Tax Filing Overview
Navigate tax filing deadlines and requirements to ensure compliance and accurate reporting.
What is Tax Filing?
Tax filing involves the submission of various payroll tax forms and payments to federal, state, and local tax authorities. This process ensures that all payroll-related taxes withheld from employees’ wages, as well as employer-paid taxes, are properly reported and remitted.
Key Dates & Considerations
Quarter End:
Quarter end refers to the conclusion of each calendar quarter: March 31st, June 30th, September 30th, and December 31st. Quarter end is a significant time for payroll processing and reporting, involving several key tasks to ensure compliance with tax regulations and accurate financial reporting.
- Tax Calculation and Reporting: At quarter end, employers must ensure that all taxes withheld from employees' paychecks, including federal income tax, FICA (Social Security) tax, and Medicare tax, are accurately calculated and reported. This involves reconciling payroll records to verify that the total tax liabilities for the quarter align with the amounts withheld from employees' wages.
- Quarterly Tax Filings: Employers are required to file various tax forms with the IRS and relevant state agencies at the end of each calendar quarter. For example, Form 941, Employer's Quarterly Federal Tax Return, is used to report federal income tax, Social Security tax, and Medicare tax withheld from employees' paychecks, as well as the employer's portion of these taxes. State-specific quarterly tax filings may also be required, depending on the jurisdiction.
Year End:
Year End is a busy and critical time for payroll professionals, requiring meticulous attention to detail, thorough documentation, and adherence to regulatory requirements to ensure accurate tax reporting and compliance.
- W-2 Preparation: One of the most important tasks at year end is the preparation and distribution of Form W-2, Wage and Tax Statement, to employees. Employers must ensure that W-2 forms accurately reflect employees' total earnings, taxes withheld, and other relevant information for the calendar year. W-2 forms must be provided to employees by January 31st of the following year.
- Tax Reporting: Employers are responsible for reconciling payroll records and preparing various tax forms for submission to the IRS and state tax agencies. This includes Form 941 for quarterly federal tax reporting, as well as state-specific quarterly or annual tax filings. Year-end tax reporting also involves reconciling year-to-date payroll data to ensure accuracy in tax filings.
FAQs
Will Check take care of tax filing for my employers?
As long as Check has complete data such as ID information and the required authorizations to file and remit taxes on your employer's behalf, then Check will handle tax filing. However, we do recommend partners empower their employers to review tax data to ensure accuracy.
Check out Check's Check's Unsupported Features and Taxes and Tax forms Filed by Check to review any specific taxes.
Recordings
Last updated on June 30, 2024