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For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or is it?
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Payroll Taxes
If you have employees, you are responsible for payroll taxes.
This is a term that lumps all the different forms of employment
taxes into one category known as "payroll tax". In reality,
payroll taxes encompass Federal and state income tax
withholding, social security and Medicare taxes (also known as
FICA), Federal unemployment tax (FUTA), as well as any state and
local unemployment taxes assessed. Payroll taxes are deducted
each pay period from an employees gross pay. The remaining money
distributed to the employee is what is known as "net pay". Along
with any taxes deducted from an employee's wages, there is a
social security and Medicare liability incurred by the employer.
You must match the social security and Medicare amounts withheld
on each employee. This is the employer paid contribution. Until
recently, most employers reported and paid payroll taxes
quarterly. With the advent of the EFTPS, or Electronic Federal
Tax Deposit System, taxes are now paid on a monthly basis by all
employers. The payroll taxes may also be paid via a tax coupon
that is taken to your bank and presented with the monies to
cover the payroll taxes due. Every quarter, a Form 941 (or 943
for Agricultural employees) must be filed with the IRS. The
amounts reported on the 941 should reconcile to the amounts
turned in each month via the tax coupon or the EFTPS. At the end
of the tax year, a Form 940 or information return must also be
filed. If you are a small
business with employees, or you plan
to begin operating a business with employees, you need to
understand your tax responsibilities as an employer. The IRS
provides links to all the relevant Forms and Publications via
their internet site at www.IRS.gov . Here
you will find definitions and terms associated with employees
from the onset of hiring, to termination. W-4's, W-2's, I-9's,
all the employment taxes you will be responsible for reporting,
all the rates associated with those taxes. The IRS also provides
you with information concerning recordkeeping, employment
eligibility verification, benefit and retirement plans, and even
the definition to be used in order to determine if someone is an
employee. There is a tremendous benefit to be had by investing
the time and resources necessary to understand and comply with
all the federal, state, and local regulations concerned with
employees and payroll taxes. However, you should frequently seek
the advice of a qualified tax professional, your accountant.
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| Internal Revenue Service |
| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| Tax Information for Individuals |
| Access to useful information, booklets and other tools from the Internal Revenue Service. |
| www.irs.gov |
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| Tax Center - Yahoo! Finance - Tax forms, tips and calculators. |
| Yahoo! Finance: Tax - Find all the resources you need for tax season. Review recent tax law changes, estimate your taxes, find tax tips and expert answers ... |
| tax.yahoo.com |
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| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
| moneycentral.msn.com |
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| Tax - Wikipedia, the free encyclopedia |
| Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
| en.wikipedia.org |
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| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
| Offers online and in-person tax preparation and tax software, mortgages, brokerage and financial services, consumer tips and tax planning information. |
| www.hrblock.com |
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| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
| File your Taxes online with TaxCut Online. Learn how to file taxes online here. |
| www.hrblock.com |
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| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
| turbotax.intuit.com |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
| Personal Finance - Get tax and estate planning advice and information from Forbes.com. |
| www.forbes.com |
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| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
| www.el.com |
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| Government > Taxes in the Yahoo! Directory |
| Yahoo! reviewed these sites and found them related to Government > Taxes. |
| dir.yahoo.com |
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| Taxes - Tax News for Home and Business from CNNMoney |
| The latest in tax law updates, news, forms & advice from CNNMoney.com. Includes a refund savings calculator, and interactive tax lessons. |
| money.cnn.com |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
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| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
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| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
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| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
| www.hmrc.gov.uk |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
| www.taxsites.com |
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| Quicken.com |
| www.quicken.com/taxes/ - 3k - Cached - Similar pages |
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| Tax news and advice from Bankrate.com |
| Information on all phases of tax planning and preparation. |
| www.bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
| Income Tax Tips - MarketWatch offers online tax advice and tips. ... IRS inflation adjustments mean tax break on next year's taxes. ... |
| www.marketwatch.com |
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