It's a fancy way of saying it provides tax information but does not compute tax due.
The Bookkeeper's Notes on Employee Payroll Taxes
Bookkeeper's Reference - Employee Payroll Taxes Payroll Tax Deposits - FICA and FITW Source: IRS Publication i941 Instructions for Form 941 - Employer’s QUARTERLY Federal Tax Return and IRS Publication 15 Circular E Employer's Tax Guide Click here for January, 2012 tax deposit deadline dates. Click here for 2012 tax deposit rules. Click here for 2012 Employee Payroll Tax Rates, 2011 Employee Payroll Tax Rates and 2010 Employee Payroll Tax Deposit Rates IRS determines your remitter type by the payroll liability lookback amount. New businesses start out using the Monthly Deposit rules.
Note 2 ... and more than $2,500 for the current quarter and the preceding quarter lookback period and you did not incur a $100,000 next-day deposit obligation during the current quarter. New employers' tax liability are set at zero by the IRS. This means if you are a new employer, you will be a monthly depositor for the first year of business. $100,000 Next Day Deposit Rule You must deposit the tax by the next banking day if you have an accumulating tax liability of $100,000 or more on any day during a deposit period ... regardless of whether you are a monthly or semiweekly depositor. The 2012 lookback period for Form 941 is July 1, 2010 to June 30, 2011. The 2011 lookback period for Form 941 is July 1, 2009 to June 30, 2010. The 2010 lookback period for Form 941 is July 1, 2008 to June 30, 2009. Adjustments and The Lookback Period The lookback period is based on the tax liability as originally reported. If you subsequently correct errors on or make adjustments to the original return by filing Form 941-X, 944-X, or 945-X, the corrections are NOT taken into consideration for purposes of the lookback period computation. Annual Filers' Lookback Period The lookback period is the calendar year preceding the previous year for annual return filers (Form 944 or 945) . The lookback period for 2012 tax deposits is the 2010 tax year. The lookback period for 2011 tax deposits is the 2009 tax year. The lookback period for 2010 tax deposits is the 2008 tax year.
It is inevitable that at some point while you are handling your employee payroll tax, you will discover an error. In AIPB's free newsletter dated April 4, 2011, they asked three questions about Form 941-X to test your knowledge. Here's three tips you should be aware of when correcting an employee payroll tax error:
In addition, the AIPB's free newsletter dated May 9, 2011 asked three questions pertaining to Form 941, again to test your knowledge. Through their quiz questions about employee payroll taxes, I learned that the IRS can hold the company liable if the company's 941 FITW or FICA liability is not paid in full when due. Also, you cannot allocate your 941 tax deposit amounts for a quarter between the company's FITW vs FICA liability when your deposit is insufficient. The quiz didn't say how the IRS allocates your deposit when it is short.
Source: IRS Publication i940 Instructions for Form 940 - Employer's Annual Federal Unemployment (FUTA) Tax Return Tax deposit deadline dates are January 31, April 30, July 31, and October 31. Click here for 2011 Payroll Tax Rates and 2012 Payroll Tax Rates The Federal Unemployment Tax Act (FUTA) and State Unemployment Tax Acts (SUTA) are used to administer government unemployment programs. Unlike FICA where the employer matches the employee contribution, the employer bears 100% of the cost of FUTA and SUTA* program contributions. *Three states ... Alaska, New Jersey, and Pennsylvania ... assess SUTA on employees as well. In all other states, the employer bears the full burden of unemployment taxes. Unemployment taxes are calculated and deposited (paid) quarterly. FUTA is reported and filed annually on form 940 or 940-EZ on or before January 31. The taxable wage base is $7,000 per employee per quarter. SUTA rates are based on experience ratings. The more frequently your business lays off staff, the higher your SUTA rate. New businesses are assigned an initial industry based rate. Rates are adjusted annually.
In 2011, you must include liabilities owed for credit reduction with your fourth quarter deposit. Use IRS 2011 Specific Instructions of Schedule A (Form 940) to calculate the tax. Background Information Toolkit writer Robert Steere explains in Unemployment Taxes Will Rise in 2010 if you are unfortunate to live in a state that borrowed from FUA (Federal Unemployment Account) but has not paid back FUA "in a timely fashion". This means employers in these states will end up paying increased FUTA as the federal tax credit will be reduced by 0.3% for each year they are behind. Michigan began losing their federal tax credit in 2009 so the minimum FUTA was 1.1% not 0.8%. Their net FUTA jumped to 1.4% in 2010, 1.7% for the first half of 2010, and 1.5% for the second half of 2010. Three states were affected by the FUTA credit reduction in 2010, click here for details. For a list of the 21 states affected by the FUTA credit reduction in 2011, and their credit reduction rates, see Schedule A (From 940) or IRS Headliner Volume 317 - Employers in Credit Reduction States Must Adjust Their Unemployment Tax Liability on Their 2011 Form 940. Bookkeeper's Reference - Employee Payroll Taxes Minimum WageFair Labor Standards Act (FLSA) federal minimum wage for covered nonexempt employees is $7.25 effective July 24, 2009. There may also be minimum wage laws in your state. Minimum wage for all states can be found at dol.gov/whd/state/stateMinWageHis.htm . The U.S. Department of Labor says that if an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages. FICA Employee Payroll TaxesClick here for information on FICA Payroll Tax DepositsFICA (Federal Insurance Contributions Act) establishes two taxes on self-employed workers, employers, and employees. ... The first tax known as the Social Security tax is for Old Age, Survivors and Disability Insurance (OASDI). ... The second tax known as the Medicare tax for Hospital Insurance (HI). Employers match the employee's tax portion of FICA in 2010. There was an exception in 2011 and 2012 whereby employers no longer matched the employee's tax portion of FICA due to the 2010 Tax Relief Act and Temporary Payroll Tax Cut Continuation Act of 2011. Self employed workers pay both portions of FICA in all years. FICA rates for 2012 implementing the Temporary Payroll Tax Cut Continuation Act of 2011 for one more year are:
*expires March 1, 2012 if it is not extended to the end of 2012. FICA rates for 2011 implementing the 2010 Tax Relief Act are:
EE = employee's portion, ER = employer's portion FICA rate for 2010 is 7.65% made up of:
EE = employee's portion, ER = employer's portion FITW for each taxpayer is determined on form W4 Employee’s Withholding Allowance Certificate. Wage bracket tables are located in IRS Publication 15 Circular E Employer's Tax Guide. Lesson three of The Bean Counter's Payroll Course explains how to use the tables. FUTA Employee Payroll TaxesClick here for information on FUTA Payroll Tax DepositsFUTA surtax expires - read more here. 2012 FUTA and July to Dec 2011 FUTA is 6.0% with a maximum credit available of 5.4%. The minimum FUTA deposit rate is 0.6% (see note). There is a new simplified Form 940 that replaces previous Form 940 and 940-EZ. You cannot average the two rates for 2011. Each period is reported separately on the new form. 2010 FUTA and Jan to June 2011 FUTA rate is 6.2% with a maximum credit available of 5.4%. The minimum FUTA deposit rate is 0.8% (see note). The FUTA tax applies to the first $7,000 (FUTA taxable wage base) you pay to each employee during a calendar year after subtracting any payments exempt from FUTA tax. Tax exempt wage base is earnings over the taxable wage base. Get a listing of SUTA for your state using the reference The Bean Counter recommends ... CCH's Map of State Employment Taxes at toolkit.com/small_business_guide/sbg.aspx?nid=P07_1294 . Lesson four of The Bean Counter's Payroll Course explains FUTA and SUTA.
Disability InsuranceState temporary disability insurance applies in a handful of states where you have to withhold and/or pay taxes that fund the state's program. Use CCH's Map of Disability Insurance Taxes at toolkit.com/small_business_guide/sbg.aspx?nid=P07_1298 to see if which jurisdictions have this tax. Workers CompensationWorkers Compensation varies from state to state. You can find your compensation board on Department of Labor's website at dol.gov/owcp/dfec/regs/compliance/wc.htm . Bookkeeper's Reference - Employee Payroll Taxes All payroll taxes paid by the employer, which does NOT include the employee withholdings as they are part of your gross wage expense, are a tax deductible expense. Your chart of accounts should include balance sheet accounts called payroll payable and payroll taxes payable. The payroll taxes payable will include federal income tax, social security, medicare, state income tax and state disability insurance. You should also have a direct labor, office wages and (employer) payroll taxes expense accounts on your income statement. Bookkeeper's Reference - Employee Payroll Taxes Here is an example of a common U.S. payroll journal entry that records payroll. You can see all the different employment tax liabilities which represents withholdings from the employee's pay.
Credit (Increase) State Income Tax Payable (current liability on the balance sheet) Credit (Increase) Social Security Payable (current liability on the balance sheet) Credit (Increase) Medicare Payable (current liability on the balance sheet) Credit (Increase) Insurance Payable (current liability on the balance sheet) Credit (Increase) Other Deductions Payable like retirement contributions or health care insurance (current liability on the balance sheet) Credit (Increase) Cash in Bank for the amount of employee net pay (current asset on the balance sheet) Here is an example of a common U.S. payroll journal entry that records the employer's portion of payroll taxes and benefits. You can the expense side of the transaction represents the employer's share of payroll taxes.
Debit (Increase) Employee Benefits Expense (expense account on the income statement)
Credit (Increase) Medicare Payable (current liability on the balance sheet) Credit (Increase) FUTA Payable (current liability on the balance sheet) Credit (Increase) SUTA Payable (current liability on the balance sheet) Credit (Increase) Insurance Payable (current liability on the balance sheet) Credit (Increase) Other Payroll Payable like retirement contributions (current liability on the balance sheet) When it is time to remit a payroll tax to the government, you will record the following government remittance journal entry:
Bookkeeper's Reference - Employee Payroll Taxes Here are the IRS rules for De Minimis Fringe Benefits such as cash benefits, gift certificates and achievement awards given to employees. Cash awards are a taxable wage and subject to all taxes and withholdings. Near cash gifts such as gift certificates or gift cards, are never excludable from income, even for de minimis items. They are taxable which means they are subject to taxes and payroll withholdings. A non-cash gift or award has special rules that must be met to be excluded from employee wages. Generally, include the fair market value in wages subject to FIT, FITW, FICA and FUTA. The November 29, 2010 AIPB free newsletter (which got me started researching this subject) says "Nontaxable gifts: Fruit baskets, hams, turkeys, wine, flowers and entertainment tickets such as to a show or sporting event, generally are de minimis (nontaxable) fringes if they have a nominal value and are given infrequently." You can find the information on the IRS website under IRS > Forms and Publications> Publication 15(B) Fringe Benefit Guide ... but I found the supplemental publication Taxable Fringe Benefit Guide explained the rules much more clearly. There is also a good article at www.aicpa.org titled Giving Employees Gifts May Require Giving to the Tax Collector Too. It is located under Publications> Newsletters> The Practicing CPA> 2008> December. This article includes some planning guidelines ... and explains the long standing rule regarding the $25 limit. IRS publication 525 Taxable and Nontaxable Income also has some concise information on bonuses, awards and achievement awards. Here is the excerpt pertaining to employee payroll taxes found under Miscellaneous Compensation in the publication: "Bonuses and awards. Bonuses or awards you receive for outstanding work are included in your income and should be shown on your Form W-2. These include prizes such as vacation trips for meeting sales goals. If the prize or award you receive is goods or services, you must include the fair market value of the goods or services in your income. However, if your employer merely promises to pay you a bonus or award at some future time, it is not taxable until you receive it or it is made available to you. Employee achievement award. If you receive tangible personal property (other than cash, a gift certificate, or an equivalent item) as an award for length of service or safety achievement, you generally can exclude its value from your income. However, the amount you can exclude is limited to your employer's cost and cannot be more than $1,600 ($400 for awards that are not qualified plan awards) for all such awards you receive during the year. Your employer can tell you whether your award is a qualified plan award. Your employer must make the award as part of a meaningful presentation, under conditions and circumstances that do not create a significant likelihood of it being disguised pay. However, the exclusion does not apply to the following awards.
I take this to mean that service awards are not taxable (do not attract employee payroll taxes) after five years of service ... but are taxable (do attract employee payroll taxes) if presented before five years of service or if given more frequently than five year periods. Bookkeeper's Reference - Employee Payroll Taxes
Bookkeeper's Reference - Employee Payroll Taxes The U.S. General Services Administration (GSA) has an excellent per diem tool. You can search by city, zip code or state. It is located at gsa.gov/perdiem . 2012 standard per diem rates were released on August 25, 2011 in notice Federal Travel Regulation GSA Per Diem Bulletin FTR 12-01. For FY2012, the standard per diem rate remains at $77 to reflect the average daily rate for lodging across the country. Reimbursement for meals and incidental expenses remain unchanged from FY2010 and 2011 ranging from $46 through $71 for meals per day depending on the location and $5 for incidental expenses. Rates are set annually by fiscal year, effective October 1. It is my understanding that as long as any per diem allowances you pay do NOT exceed federal per diem rates, they are not taxable to the employee. If you exceed the federal rates, the excess is taxable. See Revenue Ruling 2006-56 for further small business tax information. A breakdown of the daily component can be found at gsa.gov/mie . The GSA points out that the first and last calendar day of travel is calculated at 75%. Meals and Incidental Expenses (M&IE) and Lodging - Maximum federal per diem rates for the period October 1, 2010 to September 30, 2011 can also be found on the IRS website in the IRS publication 1542 Per Diem Rates (For Travel Within the Continental United States) at irs.gov/pub/irs-pdf/p1542.pdf . Publication 1542 explains the high-low method and the localities that qualify and the regular rate method. The choice of rates you must make for the last three months of the year are discussed in the Transitional Rules section of the publication. (The high-low per diem method for substantiating expenses while traveling away from home was to be discontinued by the IRS. See Announcement 2011-42 and Rev. Proc. 2010-39. However, a number of taxpayers commented that they use the high-low substantiation method and asked that the Service retain it. Accordingly, this revenue procedure (Rev. Proc. 2011-47, 2011-42 IRB) continues to authorize the high-low substantiation method. Beginning with the rates for 2011-2012, the Service will publish an annual notice that provides the special per diem rates for purposes of sections 4.04, 4.05, and 5 of this revenue procedure and the list of high-cost localities for purposes of section 5 of this revenue procedure and will update this revenue procedure only as necessary.) 2011-2012 Special Per Diem Rates were released on October 17, 2011 in Internal Revenue Bulletin 2011-42, Notice 2011-81. For simple high-low per-diem CONUS rates, see this October 1, 2011 notice in The IRS News. This is background information from a 2010 CPA Daily News article [this publication is no longer available] titled Simplified Per-Diem Rates Lowered for Post-Sept. 30 Business Travel Rev Proc 2010-39, 2010-42 IRB ... "Background. An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses (M&IE). If the rate paid doesn't exceed IRS-approved maximums, and the employee provides simplified substantiation (time, place and business purpose), the reimbursement is treated as made under an accountable plan—it isn't subject to income- or payroll-tax withholding and isn't reported on the employee's Form W-2. Receipts of expenses aren't required. In general, the IRS-approved per-diem maximum is the GSA per-diem rate paid by the federal government to its workers on travel status. This rate varies from locality to locality. These rates in effect for the federal government's fiscal year period beginning Oct. 1, 2010, may be found at http://www.gsa.gov. However, in applying the per-diem, M&IE, and incidental-expenses-only allowances, an employer may continue using the CONUS (continental U.S.) rates that were in effect for the first nine months of 2010 for CONUS expenses in all of 2010, instead of using the GSA rates that are effective Oct. 1, 2010, provided that the employer consistently uses those prior rates for the last three months of 2010. (Rev Proc 2010-39, Sec. 3.02(1)(a))" I have to say, the U.S. travel allowance system seems very complicated compared to the Canadian system.
Bookkeeper's Reference - Employee Payroll Taxes When dealing with employee payroll taxes, you as a business owner need to be aware of escheatment rules and regulations. If you have employees who did not cash their paychecks, you will find important employee payroll tax information regarding how to handle this type of transaction in QuickBooks on Intuit's website at http://payroll.intuit.com/support/kb/1000763.html . The article is titled Escheat regulations for unclaimed or uncashed wages. The article explains why "under no circumstances should the funds from uncashed paychecks be returned to the general checking account." The general rule is the amounts are returned to the state after 1 year. However there are some exceptions. Unclaimed paychecks for North Carolina, North Dakota and Pennsylvania are returned to the state after two years. Unclaimed paychecks for Kentucky, Massachusetts, Maryland, New York, and Oregon are returned to the state after three years. Unclaimed paychecks for Delaware, Illinois, Montana, and Mississippi are returned to the state after five years. According to AIPB's free newsletter Bookkeeping Tips dated December 20, 2010, you must make a reasonable effort to contact the employee. In addition, you remain liable for any unclaimed wages until they are paid or turned over to the state. The unclaimed wages must be reported to your state annually during the holding period. AIPB says the reporting information required is: · employee’s name, Penalties and interest charges will be levied if you attempt to spend or keep the unclaimed wages. The Accounts Payable Network (www.theaccountspayablenetwork.com) states that you should void the uncashed checks. If the owner reappears, they have a right to their property so just reissue a check at that time. They say use of the money in the interim is a business decision. I would open up a separate bank account specifically to hold these voided and unclaimed paychecks. The Accounts Payable Network has a list of escheatment resources if you need more information. Look under AP Compliance Suite> Escheatmet> Escheatment Resources. This ends our chat on Employee Payroll Taxes for today.
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Note 1 You are not required to make monthly or semiweekly deposits if you have an accumulating tax liability of less than $2,500 during the current or preceding quarter for Form 941 (during a calendar year for Form 944 or 945), and
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