CandleFocus Glossary Editor
IRS Publication 15: Employer's Tax Guide is an important resource for any employer and their payroll staff, as it is the source for IRS regulations and updates on payroll and taxation of employees. The publication outlines how employers must properly withhold and deposit income, Social Security, and Medicare taxes from employee wages and how to properly report on payroll deductions. It is important to keep up with any changes and updates to the publication, as this could affect taxation of employees' payroll and penalties for not meeting all criteria.
The Tax Guide directs employers on when, where, and how much to deposit payroll taxes that have been withheld from employee wages. Federal income, Social Security, and Medicare taxes must be withheld from wages and deposited directly to the IRS by an employer. Employers are required to submit form 941, Employers Quarterly Tax Form, which includes the amount of federal income tax withheld, FICA taxes and income tax withheld from noncash wages, and information on total wages and tips. The document also provides detailed reporting requirements for noncash wages, tips, supplemental wages and other miscellaneous payments.
In addition to providing detailed guidance on withholding, depositing and reporting taxes for employees, Publication 15 also outlines how an employer must correct its taxes if there are any miscalculations. This includes how to make adjustments on payroll returns that were previously filed, how to correct underpaid or overpaid taxes, and how to report corrections made to federal income tax withholding. It also provides employers with information on how to correct payroll errors from previous years.
Overall, IRS Publication 15 is an important resource for employers and their payroll staff as it outlines federal income tax amounts for payroll withholdings, provides detailed reporting requirements for noncash wages and tips, and covers how to correct any miscalculations. Keeping up to date with Publication 15 is important to avoid any penalties due to incorrect or delayed filing of payroll taxes.
The Tax Guide directs employers on when, where, and how much to deposit payroll taxes that have been withheld from employee wages. Federal income, Social Security, and Medicare taxes must be withheld from wages and deposited directly to the IRS by an employer. Employers are required to submit form 941, Employers Quarterly Tax Form, which includes the amount of federal income tax withheld, FICA taxes and income tax withheld from noncash wages, and information on total wages and tips. The document also provides detailed reporting requirements for noncash wages, tips, supplemental wages and other miscellaneous payments.
In addition to providing detailed guidance on withholding, depositing and reporting taxes for employees, Publication 15 also outlines how an employer must correct its taxes if there are any miscalculations. This includes how to make adjustments on payroll returns that were previously filed, how to correct underpaid or overpaid taxes, and how to report corrections made to federal income tax withholding. It also provides employers with information on how to correct payroll errors from previous years.
Overall, IRS Publication 15 is an important resource for employers and their payroll staff as it outlines federal income tax amounts for payroll withholdings, provides detailed reporting requirements for noncash wages and tips, and covers how to correct any miscalculations. Keeping up to date with Publication 15 is important to avoid any penalties due to incorrect or delayed filing of payroll taxes.