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Www myfreetaxes com swflorida Publication 80 - Main Content Table of Contents Introduction 1. Www myfreetaxes com swflorida Employer Identification Number (EIN) 2. Www myfreetaxes com swflorida Who Are Employees?Tests. Www myfreetaxes com swflorida Business Owned and Operated by Spouses Farm Crew Leaders 3. Www myfreetaxes com swflorida Employee's Social Security Number (SSN)Registering for SSNVS. Www myfreetaxes com swflorida 4. Www myfreetaxes com swflorida Wages and Other CompensationFringe Benefits 5. Www myfreetaxes com swflorida TipsOrdering rule. Www myfreetaxes com swflorida 6. Www myfreetaxes com swflorida Social Security and Medicare Taxes for FarmworkersThe $150 Test or the $2,500 Test 7. Www myfreetaxes com swflorida How To Figure Social Security and Medicare TaxesHousehold and agricultural employers. Www myfreetaxes com swflorida 8. Www myfreetaxes com swflorida Depositing TaxesPayment with Return When To Deposit How To Deposit Deposit Penalties 9. Www myfreetaxes com swflorida Employer's ReturnsReporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Current Period Adjustments Prior Period Adjustments 10. Www myfreetaxes com swflorida Wage and Tax StatementsWaiver. Www myfreetaxes com swflorida 11. Www myfreetaxes com swflorida Federal Unemployment (FUTA) Tax—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands Employers Only How To Get Tax Help Introduction This publication is for employers whose principal place of business is in the U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands, Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands, or who have employees who are subject to income tax withholding for any of these jurisdictions. Www myfreetaxes com swflorida Employers and employees in these areas are generally subject to social security and Medicare taxes under the Federal Insurance Contributions Act (FICA). Www myfreetaxes com swflorida See section 6 and section 7 for more information. Www myfreetaxes com swflorida This publication summarizes employer responsibilities to collect, pay, and report these taxes. Www myfreetaxes com swflorida Whenever the term “United States” is used in this publication, it includes U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. Www myfreetaxes com swflorida This publication also provides employers in the U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands with a summary of their responsibilities in connection with the tax under the Federal Unemployment Tax Act, known as FUTA tax. Www myfreetaxes com swflorida See section 11 for more information. Www myfreetaxes com swflorida Except as shown in the table in section 12, social security, Medicare, and FUTA taxes apply to every employer who pays taxable wages to employees or who has employees who report tips. Www myfreetaxes com swflorida This publication does not include information relating to the self-employment tax (for social security and Medicare of self-employed persons). Www myfreetaxes com swflorida See Publication 570, Tax Guide for Individuals With Income From U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Possessions, if you need this information. Www myfreetaxes com swflorida This publication also does not include information relating to income tax withholding. Www myfreetaxes com swflorida In U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands, contact your local tax department for information about income tax withholding. Www myfreetaxes com swflorida See Publication 15 (Circular E), for information on U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida federal income tax withholding. Www myfreetaxes com swflorida Comments and suggestions. Www myfreetaxes com swflorida   We welcome your comments about this publication and your suggestions for future editions. Www myfreetaxes com swflorida   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www myfreetaxes com swflorida NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www myfreetaxes com swflorida Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www myfreetaxes com swflorida    You can also send us comments from www. Www myfreetaxes com swflorida irs. Www myfreetaxes com swflorida gov/formspubs. Www myfreetaxes com swflorida Click on More Information and then click on Comment on Tax Forms and Publications. Www myfreetaxes com swflorida   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications. Www myfreetaxes com swflorida 1. Www myfreetaxes com swflorida Employer Identification Number (EIN) An employer identification number (EIN) is a nine-digit number that the IRS issues. Www myfreetaxes com swflorida Its format is 00-0000000. Www myfreetaxes com swflorida It is used to identify the tax accounts of employers and certain other organizations and entities that have no employees. Www myfreetaxes com swflorida Use your EIN on all of the items that you send to the IRS and SSA for your business. Www myfreetaxes com swflorida If you do not have an EIN, you may apply for one online. Www myfreetaxes com swflorida Go to IRS. Www myfreetaxes com swflorida gov and click on the Apply for an EIN Online link under Tools. Www myfreetaxes com swflorida You may also apply for an EIN by calling 1-800-829-4933, (U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands only) or 267-941-1099 (toll call), or you can fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. Www myfreetaxes com swflorida Do not use a social security number (SSN) in place of an EIN. Www myfreetaxes com swflorida If you do not have an EIN by the time a return is due, file a paper return and enter “Applied For” and the date that you applied for it in the space shown for the number. Www myfreetaxes com swflorida If you took over another employer's business, do not use that employer's EIN. Www myfreetaxes com swflorida You should have only one EIN. Www myfreetaxes com swflorida If you have more than one, write to the IRS office where you file your returns using the “without a payment” address in the Instructions for Form 941-SS, Instructions for Form 944, or Instructions for Form 943. Www myfreetaxes com swflorida Or call the IRS Business & Specialty Tax Line at 1-800-829-4933 (U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands only) or 267-941-1000 (toll call). Www myfreetaxes com swflorida Persons who are deaf, hard of hearing, or have a speech disability (TDD/TTY users) in the U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands may call 1-800-829-4059. Www myfreetaxes com swflorida The IRS will tell you which EIN to use. Www myfreetaxes com swflorida For more information, see Publication 1635, Employer Identification Number: Understanding Your EIN, or Publication 583, Starting a Business and Keeping Records. Www myfreetaxes com swflorida 2. Www myfreetaxes com swflorida Who Are Employees? Generally, employees are defined either under common law or under special statutes for certain situations. Www myfreetaxes com swflorida See Publication 15-A, Employer's Supplemental Tax Guide, for details on statutory employees and nonemployees. Www myfreetaxes com swflorida Employee status under common law. Www myfreetaxes com swflorida   Generally, a worker who performs services for you is your employee if you can control what will be done and how it will be done. Www myfreetaxes com swflorida This is so even when you give the employee freedom of action. Www myfreetaxes com swflorida What matters is that you have the right to control the details of how the services are performed. Www myfreetaxes com swflorida See Publication 15-A for more information on how to determine whether an individual providing services is an independent contractor or an employee. Www myfreetaxes com swflorida    Generally, people in business for themselves are not employees. Www myfreetaxes com swflorida For example, doctors, lawyers, veterinarians, and others in an independent trade in which they offer their services to the public are usually not employees. Www myfreetaxes com swflorida However, if the business is incorporated, corporate officers who work in the business are employees of the corporation. Www myfreetaxes com swflorida   If an employer-employee relationship exists, it does not matter what it is called. Www myfreetaxes com swflorida The employee may be called an agent or independent contractor. Www myfreetaxes com swflorida It also does not matter how payments are measured or paid, what they are called, or if the employee works full or part time. Www myfreetaxes com swflorida Statutory employees. Www myfreetaxes com swflorida   There are also some special definitions of employees for social security, Medicare, and FUTA taxes. Www myfreetaxes com swflorida   While the following persons may not be common law employees, they are considered employees for social security and Medicare purposes if the conditions under Tests , discussed later, are met. Www myfreetaxes com swflorida a. Www myfreetaxes com swflorida   An agent (or commission) driver who delivers food or beverages (other than milk) or picks up and delivers laundry or dry cleaning for someone else. Www myfreetaxes com swflorida b. Www myfreetaxes com swflorida   A full-time life insurance salesperson who sells primarily for one company. Www myfreetaxes com swflorida c. Www myfreetaxes com swflorida   A homeworker who works by the guidelines of the person for whom the work is done, with materials furnished by and returned to that person or to someone that person designates. Www myfreetaxes com swflorida d. Www myfreetaxes com swflorida   A traveling or city salesperson (other than an agent-driver or commission-driver) who works full time (except for sideline sales activities) for one firm or person getting orders from customers. Www myfreetaxes com swflorida The orders must be for merchandise for resale or supplies for use in the customer's business. Www myfreetaxes com swflorida The customers must be retailers, wholesalers, contractors, or operators of hotels, restaurants, or other businesses dealing with food or lodging. Www myfreetaxes com swflorida Tests. Www myfreetaxes com swflorida   Withhold social security and Medicare taxes from statutory employees' wages if all three of the following tests apply. Www myfreetaxes com swflorida The service contract states or implies that almost all of the services are to be performed personally by them. Www myfreetaxes com swflorida They have little or no investment in the equipment and property used to perform the services (other than an investment in transportation facilities). Www myfreetaxes com swflorida The services are performed on a continuing basis for the same payer. Www myfreetaxes com swflorida Persons in a or d, earlier, are also employees for FUTA tax purposes if tests 1 through 3 are met (U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands only). Www myfreetaxes com swflorida   Publication 15-A gives examples of the employer-employee relationship. Www myfreetaxes com swflorida Statutory nonemployees. Www myfreetaxes com swflorida   Certain direct sellers, qualified real estate agents, and certain companion sitters are, by law, considered nonemployees. Www myfreetaxes com swflorida They are generally treated as self-employed for employment tax purposes. Www myfreetaxes com swflorida See Publication 15-A for details. Www myfreetaxes com swflorida H-2A agricultural workers. Www myfreetaxes com swflorida   On Form W-2, do not check box 13 (Statutory employee) as H-2A workers are not statutory employees. Www myfreetaxes com swflorida Treating employees as nonemployees. Www myfreetaxes com swflorida   If you incorrectly treated an employee as a nonemployee and did not withhold social security and Medicare taxes, you will be liable for the taxes. Www myfreetaxes com swflorida See Treating employees as nonemployees in section 2 of Publication 15 (Circular E), for details on Internal Revenue Code section 3509, which may apply. Www myfreetaxes com swflorida IRS help. Www myfreetaxes com swflorida   If you want the IRS to determine if a worker is an employee, file Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding. Www myfreetaxes com swflorida Voluntary Classification Settlement Program (VCSP). Www myfreetaxes com swflorida   Employers who are currently treating their workers (or a class or group of workers) as independent contractors or other nonemployees and want to voluntarily reclassify their workers as employees for future tax periods may be eligible to participate in the VCSP if certain requirements are met. Www myfreetaxes com swflorida To apply, use Form 8952, Application for Voluntary Classification Settlement Program (VCSP). Www myfreetaxes com swflorida For more information, visit IRS. Www myfreetaxes com swflorida gov and enter “VCSP” in the search box. Www myfreetaxes com swflorida Business Owned and Operated by Spouses If you and your spouse jointly own and operate a business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Www myfreetaxes com swflorida See Publication 541, Partnerships, for more details. Www myfreetaxes com swflorida The partnership is considered the employer of any employees, and is liable for any employment taxes due on wages paid to its employees. Www myfreetaxes com swflorida Exception—Qualified Joint Venture. Www myfreetaxes com swflorida   If you and your spouse materially participate as the only members of a jointly owned and operated business, and you file a joint Form 1040, U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Individual Income Tax Return, or joint Form 1040-SS, U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Self-Employment Tax Return—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or Puerto Rico, you can make a joint election to be taxed as a qualified joint venture instead of a partnership. Www myfreetaxes com swflorida See the Instructions for Schedule C (Form 1040) or the Instructions for Form 1040-SS. Www myfreetaxes com swflorida Spouses electing qualified joint venture status are treated as sole proprietors for federal tax purposes. Www myfreetaxes com swflorida Either of the sole proprietor spouses may report and pay the employment taxes due on wages paid to the employees, using the EIN of that spouse’s sole proprietorship. Www myfreetaxes com swflorida For more information on qualified joint ventures, visit IRS. Www myfreetaxes com swflorida gov and enter “qualified joint venture” in the search box. Www myfreetaxes com swflorida Farm Crew Leaders You are an employer of farmworkers if you are a crew leader. Www myfreetaxes com swflorida A crew leader is a person who furnishes and pays (either on his or her own behalf or on behalf of the farm operator) workers to do farmwork for the farm operator. Www myfreetaxes com swflorida If there is no written agreement between you and the farm operator stating that you are his or her employee, and if you pay the workers (either for yourself or for the farm operator), then you are a crew leader. Www myfreetaxes com swflorida 3. Www myfreetaxes com swflorida Employee's Social Security Number (SSN) An employee's social security number (SSN) consists of nine digits separated as follows: 000-00-0000. Www myfreetaxes com swflorida You must get each employee's name and SSN and enter them on Form W-2AS, W-2CM, W-2GU, or W-2VI. Www myfreetaxes com swflorida If you do not report the employee's correct name and SSN, you may owe a penalty unless you have reasonable cause. Www myfreetaxes com swflorida See Publication 1586, Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINs, for information on the requirement to solicit the employee's SSN. Www myfreetaxes com swflorida Employee's social security card. Www myfreetaxes com swflorida   You should ask the employee to show you his or her social security card. Www myfreetaxes com swflorida The employee may show the card if it is available. Www myfreetaxes com swflorida Do not accept a social security card that says “Not valid for employment. Www myfreetaxes com swflorida ” A social security number issued with this legend does not permit employment. Www myfreetaxes com swflorida You may, but you are not required to, photocopy the social security card if the employee provides it. Www myfreetaxes com swflorida If an employee does not have a social security card or needs a new one, the employee should apply for one on Form SS-5 and submit the necessary documentation. Www myfreetaxes com swflorida The employee must complete and sign Form SS-5; it cannot be filed by the employer. Www myfreetaxes com swflorida You may be asked to supply a letter to accompany Form SS-5 if the employee has exceeded his or her yearly or lifetime limit for the number of replacement cards allowed. Www myfreetaxes com swflorida If your employee has applied for an SSN but has not received the card before you must file your Form W-2 reports, and you are filing your reports on paper, enter “Applied For” in box d. Www myfreetaxes com swflorida Enter all zeroes in the SSN field if filing electronically. Www myfreetaxes com swflorida When the employee receives the SSN, file Copy A of Form W-2c with SSA to show the employee's SSN. Www myfreetaxes com swflorida Correctly record the employee's name and SSN. Www myfreetaxes com swflorida   Record the name and number of each employee as they appear on his or her social security card. Www myfreetaxes com swflorida If the name is not correct as shown on the card (for example, because of marriage or divorce), the employee should request a corrected card from the SSA. Www myfreetaxes com swflorida Continue to use the old name until the employee shows you the replacement social security card with the corrected name. Www myfreetaxes com swflorida   If the SSA issues the employee a replacement card after a name change, or a new card with a different social security number after a change in alien work status, file a Form W-2c to correct the name/SSN reported on the most recently filed Form W-2AS, W-2CM, W-2GU, or W-2VI. Www myfreetaxes com swflorida It is not necessary to correct other years if the previous name and SSN were used for years before the most recent Form W-2. Www myfreetaxes com swflorida Where to get and file social security number application forms. Www myfreetaxes com swflorida    U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Social Security Administration, 8000 Nisky Center, First Floor, Suite 2, St. Www myfreetaxes com swflorida Thomas, VI 00802. Www myfreetaxes com swflorida  Guam—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Social Security Administration, 655 Harmon Loop Road, Suite 300, Dededo, GU 96929. Www myfreetaxes com swflorida  American Samoa—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Social Security Administration, Pago Plaza, Suite 117, Pago Pago, AS 96799. Www myfreetaxes com swflorida  Commonwealth of the Northern Mariana Islands—U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Social Security Administration, MH Building, Suite 201, Saipan, MP 96950. Www myfreetaxes com swflorida Verification of social security numbers. Www myfreetaxes com swflorida   Employers and authorized reporting agents can use the Social Security Number Verification Service (SSNVS) to instantly verify up to 10 names and SSNs (per screen) at a time, or submit an electronic file of up to 250,000 names and SSNs and usually receive the results the next business day. Www myfreetaxes com swflorida Visit www. Www myfreetaxes com swflorida socialsecurity. Www myfreetaxes com swflorida gov/employer/ssnv. Www myfreetaxes com swflorida htm for more information. Www myfreetaxes com swflorida Registering for SSNVS. Www myfreetaxes com swflorida   You must register online and receive authorization from your employer to use SSNVS. Www myfreetaxes com swflorida To register, visit SSA's website at www. Www myfreetaxes com swflorida ssa. Www myfreetaxes com swflorida gov/employer and click on the Business Services Online link. Www myfreetaxes com swflorida Follow the registration instructions to obtain a user identification (ID) and password. Www myfreetaxes com swflorida You will need to provide the following information about yourself and your company. Www myfreetaxes com swflorida Name. Www myfreetaxes com swflorida SSN. Www myfreetaxes com swflorida Date of birth. Www myfreetaxes com swflorida Type of employer. Www myfreetaxes com swflorida EIN. Www myfreetaxes com swflorida Company name, address, and telephone number. Www myfreetaxes com swflorida Email address. Www myfreetaxes com swflorida   When you have completed the online registration process, SSA will mail a one-time activation code to your employer. Www myfreetaxes com swflorida You must enter the activation code online to use SSNVS. Www myfreetaxes com swflorida 4. Www myfreetaxes com swflorida Wages and Other Compensation Generally, all wages are subject to social security and Medicare tax (and FUTA tax for U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands employers). Www myfreetaxes com swflorida However, wages subject to social security tax and FUTA tax are limited by a wage base amount that you pay to each employee for the year. Www myfreetaxes com swflorida The wage base for social security tax is $117,000 for 2014. Www myfreetaxes com swflorida After you pay $117,000 to an employee in 2014, including tips, do not withhold social security tax on any amount that you later pay to the employee for the year. Www myfreetaxes com swflorida The wage base for FUTA tax is $7,000 for 2014. Www myfreetaxes com swflorida All wages are subject to Medicare tax. Www myfreetaxes com swflorida The wages may be in cash or in other forms, such as an automobile for personal use. Www myfreetaxes com swflorida Wages include salaries, vacation allowances, bonuses, commissions, and fringe benefits. Www myfreetaxes com swflorida It does not matter how payments are measured or paid. Www myfreetaxes com swflorida See the table in section 12 for exceptions to social security, Medicare, and FUTA taxes on wages. Www myfreetaxes com swflorida See section 5 and section 6 for a discussion of how the rules apply to tips and farmworkers. Www myfreetaxes com swflorida Social security and Medicare taxes apply to most payments of sick pay, including payments by third parties such as insurance companies. Www myfreetaxes com swflorida Special rules apply to the reporting of third-party sick pay. Www myfreetaxes com swflorida For details, see Publication 15-A. Www myfreetaxes com swflorida Determine the value of noncash pay (such as goods, lodging, and meals) by its fair market value. Www myfreetaxes com swflorida However, see Fringe Benefits , later in this section. Www myfreetaxes com swflorida Except for farmworkers and household employees, this kind of pay may be subject to social security, Medicare, and FUTA taxes. Www myfreetaxes com swflorida Back pay, including retroactive wage increases (but not amounts paid as liquidated damages), is taxed as ordinary wages in the year paid. Www myfreetaxes com swflorida For information on reporting back pay to the Social Security Administration, see Publication 957, Reporting Back Pay and Special Wage Payments to the Social Security Administration. Www myfreetaxes com swflorida Travel and business expenses. Www myfreetaxes com swflorida   Payments to your employee for travel and other necessary expenses of your business generally are included in taxable wages if (a) your employee is not required to or does not substantiate timely those expenses to you with receipts or other documentation, or (b) you advance an amount to your employee for business expenses and your employee is not required to or does not return timely any amount that he or she does not substantiate. Www myfreetaxes com swflorida Sick pay. Www myfreetaxes com swflorida   In general, sick pay is any amount that you pay, under a plan that you take part in, to an employee because of sickness or injury. Www myfreetaxes com swflorida These amounts are sometimes paid by a third party, such as an insurance company. Www myfreetaxes com swflorida In either case, these payments are subject to social security and Medicare taxes (and FUTA tax for U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands employers). Www myfreetaxes com swflorida Sick pay becomes exempt from these taxes after the end of 6 calendar months after the calendar month the employee last worked for the employer. Www myfreetaxes com swflorida Publication 15-A explains the employment tax rules that apply to sick pay, disability benefits, and similar payments to employees. Www myfreetaxes com swflorida Fringe Benefits Generally, fringe benefits are includible in the gross income of an employee and are subject to employment taxes. Www myfreetaxes com swflorida Examples of fringe benefits include the use of an automobile, aircraft flights that you provide, free or discounted commercial airline flights, vacations, discounts on property or services, memberships in country clubs or other social clubs, and tickets to entertainment or sporting events. Www myfreetaxes com swflorida In general, the amount included in the employee's income is the excess of the fair market value of the benefit over the sum of any amount paid for it by the employee and any amount excluded by law. Www myfreetaxes com swflorida For more information, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Www myfreetaxes com swflorida When fringe benefits are treated as paid. Www myfreetaxes com swflorida   You can choose to treat certain noncash fringe benefits (including personal use of an automobile provided by you) as paid by the pay period, quarter, or on any other basis that you choose, but they must be treated as paid at least annually. Www myfreetaxes com swflorida You do not have to make a formal choice of payment dates or notify the IRS. Www myfreetaxes com swflorida You do not have to use the same basis for all employees. Www myfreetaxes com swflorida You may change methods as often as you like, as long as all benefits provided in a calendar year are treated as paid no later than December 31 of the calendar year. Www myfreetaxes com swflorida However, see Special accounting rule for fringe benefits provided during November and December , later in this section. Www myfreetaxes com swflorida   You can treat the value of a single taxable noncash fringe benefit as paid on one or more dates in the same calendar year, even if the employee gets the entire benefit at one time. Www myfreetaxes com swflorida However, once you elect the payment dates, you must report the taxes on your return in the same tax period in which you treated them as paid. Www myfreetaxes com swflorida This election does not apply to a fringe benefit where real property or investment personal property is transferred. Www myfreetaxes com swflorida Withholding social security and Medicare taxes on fringe benefits. Www myfreetaxes com swflorida   You add the value of fringe benefits to regular wages for a payroll period and figure social security and Medicare taxes on the total. Www myfreetaxes com swflorida   If you withhold less than the required amount of social security and Medicare taxes from the employee in a calendar year but report and pay the proper amount, you may recover the taxes from the employee. Www myfreetaxes com swflorida Depositing taxes on fringe benefits. Www myfreetaxes com swflorida   Once you choose payment dates for taxable noncash fringe benefits, you must deposit taxes in the same deposit period that you treat the fringe benefits as paid. Www myfreetaxes com swflorida You may make a reasonable estimate of the value of the fringe benefits. Www myfreetaxes com swflorida In general, the value of taxable noncash fringe benefits provided in a calendar year must be determined by January 31 of the following year. Www myfreetaxes com swflorida   You may claim a refund of overpayments or elect to have any overpayment applied to the next employment tax return. Www myfreetaxes com swflorida If deposits are underpaid, see Deposit Penalties in section 8. Www myfreetaxes com swflorida Valuation of vehicles provided to employees. Www myfreetaxes com swflorida    If you provide a vehicle to your employees, you may either determine the actual value of the benefit for the entire calendar year, taking into account the business use of the vehicle, or consider the entire use for the calendar year as personal and include 100% of the value of the vehicle in the employee's income. Www myfreetaxes com swflorida For reporting information to employees, see the box 14 instructions in the General Instructions for Forms W-2 and W-3. Www myfreetaxes com swflorida Special accounting rule for fringe benefits provided during November and December. Www myfreetaxes com swflorida   You may choose to treat the value of taxable noncash fringe benefits provided during November and December as paid in the next year. Www myfreetaxes com swflorida However, this applies only to those benefits that you actually provided during November and December, not to those you merely treated as paid during those months. Www myfreetaxes com swflorida   If you use this rule, you must notify each affected employee between the time of the employee's last paycheck of the calendar year and at or near the time that you give the employee Form W-2AS, W-2CM, W-2GU, or W-2VI. Www myfreetaxes com swflorida If you use the special accounting rule, your employee must also use it for the same period that you use it. Www myfreetaxes com swflorida You cannot use this rule for a fringe benefit of real property or tangible or intangible real property of a kind normally held for investment that is transferred to your employee. Www myfreetaxes com swflorida 5. Www myfreetaxes com swflorida Tips Tips that your employee receives from customers are generally subject to social security and Medicare withholding. Www myfreetaxes com swflorida Your employee must report cash tips to you by the 10th of the month after the month that the tips are received. Www myfreetaxes com swflorida The report should include tips you paid over to the employee for charge customers, tips the employee received directly from customers, and tips received from other employees under any tip-sharing arrangement. Www myfreetaxes com swflorida Both directly and indirectly tipped employees must report tips to you. Www myfreetaxes com swflorida The report should not include tips that the employee paid out to other employees. Www myfreetaxes com swflorida No report is required for months when tips are less than $20. Www myfreetaxes com swflorida Your employees report tips on Form 4070, Employee's Report of Tips to Employer, or on a similar statement. Www myfreetaxes com swflorida They may also use Form 4070A, Employee's Daily Record of Tips, to keep a record of their tips. Www myfreetaxes com swflorida Both forms are included in Publication 1244, Employee's Daily Record of Tips and Report to Employer, available at IRS. Www myfreetaxes com swflorida gov. Www myfreetaxes com swflorida The statement must be signed by the employee and must include: The employee's name, address, and SSN, Your name and address, The month or period that the report covers, and The total tips received during the month or period. Www myfreetaxes com swflorida You are permitted to establish a system for electronic tip reporting by employees. Www myfreetaxes com swflorida See Regulations section 31. Www myfreetaxes com swflorida 6053-1(d). Www myfreetaxes com swflorida Collecting taxes on tips. Www myfreetaxes com swflorida   You must collect the employee social security and Medicare taxes on the employee's tips. Www myfreetaxes com swflorida You can also collect these taxes from the employee's wages or from other funds that he or she makes available. Www myfreetaxes com swflorida Stop collecting the employee social security tax when his or her total wages and tips for 2014 reach $117,000. Www myfreetaxes com swflorida Collect the employee Medicare tax for the whole year on all wages and tips. Www myfreetaxes com swflorida   You are responsible for the employer social security tax on wages and tips until the wages (including tips) reach the wage base limit. Www myfreetaxes com swflorida You are responsible for the employer Medicare tax for the whole year on all wages and tips. Www myfreetaxes com swflorida File Form 941-SS (or Form 944) to report withholding and employer taxes on tips. Www myfreetaxes com swflorida The withholding rules for withholding an employee's share of Medicare tax on tips also apply to withholding the Additional Medicare Tax once wages and tips exceed $200,000 in the calendar year. Www myfreetaxes com swflorida Ordering rule. Www myfreetaxes com swflorida   If, by the 10th of the month after the month you received an employee's report on tips, you do not have enough employee funds available to deduct the employee social security and Medicare tax on tips, you no longer have to collect it and are not liable for it. Www myfreetaxes com swflorida Reporting tips. Www myfreetaxes com swflorida   Report tips and any collected and uncollected social security in boxes 1, 5, 7, and 12 on Forms W-2AS, W-2CM, W-2GU, or W-2VI and on Form 941-SS, lines 5b, 5c, and 5d (Form 944, lines 4b, 4c, and 4d). Www myfreetaxes com swflorida Do not include any uncollected Additional Medicare Tax in box 12 of Form W-2. Www myfreetaxes com swflorida Report an adjustment on Form 941-SS, line 9 (Form 944, line 6), for the uncollected social security and Medicare taxes. Www myfreetaxes com swflorida The table in section 12 shows how tips are treated for FUTA tax purposes. Www myfreetaxes com swflorida   Revenue Ruling 2012-18 provides guidance for employers regarding social security and Medicare taxes imposed on tips, including information on the reporting of the employer share of social security and Medicare taxes under section 3121(q), the difference between tips and service charges, and the section 45B credit. Www myfreetaxes com swflorida See Revenue Ruling 2012-18, 2012-26 I. Www myfreetaxes com swflorida R. Www myfreetaxes com swflorida B. Www myfreetaxes com swflorida 1032, available at www. Www myfreetaxes com swflorida irs. Www myfreetaxes com swflorida gov/irb/2012-26_IRB/ar07. Www myfreetaxes com swflorida html. Www myfreetaxes com swflorida 6. Www myfreetaxes com swflorida Social Security and Medicare Taxes for Farmworkers The tests described below apply only to services that are defined as agricultural labor (farmwork). Www myfreetaxes com swflorida In general, you are an employer of farmworkers if your employees: Raise or harvest agricultural or horticultural products on your farm (including the raising and feeding of livestock); Work in connection with the operation, management, conservation, improvement, or maintenance of your farm and its tools and equipment; Provide services relating to salvaging timber, or clearing land of brush and other debris, left by a hurricane (also known as hurricane labor); Handle, process, or package any agricultural or horticultural commodity if you produced over half of the commodity (for a group of up to 20 unincorporated operators, all of the commodity); or Do work for you related to cotton ginning, turpentine, gum resin products, or the operation and maintenance of irrigation facilities. Www myfreetaxes com swflorida For this purpose, the term “farm” includes stock, dairy, poultry, fruit, fur-bearing animal, and truck farms, as well as plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities, and orchards. Www myfreetaxes com swflorida Farmwork does not include reselling activities that do not involve any substantial activity of raising agricultural or horticultural commodities, such as a retail store or a greenhouse used primarily for display or storage. Www myfreetaxes com swflorida A “share farmer” working for you is not your employee. Www myfreetaxes com swflorida However, the share farmer may be subject to self-employment tax. Www myfreetaxes com swflorida In general, share farming is an arrangement in which certain commodity products are shared between the farmer and the owner (or tenant) of the land. Www myfreetaxes com swflorida For details, see Regulations section 31. Www myfreetaxes com swflorida 3121(b)(16)-1. Www myfreetaxes com swflorida The $150 Test or the $2,500 Test All cash wages that you pay to any employee for farmwork are subject to social security and Medicare taxes if either of the following two tests is met. Www myfreetaxes com swflorida You pay cash wages to the employee of $150 or more in a year (count all cash wages paid on a time, piecework, or other basis) for farmwork. Www myfreetaxes com swflorida The $150 test applies separately to each farmworker that you employ. Www myfreetaxes com swflorida If you employ a family of workers, each member is treated separately. Www myfreetaxes com swflorida Do not count wages paid by other employers. Www myfreetaxes com swflorida The total that you pay for farmwork (cash and noncash) to all of your employees is $2,500 or more during the year. Www myfreetaxes com swflorida Exceptions. Www myfreetaxes com swflorida   The $150 and $2,500 tests do not apply to wages that you pay to a farmworker who receives less than $150 in annual cash wages and the wages are not subject to social security and Medicare taxes even if you pay $2,500 or more in that year to all of your farmworkers if the farmworker: Is employed in agriculture as a hand-harvest laborer, Is paid piece rates in an operation that is usually paid on a piece-rate basis in the region of employment, Commutes daily from his or her home to the farm, and Had been employed in agriculture less than 13 weeks in the preceding calendar year. Www myfreetaxes com swflorida   Amounts that you pay to these seasonal farmworkers, however, count toward the $2,500-or-more test to determine whether wages that you pay to other farmworkers are subject to social security and Medicare taxes. Www myfreetaxes com swflorida 7. Www myfreetaxes com swflorida How To Figure Social Security and Medicare Taxes The tax rate for social security is 6. Www myfreetaxes com swflorida 2% (amount withheld) each for the employer and employee (12. Www myfreetaxes com swflorida 4% total). Www myfreetaxes com swflorida The social security wage base limit is $117,000. Www myfreetaxes com swflorida The tax rate for Medicare is 1. Www myfreetaxes com swflorida 45% (amount withheld) each for the employee and employer (2. Www myfreetaxes com swflorida 9% total). Www myfreetaxes com swflorida There is no wage base limit for Medicare tax; all covered wages are subject to Medicare tax. Www myfreetaxes com swflorida Multiply each wage payment by these percentages to figure the tax to withhold from employees. Www myfreetaxes com swflorida Employers report both the employee and employer shares on Forms 941-SS, 944, or Form 943 (farm employment). Www myfreetaxes com swflorida See section 5 for information on tips. Www myfreetaxes com swflorida Additional Medicare Tax withholding. Www myfreetaxes com swflorida   In addition to withholding Medicare tax at 1. Www myfreetaxes com swflorida 45%, you must withhold a 0. Www myfreetaxes com swflorida 9% Additional Medicare Tax from wages you pay to an employee in excess of $200,000 in a calendar year. Www myfreetaxes com swflorida You are required to begin withholding Additional Medicare Tax in the pay period in which you pay wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year. Www myfreetaxes com swflorida Additional Medicare Tax is only imposed on the employee. Www myfreetaxes com swflorida There is no employer share of Additional Medicare Tax. Www myfreetaxes com swflorida All wages that are subject to Medicare tax are subject to Additional Medicare Tax withholding if paid in excess of the $200,000 withholding threshold. Www myfreetaxes com swflorida   For more information on what wages are subject to Medicare tax, see the chart Special Rules for Various Types of Employment and Payments in section 12. Www myfreetaxes com swflorida For more information on Additional Medicare Tax, visit IRS. Www myfreetaxes com swflorida gov and enter “Additional Medicare Tax” in the search box. Www myfreetaxes com swflorida Deducting the tax. Www myfreetaxes com swflorida   Deduct the employee tax from each wage payment. Www myfreetaxes com swflorida If you are not sure that the wages that you pay to a farmworker during the year will be taxable, you may either deduct the tax when you make the payments or wait until the $2,500 test or the $150 test explained in section 6 has been met. Www myfreetaxes com swflorida Employee's portion of taxes paid by employer. Www myfreetaxes com swflorida   If you pay your employee's social security and Medicare taxes without deducting them from the employee's pay, you must include the amount of the payments in the employee's wages for social security and Medicare taxes. Www myfreetaxes com swflorida This increase in the employee's wage payment for your payment of the employee's social security and Medicare taxes is also subject to employee social security and Medicare taxes. Www myfreetaxes com swflorida This again increases the amount of the additional taxes that you must pay. Www myfreetaxes com swflorida Household and agricultural employers. Www myfreetaxes com swflorida   This discussion does not apply to household and agricultural employers. Www myfreetaxes com swflorida If you pay a household or agricultural employee's social security and Medicare taxes, these payments must be included in the employee's wages. Www myfreetaxes com swflorida However, this wage increase due to the tax payments is not subject to social security or Medicare taxes as discussed in this section. Www myfreetaxes com swflorida See Publication 15-A for details. Www myfreetaxes com swflorida Sick pay payments. Www myfreetaxes com swflorida   Social security and Medicare taxes apply to most payments of sick pay, including payments made by third parties such as insurance companies. Www myfreetaxes com swflorida For details on third-party payers of sick pay, see Publication 15-A. Www myfreetaxes com swflorida 8. Www myfreetaxes com swflorida Depositing Taxes You must deposit social security and Medicare taxes if your tax liability (Form 941-SS, line 10; Form 944, line 7; or Form 943, line 11) is $2,500 or more for the tax return period. Www myfreetaxes com swflorida You must make the deposit by electronic funds transfer. Www myfreetaxes com swflorida For more information about electronic funds transfers, see How To Deposit , later in this section. Www myfreetaxes com swflorida Payment with Return $2,500 rule. Www myfreetaxes com swflorida   Instead of making deposits during the current quarter, you can pay your total Form 941-SS tax liability when you timely file Form 941-SS if: Your total Form 941-SS tax liability for either the current quarter or the preceding quarter is less than $2,500 and You do not incur a $100,000 next-day deposit obligation during the current quarter. Www myfreetaxes com swflorida   If you are not sure your total liability for the current quarter will be less than $2,500, (and your liability for the preceding quarter was not less than $2,500), make deposits using the semiweekly or monthly rules so you won't be subject to failure to deposit penalties. Www myfreetaxes com swflorida Employers who have been notified to file Form 944 can pay their tax liability due for the fourth quarter with Form 944, if their fourth quarter tax liability is less than $2,500. Www myfreetaxes com swflorida Employers must have deposited any tax liability due for the first, second, and third quarters, according to the deposit rules, in order to avoid failure-to-deposit penalties for deposits due during those quarters. Www myfreetaxes com swflorida Only monthly schedule depositors are allowed to make an Accuracy of Deposits Rule payment with the return. Www myfreetaxes com swflorida Semiweekly schedule depositors must timely deposit the amount. Www myfreetaxes com swflorida See Accuracy of Deposits Rule and How To Deposit, later in this section. Www myfreetaxes com swflorida When To Deposit Under the rules discussed below, the only difference between farm and nonfarm workers' employment tax deposit rules is the lookback period. Www myfreetaxes com swflorida Therefore, farm and nonfarm workers are discussed together except where noted. Www myfreetaxes com swflorida Depending on your total taxes reported during a lookback period (discussed later), you are either a monthly schedule depositor or a semiweekly schedule depositor. Www myfreetaxes com swflorida The terms “monthly schedule depositor” and “semiweekly schedule depositor” do not refer to how often you pay your employees or how often you are required to make deposits. Www myfreetaxes com swflorida The terms identify which set of rules that you must follow when a tax liability arises (for example, when you have a payday). Www myfreetaxes com swflorida You will need to determine your deposit schedule for a calendar year based on the total employment taxes reported on Forms 941-SS, line 10; Form 944, line 7; or Form 943, line 9, for your lookback period (defined below). Www myfreetaxes com swflorida If you filed both Forms 941-SS and 941 during the lookback period, combine the tax liabilities for these returns for purposes of determining your deposit schedule. Www myfreetaxes com swflorida Determine your deposit schedule for Form 943 separately from Forms 941-SS and 941. Www myfreetaxes com swflorida Lookback period for employers of nonfarm workers. Www myfreetaxes com swflorida   The lookback period for Form 941-SS (or Form 941) consists of four quarters beginning July 1 of the second preceding year and ending June 30 of the prior year. Www myfreetaxes com swflorida These four quarters are your lookback period even if you did not report any taxes for any of the quarters. Www myfreetaxes com swflorida For 2014, the lookback period is July 1, 2012, through June 30, 2013. Www myfreetaxes com swflorida    Table 1. Www myfreetaxes com swflorida Lookback Period for Calendar Year 2014 Lookback Period July 1, 2012 Oct. Www myfreetaxes com swflorida 1, 2012 Jan. Www myfreetaxes com swflorida 1, 2013 Apr. Www myfreetaxes com swflorida 1, 2013 through through through through Sep. Www myfreetaxes com swflorida 30, 2012 Dec. Www myfreetaxes com swflorida 31, 2012 Mar. Www myfreetaxes com swflorida 31, 2013 June 30, 2013    The lookback period for Form 944 is the second calendar year preceding the current calendar year. Www myfreetaxes com swflorida For example, the lookback period for calendar year 2014 is calendar year 2012. Www myfreetaxes com swflorida In addition, for employers who filed Form 944 for 2012 or for 2013 and will file Form 941-SS (or Form 941) for 2014, the lookback period for 2014 is the second calendar year preceding the current calendar year, that is, 2012. Www myfreetaxes com swflorida Lookback period for employers of farmworkers. Www myfreetaxes com swflorida   The lookback period for Form 943 is the second calendar year preceding the current calendar year. Www myfreetaxes com swflorida The lookback period for calendar year 2014 is calendar year 2012. Www myfreetaxes com swflorida Adjustments to lookback period taxes. Www myfreetaxes com swflorida   To determine your taxes for the lookback period, use only the tax that you reported on the original returns (Forms 941-SS, 943, or 944). Www myfreetaxes com swflorida Do not include any adjustments shown on Form 941-X, 943-X, or 944-X. Www myfreetaxes com swflorida Example. Www myfreetaxes com swflorida   An employer originally reported total taxes of $45,000 for the lookback period. Www myfreetaxes com swflorida The employer discovered during January 2014 that the tax reported during the lookback period was understated by $10,000 and corrected this error by filing Form 941-X. Www myfreetaxes com swflorida The employer is a monthly schedule depositor for 2014 because the lookback period tax liabilities are based on the amounts originally reported, and they were $50,000 or less. Www myfreetaxes com swflorida Deposit Period The term “deposit period” refers to the period during which tax liabilities are accumulated for each required deposit due date. Www myfreetaxes com swflorida For monthly schedule depositors, the deposit period is a calendar month. Www myfreetaxes com swflorida The deposit periods for semiweekly schedule depositors are Wednesday through Friday and Saturday through Tuesday. Www myfreetaxes com swflorida Monthly Deposit Schedule If your total tax reported for the lookback period is $50,000 or less, you are a monthly schedule depositor for the current year. Www myfreetaxes com swflorida You must deposit taxes on wage payments made during a calendar month by the 15th day of the following month. Www myfreetaxes com swflorida New employers. Www myfreetaxes com swflorida   Your tax liability for any quarter in the lookback period before the date you started or acquired your business is considered to be zero. Www myfreetaxes com swflorida Therefore, you are a monthly schedule depositor for the first calendar year of your business (but see the $100,000 Next-Day Deposit Rule , later in this section). Www myfreetaxes com swflorida Semiweekly Deposit Schedule If your total tax reported for the lookback period is more than $50,000, you are a semiweekly schedule depositor for the current year. Www myfreetaxes com swflorida If you are a semiweekly schedule depositor, you must deposit on Wednesday and/or Friday, depending on what day of the week that you make wage payments, as follows. Www myfreetaxes com swflorida Deposit taxes on wage payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. Www myfreetaxes com swflorida Deposit taxes on wage payments made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday. Www myfreetaxes com swflorida Semiweekly depositors are generally not required to deposit twice a week if their payments were in the same semiweekly period unless the $100,000 Next-Day Deposit Rule , discussed later in this section, applies. Www myfreetaxes com swflorida For example, if you made a payment on both Wednesday and Friday and incurred taxes of $10,000 for each pay date, deposit the $20,000 on the following Wednesday. Www myfreetaxes com swflorida If you made no additional payments on Saturday through Tuesday, no deposit is due on Friday. Www myfreetaxes com swflorida Semiweekly deposit period spanning two quarters. Www myfreetaxes com swflorida   If you have more than one pay date during a semiweekly period and the pay dates fall in different calendar quarters, you will need to make separate deposits for the separate liabilities. Www myfreetaxes com swflorida Example. Www myfreetaxes com swflorida   If you have a pay date on Monday, March 31, 2014 (first quarter), and another pay date on Tuesday, April 1, 2014 (second quarter), two separate deposits will be required even though the pay dates fall within the same semiweekly period. Www myfreetaxes com swflorida Both deposits will be due on Friday, April 4, 2014 (3 business days from the end of the semiweekly deposit period). Www myfreetaxes com swflorida Examples of Monthly and Semiweekly Schedules Employers of nonfarm workers. Www myfreetaxes com swflorida   Rose Co. Www myfreetaxes com swflorida reported Form 941-SS taxes as follows: 2013 Lookback Period 3rd Quarter 2011 $12,000 4th Quarter 2011 12,000 1st Quarter 2012 12,000 2nd Quarter 2012 12,000   $48,000 2014 Lookback Period 3rd Quarter 2012 $12,000 4th Quarter 2012 12,000 1st Quarter 2013 12,000 2nd Quarter 2013 15,000   $51,000 Rose Co. Www myfreetaxes com swflorida is a monthly schedule depositor for 2013 because its taxes for the four quarters in its lookback period ($48,000 for the 3rd quarter of 2011 through the 2nd quarter of 2012) were not more than $50,000. Www myfreetaxes com swflorida However, for 2014, Rose Co. Www myfreetaxes com swflorida is a semiweekly schedule depositor because the total taxes for the four quarters in its lookback period ($51,000 for the 3rd quarter of 2012 through the 2nd quarter of 2013) exceeded $50,000. Www myfreetaxes com swflorida Employers of farmworkers. Www myfreetaxes com swflorida   Red Co. Www myfreetaxes com swflorida reported taxes on its 2012 Form 943, line 9, of $48,000. Www myfreetaxes com swflorida On its 2013 Form 943, line 11, it reported taxes of $60,000. Www myfreetaxes com swflorida   Red Co. Www myfreetaxes com swflorida is a monthly schedule depositor for 2014 because its taxes for its lookback period ($48,000 for calendar year 2012) were not more than $50,000. Www myfreetaxes com swflorida However, for 2015, Red Co. Www myfreetaxes com swflorida is a semiweekly schedule depositor because the total taxes for its lookback period ($60,000 for calendar year 2013) exceeded $50,000. Www myfreetaxes com swflorida New agricultural employers. Www myfreetaxes com swflorida   New agricultural employers filing Form 943 are monthly schedule depositors for the first and second calendar years of their business because their taxes for the lookback period (2 years) are considered to be zero. Www myfreetaxes com swflorida However, see the $100,000 Next-Day Deposit Rule , later in this section. Www myfreetaxes com swflorida Deposits on Business Days Only If a deposit due date falls on a day that is not a business day, the deposit is considered timely if it is made by the close of the next business day. Www myfreetaxes com swflorida A business day is any day other than a Saturday, Sunday, or legal holiday. Www myfreetaxes com swflorida For example, if a deposit is required to be made on Friday, but Friday is a legal holiday, the deposit is considered timely if it is made by the following Monday (if Monday is a business day). Www myfreetaxes com swflorida Semiweekly schedule depositors have at least 3 business days to make a deposit. Www myfreetaxes com swflorida If any of the 3 weekdays after the end of a semiweekly period is a legal holiday, you will have an additional day for each day that is a legal holiday to make the required deposit. Www myfreetaxes com swflorida For example, if a semiweekly schedule depositor accumulated taxes for payments made on Friday and the following Monday is a legal holiday, the deposit normally due on Wednesday may be made on Thursday (this allows 3 business days to make the deposit). Www myfreetaxes com swflorida Legal holiday. Www myfreetaxes com swflorida   The term “legal holiday” means any legal holiday in the District of Columbia. Www myfreetaxes com swflorida Legal holidays for 2014 are listed below. Www myfreetaxes com swflorida January 1—New Year's Day January 20—Birthday of Martin Luther King, Jr. Www myfreetaxes com swflorida February 17—Washington's Birthday April 16—District of Columbia Emancipation Day May 26—Memorial Day July 4—Independence Day September 1—Labor Day October 13—Columbus Day November 11—Veterans Day November 27—Thanksgiving Day December 25—Christmas Day Application of Monthly and Semiweekly Schedules The following examples illustrate the procedure for determining the deposit date under the two different deposit schedules. Www myfreetaxes com swflorida Monthly schedule example. Www myfreetaxes com swflorida   Spruce Co. Www myfreetaxes com swflorida is a monthly schedule depositor with seasonal employees. Www myfreetaxes com swflorida It paid wages each Friday during August but did not pay any wages during September. Www myfreetaxes com swflorida Under the monthly deposit schedule, Spruce Co. Www myfreetaxes com swflorida must deposit the combined tax liabilities for the four August paydays by September 15. Www myfreetaxes com swflorida Spruce Co. Www myfreetaxes com swflorida does not have a deposit requirement for September (due by October 15) because no wages were paid and, therefore, it did not have a tax liability for September. Www myfreetaxes com swflorida Semiweekly schedule example. Www myfreetaxes com swflorida   Green, Inc. Www myfreetaxes com swflorida is a semiweekly schedule depositor and pays wages once each month on the last Friday of the month. Www myfreetaxes com swflorida Although Green, Inc. Www myfreetaxes com swflorida , has a semiweekly deposit schedule, it will deposit just once a month because it pays wages only once a month. Www myfreetaxes com swflorida The deposit, however, will be made under the semiweekly deposit schedule as follows: Green, Inc. Www myfreetaxes com swflorida ’s tax liability for the April 25, 2014 (Friday), payday must be deposited by April 30, 2014 (Wednesday). Www myfreetaxes com swflorida Under the semiweekly deposit schedule, liabilities for wages paid on Wednesday through Friday must be deposited by the following Wednesday. Www myfreetaxes com swflorida $100,000 Next-Day Deposit Rule If you accumulate taxes of $100,000 or more on any day during a deposit period, you must deposit by the close of the next business day, whether you are a monthly or a semiweekly schedule depositor. Www myfreetaxes com swflorida For purposes of the $100,000 rule, do not continue accumulating taxes after the end of a deposit period. Www myfreetaxes com swflorida For example, if a semiweekly schedule depositor has accumulated taxes of $95,000 on Tuesday and $10,000 on Wednesday, the $100,000 next-day deposit rule does not apply because the $10,000 is accumulated in the next deposit period. Www myfreetaxes com swflorida Thus, $95,000 must be deposited by Friday and $10,000 must be deposited by the following Wednesday. Www myfreetaxes com swflorida However, once you accumulate at least $100,000 in a deposit period, stop accumulating at the end of that day and begin to accumulate anew on the next day. Www myfreetaxes com swflorida For example, Fir Co. Www myfreetaxes com swflorida is a semiweekly schedule depositor. Www myfreetaxes com swflorida On Monday, Fir Co. Www myfreetaxes com swflorida accumulates taxes of $110,000 and must deposit on Tuesday, the next business day. Www myfreetaxes com swflorida On Tuesday, Fir Co. Www myfreetaxes com swflorida accumulates additional taxes of $30,000. Www myfreetaxes com swflorida Because the $30,000 is not added to the previous $110,000 and is less than $100,000, Fir Co. Www myfreetaxes com swflorida does not have to deposit the $30,000 until Friday (following the semiweekly deposit schedule). Www myfreetaxes com swflorida If you are a monthly schedule depositor and you accumulate a $100,000 tax liability on any day during a month, you become a semiweekly schedule depositor on the next day and remain so for the remainder of the calendar year and for the following calendar year. Www myfreetaxes com swflorida Example. Www myfreetaxes com swflorida   Elm, Inc. Www myfreetaxes com swflorida started its business on May 1, 2014. Www myfreetaxes com swflorida On May 8, it paid wages for the first time and accumulated a tax liability of $40,000. Www myfreetaxes com swflorida On Friday, May 9, Elm, Inc. Www myfreetaxes com swflorida paid wages and accumulated a liability of $60,000, making its accumulated Form 941-SS tax liability total $100,000. Www myfreetaxes com swflorida Elm, Inc. Www myfreetaxes com swflorida must deposit $100,000 by Monday, May 12, the next business day. Www myfreetaxes com swflorida Because this was the first year of its business, the tax liability for its lookback period is considered to be zero, and it would be a monthly schedule depositor based on the lookback rules. Www myfreetaxes com swflorida However, because Elm, Inc. Www myfreetaxes com swflorida accumulated $100,000 on May 9, it became a semiweekly schedule depositor on May 10. Www myfreetaxes com swflorida It will be a semiweekly schedule depositor for the remainder of 2014 and for 2015. Www myfreetaxes com swflorida Accuracy of Deposits Rule You are required to deposit 100% of your tax liability on or before the deposit due date. Www myfreetaxes com swflorida However, penalties will not be applied for depositing less than 100% if both of the following conditions are met. Www myfreetaxes com swflorida Any deposit shortfall does not exceed the greater of $100 or 2% of the amount of taxes otherwise required to be deposited, and The deposit shortfall is paid or deposited by the shortfall makeup date as described below. Www myfreetaxes com swflorida Makeup date for deposit shortfall: Monthly schedule depositor. Www myfreetaxes com swflorida Deposit or pay the shortfall by the due date of your Form 941-SS, 944, or 943 for the period in which the shortfall occurred. Www myfreetaxes com swflorida You may pay the shortfall with your return even if the amount is $2,500 or more. Www myfreetaxes com swflorida Semiweekly schedule depositor. Www myfreetaxes com swflorida Deposit by the earlier of: The first Wednesday or Friday (whichever comes first) that comes on or after the 15th of the month following the month in which the shortfall occurred, or The return due date for the period in which the shortfall occurred. Www myfreetaxes com swflorida For example, if a semiweekly schedule depositor filing Form 941-SS has a deposit shortfall during July 2014, the shortfall makeup date is August 15, 2014 (Friday). Www myfreetaxes com swflorida However, if the shortfall occurred on the required April 2 (Wednesday), deposit date for a March 28 (Friday) pay date, the return due date for the March 28 pay date (April 30) would come before the May 16 (Friday) shortfall makeup date. Www myfreetaxes com swflorida In this case, the shortfall must be deposited by April 30, 2014. Www myfreetaxes com swflorida Employers of Both Farm and Nonfarm Workers If you employ both farm and nonfarm workers, you must treat employment taxes for the farmworkers (Form 943 taxes) separately from employment taxes for the nonfarm workers (Form 941-SS or 944 taxes). Www myfreetaxes com swflorida Form 943 taxes and Form 941-SS (or Form 944) taxes are not combined for purposes of applying any of the deposit rules. Www myfreetaxes com swflorida If a deposit is due, deposit the Form 941-SS (or Form 944) taxes and Form 943 taxes separately, as discussed next. Www myfreetaxes com swflorida How To Deposit You must deposit employment taxes by electronic funds transfer. Www myfreetaxes com swflorida See Payment with Return , earlier in this section, for exceptions explaining when taxes may be paid with the tax return instead of being deposited. Www myfreetaxes com swflorida Electronic deposit requirement. Www myfreetaxes com swflorida   You must use electronic funds transfer to make all federal tax deposits (such as deposits of employment tax, excise tax, and corporate income tax). Www myfreetaxes com swflorida Generally, electronic fund transfers are made using the Electronic Federal Tax Payment System (EFTPS). Www myfreetaxes com swflorida If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on your behalf. Www myfreetaxes com swflorida   EFTPS is a free service provided by the Department of the Treasury. Www myfreetaxes com swflorida To get more information or to enroll in EFTPS, call 1-800-555-4477 (U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands only) or 303-967-5916 (toll call). Www myfreetaxes com swflorida You can also visit the EFTPS website at www. Www myfreetaxes com swflorida eftps. Www myfreetaxes com swflorida gov. Www myfreetaxes com swflorida Additional information about EFTPS is also available in Publication 966. Www myfreetaxes com swflorida When you receive your EIN. Www myfreetaxes com swflorida   If you are a new employer that indicated a federal tax obligation when requesting an EIN, you will be pre-enrolled in EFTPS. Www myfreetaxes com swflorida You will receive information about Express Enrollment in your Employer Identification Number (EIN) Package and an additional mailing containing your EFTPS personal identification number (PIN) and instructions for activating your PIN. Www myfreetaxes com swflorida Follow the steps in your “How to Activate Your Enrollment” brochure to activate your enrollment and begin making your payroll tax deposits. Www myfreetaxes com swflorida If you outsource any of your payroll and related tax duties to a third party payer, such as a payroll service provider or reporting agent, be sure to tell them about your EFTPS enrollment. Www myfreetaxes com swflorida Deposit record. Www myfreetaxes com swflorida   For your records, an Electronic Funds Transfer (EFT) Trace Number will be provided with each successful payment. Www myfreetaxes com swflorida The number can be used as a receipt or to trace the payment. Www myfreetaxes com swflorida Depositing on time. Www myfreetaxes com swflorida   For deposits made by EFTPS to be on time, you must initiate the deposit by 8 p. Www myfreetaxes com swflorida m. Www myfreetaxes com swflorida Eastern time the day before the date the deposit is due. Www myfreetaxes com swflorida If you use a third party to make deposits on your behalf, they may have different cutoff times. Www myfreetaxes com swflorida Same-day payment option. Www myfreetaxes com swflorida   If you fail to initiate a deposit transaction on EFTPS by 8 p. Www myfreetaxes com swflorida m. Www myfreetaxes com swflorida Eastern time the day before the date a deposit is due, you can still make your deposit on time by using the Federal Tax Application (FTA). Www myfreetaxes com swflorida To use the same-day payment method, you will need to make arrangements with your financial institution ahead of time. Www myfreetaxes com swflorida Please check with your financial institution regarding availability, deadlines, and costs. Www myfreetaxes com swflorida Your financial institution may charge you a fee for payments made this way. Www myfreetaxes com swflorida To learn more about the information you will need to provide your financial institution to make a same-day wire payment, please visit www. Www myfreetaxes com swflorida eftps. Www myfreetaxes com swflorida gov to download the Same-Day Payment Worksheet. Www myfreetaxes com swflorida How to claim credit for overpayments. Www myfreetaxes com swflorida   If you deposited more than the right amount of taxes for a tax period, you can choose on Form 941-SS, 941, 944, or 943 for that tax period to have the overpayment refunded or applied as a credit to your next return. Www myfreetaxes com swflorida Do not ask EFTPS to request a refund from the IRS for you. Www myfreetaxes com swflorida Deposit Penalties Penalties may apply if you do not make required deposits on time or if you make deposits of less than the required amount. Www myfreetaxes com swflorida The penalties do not apply if any failure to make a proper and timely deposit was due to reasonable cause and not to willful neglect. Www myfreetaxes com swflorida The IRS may also waive penalties if you inadvertently fail to deposit in the first quarter that a deposit is due, or the first quarter during which your frequency of deposits changed, if you timely filed your employment tax return. Www myfreetaxes com swflorida For amounts not properly or timely deposited, the penalty rates are as follows. Www myfreetaxes com swflorida 2% - Deposits made 1 to 5 days late. Www myfreetaxes com swflorida 5% - Deposits made 6 to 15 days late. Www myfreetaxes com swflorida 10% - Deposits made 16 or more days late. Www myfreetaxes com swflorida Also applies to amounts paid within 10 days of the date of the first notice that the IRS sent asking for the tax due. Www myfreetaxes com swflorida 10% - Amounts (that should have been deposited) paid directly to the IRS or paid with your tax return (but see Payment with Return , earlier in this section, for exceptions). Www myfreetaxes com swflorida 15% - Amounts still unpaid more than 10 days after the date of the first notice that the IRS sent asking for the tax due or the day on which you received notice and demand for immediate payment, whichever is earlier. Www myfreetaxes com swflorida Late deposit penalty amounts are determined using calendar days, starting from the due date of the liability. Www myfreetaxes com swflorida Special rule for former Form 944 filers. Www myfreetaxes com swflorida    If you filed Form 944 for the prior year and must file Forms 941-SS for the current year because your employment tax liability for the prior year exceeded the Form 944 eligibility requirement ($1,000 or less), the failure-to-deposit penalty will not apply to a late deposit of employment taxes for the first month of the current year if the taxes are deposited in full by March 15 of the current year. Www myfreetaxes com swflorida Order in which deposits are applied. Www myfreetaxes com swflorida   Deposits generally are applied to the most recent tax liability within the return period (quarter or year). Www myfreetaxes com swflorida However, if you receive a failure-to-deposit penalty notice, you may designate how your payment is to be applied in order to minimize the amount of the penalty, if you do so within 90 days of the date of the notice. Www myfreetaxes com swflorida Follow the instructions on the penalty notice that you received. Www myfreetaxes com swflorida For more information on designating deposits, see Revenue Procedure 2001-58. Www myfreetaxes com swflorida You can find Revenue Procedure 2001-58 on page 579 of Internal Revenue Bulletin 2001-50 at www. Www myfreetaxes com swflorida irs. Www myfreetaxes com swflorida gov/pub/irs-irbs/irb01-50. Www myfreetaxes com swflorida pdf. Www myfreetaxes com swflorida Example. Www myfreetaxes com swflorida Cedar, Inc. Www myfreetaxes com swflorida is required to make a deposit of $1,000 on July 15 and $1,500 on August 15. Www myfreetaxes com swflorida It does not make the deposit on July 15. Www myfreetaxes com swflorida On August 15, Cedar, Inc. Www myfreetaxes com swflorida deposits $2,000. Www myfreetaxes com swflorida Under the deposits rule, which applies deposits to the most recent tax liability, $1,500 of the deposit is applied to the August 15 deposit and the remaining $500 is applied to the July deposit. Www myfreetaxes com swflorida Accordingly, $500 of the July 15 liability remains undeposited. Www myfreetaxes com swflorida The penalty on this underdeposit will apply as explained earlier. Www myfreetaxes com swflorida Trust fund recovery penalty. Www myfreetaxes com swflorida   If federal income, social security, or Medicare taxes that must be withheld are not withheld or are not deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. Www myfreetaxes com swflorida The penalty is the full amount of the unpaid trust fund tax. Www myfreetaxes com swflorida This penalty may apply to you if these unpaid taxes cannot be immediately collected from the employer or business. Www myfreetaxes com swflorida   The trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, and paying over these taxes, and who acted willfully in not doing so. Www myfreetaxes com swflorida   A responsible person can be an officer or employee of a corporation, a partner or employee of a partnership, an accountant, a volunteer director/trustee, or an employee of a sole proprietorship, or any other person or entity that is responsible for collecting, accounting for, and paying over trust fund taxes. Www myfreetaxes com swflorida A responsible person also may include one who signs checks for the business or otherwise has authority to cause the spending of business funds. Www myfreetaxes com swflorida    Willfully means voluntarily, consciously, and intentionally. Www myfreetaxes com swflorida A responsible person acts willfully if the person knows the required actions of collecting, accounting for or paying over trust fund taxes are not taking place, or recklessly disregards obvious and known risks to the government's right to receive trust fund taxes. Www myfreetaxes com swflorida “Averaged” failure-to-deposit penalty. Www myfreetaxes com swflorida   The IRS may assess an “averaged” failure-to-deposit (FTD) penalty of 2% to 10% if you are a monthly schedule depositor and did not properly complete Form 941-SS, line 14, when your tax liability shown on Form 941-SS, line 10, was $2,500 or more. Www myfreetaxes com swflorida IRS may also assess this penalty of 2% to 10% if you are a semiweekly schedule depositor and your tax liability shown on Form 941-SS, line 10, was $2,500 or more and you did any of the following. Www myfreetaxes com swflorida Completed Form 941-SS, line 14, instead of Schedule B (Form 941). Www myfreetaxes com swflorida Failed to attach a properly completed Schedule B (Form 941). Www myfreetaxes com swflorida Completed Schedule B (Form 941) incorrectly, for example, by entering tax deposits instead of tax liabilities in the numbered spaces. Www myfreetaxes com swflorida   The IRS figures the penalty by allocating your total tax liability shown on Form 941-SS, line 10, equally throughout the tax period. Www myfreetaxes com swflorida Your deposits and payments may not be counted as timely because IRS does not know the actual dates of your tax liabilities. Www myfreetaxes com swflorida   You can avoid the penalty by reviewing your return before filing it. Www myfreetaxes com swflorida Follow these steps before filing your Form 941-SS. Www myfreetaxes com swflorida If you are a monthly schedule depositor, report your tax liabilities (not your deposits) in the monthly entry spaces on Form 941-SS, line 14. Www myfreetaxes com swflorida If you are a semiweekly schedule depositor, report your tax liabilities (not your deposits) on Schedule B (Form 941) in the lines that represent the dates you paid your employees. Www myfreetaxes com swflorida Verify that your total liability shown on Form 941-SS, line 14, or the bottom of Schedule B (Form 941) equals your tax liability shown on Form 941-SS,  line 10. Www myfreetaxes com swflorida Do not show negative amounts on Form 941-SS, line 14, or Schedule B (Form 941). Www myfreetaxes com swflorida For prior period errors, do not adjust your tax liabilities reported on your current Form 941-SS, line 14, or on Schedule B (Form 941). Www myfreetaxes com swflorida Instead, file an adjusted return (Form 941-X (if you are adjusting a previously filed Form 941-SS) or Form 944-X (if you are adjusting a previously filed Form 944-SS or 944)) if you are also adjusting your tax liability. Www myfreetaxes com swflorida If you are only adjusting your deposits in response to a failure-to-deposit penalty notice, see the Instructions for Schedule B (Form 941) (if you previously filed Form 941-SS) or the Instructions for Form 944-X (if you previously filed Form 944-SS or 944). Www myfreetaxes com swflorida If you filed Form 944 for 2013 and line 7 was $2,500 or more, you were required to complete Form 944, lines 13a–13m, or attach Form 945-A, Annual Record of Federal Tax Liability. Www myfreetaxes com swflorida If you failed to complete lines 13a–13m, or failed to attach Form 945-A, whichever was required, IRS may assess an “averaged” failure-to-deposit (FTD) penalty. Www myfreetaxes com swflorida 9. Www myfreetaxes com swflorida Employer's Returns General instructions. Www myfreetaxes com swflorida   File Forms 941-SS (or Form 944) for nonfarm workers and Form 943 for farmworkers. Www myfreetaxes com swflorida (U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida Virgin Islands employers may be required to file Form 940 for the combined wages of nonfarm workers and farmworkers. Www myfreetaxes com swflorida ) Employers with employees subject to U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida income tax withholding. Www myfreetaxes com swflorida   If you have both employees who are subject to U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida income tax withholding and employees who are not subject to U. Www myfreetaxes com swflorida S. Www myfreetaxes com swflorida income tax withholding, you must file only Form 941 (or Form 944) and include all your employees’ wages on that form. Www myfreetaxes com swflorida Nonfarm employers. Www myfreetaxes com swflorida   File Form 941-SS for the calendar quarter in which you first pay wages for nonfarm workers and for each quarter thereafter unless you are a seasonal employer or file a final return. Www myfreetaxes com swflorida Due dates for each quarter of the calendar year are as follows. Www myfreetaxes com swflorida Quarter Due Jan. Www myfreetaxes com swflorida , Feb. Www myfreetaxes com swflorida , Mar. Www myfreetaxes com swflorida Apr. Www myfreetaxes com swflorida 30 Apr. Www myfreetaxes com swflorida , May, June July 31 July, Aug. Www myfreetaxes com swflorida , Sept. Www myfreetaxes com swflorida Oct. Www myfreetaxes com swflorida 31 Oct. Www myfreetaxes com swflorida , Nov. Www myfreetaxes com swflorida , Dec. Www myfreetaxes com swflorida Jan. Www myfreetaxes com swflorida 31   However, if you deposited all taxes when due for the quarter, you have 10 additional days from the due dates to file the return. Www myfreetaxes com swflorida If the due date for filing your return falls on a Saturday, Sunday, or legal holiday, you may file on the next business day. Www myfreetaxes com swflorida   If you closed your business or stopped paying wages and do not have to file returns in the future, check the box on line 15 of your final Form 941-SS and show the date final wages were paid. Www myfreetaxes com swflorida Form 944. Www myfreetaxes com swflorida   If IRS notified you to file Form 944, file your 2013 Form 944 by January 31, 2014, or by February 10, 2014 (if you deposited all taxes when due). Www myfreetaxes com swflorida Household employers reporting social security and Medicare taxes. Www myfreetaxes com swflorida   If you are a sole proprietor and file Forms 941-SS (or Form 944) for business employees, you may include taxes for household employees on your Forms 941-SS (or Form 944). Www myfreetaxes com swflorida Otherwise, report social security and Medicare taxes for household employees on Schedule H (Form 1040), Household Employment Taxes. Www myfreetaxes com swflorida See Publication 926, Household Employer's Tax Guide, for more information. Www myfreetaxes com swflorida Employers of farmworkers. Www myfreetaxes com swflorida   Every employer of farmworkers must file a Form 943 for each calendar year beginning with the first year the employer pays $2,500 or more for farmwork or employs a farmworker who meets the $150 test described in section 6. Www myfreetaxes com swflorida   File a Form 943 each year for all taxable wages paid for farmwork. Www myfreetaxes com swflorida You may report household workers in a private home on a farm operated for profit on Form 943. Www myfreetaxes com swflorida Do not report wages for farmworkers on Form 941-SS or 944. Www myfreetaxes com swflorida   Send Form 943 to the IRS by January 31 of the following year. Www myfreetaxes com swflorida Send it with payment of any taxes due that you are not required to deposit. Www myfreetaxes com swflorida If you deposited all taxes when due, you have 10 additional days to file. Www myfreetaxes com swflorida Penalties. Www myfreetaxes com swflorida   For each whole or part month that a return is not filed when required (disregarding any extensions of the filing deadline), there is a failure-to-file penalty of 5% of the unpaid tax due with that return. Www myfreetaxes com swflorida The maximum penalty is generally 25% of the tax due. Www myfreetaxes com swflorida Also, for each whole or part month that the tax is paid late (disregarding any extensions of the payment deadline), there is a failure-to-pay penalty of 0. Www myfreetaxes com swflorida 5% per month of the amount of tax. Www myfreetaxes com swflorida For individual filers only, the failure-to-pay penalty is reduced from 0. Www myfreetaxes com swflorida 5% per month to 0. Www myfreetaxes com swflorida 25% per month if an installment agreement is in effect. Www myfreetaxes com swflorida You must have filed your return on or before the due date of the return to qualify for the reduced penalty. Www myfreetaxes com swflorida The maximum amount of the failure-to-pay penalty is also 25% of the tax due. Www myfreetaxes com swflorida If both penalties apply in any month, the failure-to-file penalty is reduced by the amount of the failure-to-pay penalty. Www myfreetaxes com swflorida The penalties will not be charged if you have a reasonable cause for failing to file or pay. Www myfreetaxes com swflorida If you receive a penalty notice, you can provide an explanation of why you believe reasonable cause exists. Www myfreetaxes com swflorida Reporting Adjustments to Form 941-SS, 944-SS, 944, or 943 Current Period Adjustments Make current period adjustments for fractions of cents, sick pay, tips, and group-term life insurance on your Form 941-SS, 944, or 943. Www myfreetaxes com swflorida See the Instructions for Form 941-SS, Instructions for Form 944, or Instructions for Form 943 for information on how to report these adjustments. Www myfreetaxes com swflorida Prior Period Adjustments Forms for prior period adjustments. Www myfreetaxes com swflorida   Use Form 941-X or Form 944-X to make a correction after you discover an error on a previously filed Form 941 or Form 944. Www myfreetaxes com swflorida There are also Forms 943-X, 945-X, and CT-1X to report corrections on the corresponding returns. Www myfreetaxes com swflorida Form 941-X and Form 944-X also replace Form 843, Claim for Refund and Request for Abatement, for employers to request a refund or abatement of overreported employment taxes. Www myfreetaxes com swflorida Continue to use Form 843 when requesting a refund or abatement of assessed interest or penalties. Www myfreetaxes com swflorida See Revenue Ruling 2009-39, 2009-52 I. Www myfreetaxes com swflorida R. Www myfreetaxes com swflorida B. Www myfreetaxes com swflorida 951, for examples of how the interest-free adjustment and claim for refund rules apply in 10 different situations. Www myfreetaxes com swflorida You can find Revenue Ruling 2009-39, at www. Www myfreetaxes com swflorida irs. Www myfreetaxes com swflorida gov/irb/2009-52_IRB/ar14. Www myfreetaxes com swflorida html. Www myfreetaxes com swflorida Background. Www myfreetaxes com swflorida   Treasury Decision 9405 changed the process for making interest-free adjustments to employment taxes reported on Forms 941-SS, 943, 944-SS, and 944, and for filing a claim for refund of employment taxes. Www myfreetaxes com swflorida Treasury Decision 9405, 2008-32 I. Www myfreetaxes com swflorida R. Www myfreetaxes com swflorida B. Www myfreetaxes com swflorida 293, is available at www. Www myfreetaxes com swflorida irs. Www myfreetaxes com swflorida gov/irb/2008-32_IRB/ar13. Www myfreetaxes com swflorida html. Www myfreetaxes com swflorida You will use the adjustment process if you underreported employment taxes and are making a payment, or if you overreported employment taxes and will be applying the credit to the Form 941-SS, 943, or 944 period during which you file Forms 941-X, 943-X, or 944-X, respectively. Www myfreetaxes com swflorida You will use the claim process if you overreported employment taxes and are requesting a refund or abatement of the overreported amount. Www myfreetaxes com swflorida We use the terms “correct” and “corrections” to include interest-free adjustments under sections 6205 and 6413, and claims for refund and abatement under sections 6402, 6414, and 6404 of the Internal Revenue Code. Www myfreetaxes com swflorida Correcting employment taxes. Www myfreetaxes com swflorida   When you discover an error on a previously filed Form 941-SS, 943, 944-SS, or 944, you must: Correct that error using Form 941-X, Form 943-X, or Form 944-X, File a separate Form 941-X, Form 943-X, or Form 944-X for
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Www myfreetaxes com swflorida 3. Www myfreetaxes com swflorida   Savings Incentive Match Plans for Employees (SIMPLE) Table of Contents Introduction What Is a SIMPLE Plan?Eligible Employees How Are Contributions Made? How Much Can Be Contributed on Your Behalf?Matching contributions less than 3%. Www myfreetaxes com swflorida Traditional IRA mistakenly moved to SIMPLE IRA. Www myfreetaxes com swflorida When Can You Withdraw or Use Assets?Are Distributions Taxable? Introduction This chapter is for employees who need information about savings incentive match plans for employees (SIMPLE plans). Www myfreetaxes com swflorida It explains what a SIMPLE plan is, contributions to a SIMPLE plan, and distributions from a SIMPLE plan. Www myfreetaxes com swflorida Under a SIMPLE plan, SIMPLE retirement accounts for participating employees can be set up either as: Part of a 401(k) plan, or A plan using IRAs (SIMPLE IRA). Www myfreetaxes com swflorida This chapter only discusses the SIMPLE plan rules that relate to SIMPLE IRAs. Www myfreetaxes com swflorida See chapter 3 of Publication 560 for information on any special rules for SIMPLE plans that do not use IRAs. Www myfreetaxes com swflorida If your employer maintains a SIMPLE plan, you must be notified, in writing, that you can choose the financial institution that will serve as trustee for your SIMPLE IRA and that you can roll over or transfer your SIMPLE IRA to another financial institution. Www myfreetaxes com swflorida See Rollovers and Transfers Exception, later under When Can You Withdraw or Use Assets. Www myfreetaxes com swflorida What Is a SIMPLE Plan? A SIMPLE plan is a tax-favored retirement plan that certain small employers (including self-employed individuals) can set up for the benefit of their employees. Www myfreetaxes com swflorida See chapter 3 of Publication 560 for information on the requirements employers must satisfy to set up a SIMPLE plan. Www myfreetaxes com swflorida A SIMPLE plan is a written agreement (salary reduction agreement) between you and your employer that allows you, if you are an eligible employee (including a self-employed individual), to choose to: Reduce your compensation (salary) by a certain percentage each pay period, and Have your employer contribute the salary reductions to a SIMPLE IRA on your behalf. Www myfreetaxes com swflorida These contributions are called salary reduction contributions. Www myfreetaxes com swflorida All contributions under a SIMPLE IRA plan must be made to SIMPLE IRAs, not to any other type of IRA. Www myfreetaxes com swflorida The SIMPLE IRA can be an individual retirement account or an individual retirement annuity, described in chapter 1. Www myfreetaxes com swflorida Contributions are made on behalf of eligible employees. Www myfreetaxes com swflorida (See Eligible Employees below. Www myfreetaxes com swflorida ) Contributions are also subject to various limits. Www myfreetaxes com swflorida (See How Much Can Be Contributed on Your Behalf , later. Www myfreetaxes com swflorida ) In addition to salary reduction contributions, your employer must make either matching contributions or nonelective contributions. Www myfreetaxes com swflorida See How Are Contributions Made , later. Www myfreetaxes com swflorida You may be able to claim a credit for contributions to your SIMPLE plan. Www myfreetaxes com swflorida For more information, see chapter 4. Www myfreetaxes com swflorida Eligible Employees You must be allowed to participate in your employer's SIMPLE plan if you: Received at least $5,000 in compensation from your employer during any 2 years prior to the current year, and Are reasonably expected to receive at least $5,000 in compensation during the calendar year for which contributions are made. Www myfreetaxes com swflorida Self-employed individual. Www myfreetaxes com swflorida   For SIMPLE plan purposes, the term employee includes a self-employed individual who received earned income. Www myfreetaxes com swflorida Excludable employees. Www myfreetaxes com swflorida   Your employer can exclude the following employees from participating in the SIMPLE plan. Www myfreetaxes com swflorida Employees whose retirement benefits are covered by a collective bargaining agreement (union contract). Www myfreetaxes com swflorida Employees who are nonresident aliens and received no earned income from sources within the United States. Www myfreetaxes com swflorida Employees who would not have been eligible employees if an acquisition, disposition, or similar transaction had not occurred during the year. Www myfreetaxes com swflorida Compensation. Www myfreetaxes com swflorida   For purposes of the SIMPLE plan rules, your compensation for a year generally includes the following amounts. Www myfreetaxes com swflorida Wages, tips, and other pay from your employer that is subject to income tax withholding. Www myfreetaxes com swflorida Deferred amounts elected under any 401(k) plans, 403(b) plans, government (section 457) plans, SEP plans, and SIMPLE plans. Www myfreetaxes com swflorida Self-employed individual compensation. Www myfreetaxes com swflorida   For purposes of the SIMPLE plan rules, if you are self-employed, your compensation for a year is your net earnings from self-employment (Schedule SE (Form 1040), Section A, line 4, or Section B, line 6) before subtracting any contributions made to a SIMPLE IRA on your behalf. Www myfreetaxes com swflorida   For these purposes, net earnings from self-employment include services performed while claiming exemption from self-employment tax as a member of a group conscientiously opposed to social security benefits. Www myfreetaxes com swflorida How Are Contributions Made? Contributions under a salary reduction agreement are called salary reduction contributions. Www myfreetaxes com swflorida They are made on your behalf by your employer. Www myfreetaxes com swflorida Your employer must also make either matching contributions or nonelective contributions. Www myfreetaxes com swflorida Salary reduction contributions. Www myfreetaxes com swflorida   During the 60-day period before the beginning of any year, and during the 60-day period before you are eligible, you can choose salary reduction contributions expressed either as a percentage of compensation, or as a specific dollar amount (if your employer offers this choice). Www myfreetaxes com swflorida You can choose to cancel the election at any time during the year. Www myfreetaxes com swflorida   Salary reduction contributions are also referred to as “elective deferrals. Www myfreetaxes com swflorida ”   Your employer cannot place restrictions on the contributions amount (such as by limiting the contributions percentage), except to comply with the salary reduction contributions limit, discussed under How Much Can Be Contributed on Your Behalf, later. Www myfreetaxes com swflorida Matching contributions. Www myfreetaxes com swflorida   Unless your employer chooses to make nonelective contributions, your employer must make contributions equal to the salary reduction contributions you choose (elect), but only up to certain limits. Www myfreetaxes com swflorida See How Much Can Be Contributed on Your Behalf below. Www myfreetaxes com swflorida These contributions are in addition to the salary reduction contributions and must be made to the SIMPLE IRAs of all eligible employees (defined earlier) who chose salary reductions. Www myfreetaxes com swflorida These contributions are referred to as matching contributions. Www myfreetaxes com swflorida   Matching contributions on behalf of a self-employed individual are not treated as salary reduction contributions. Www myfreetaxes com swflorida Nonelective contributions. Www myfreetaxes com swflorida   Instead of making matching contributions, your employer may be able to choose to make nonelective contributions on behalf of all eligible employees. Www myfreetaxes com swflorida These nonelective contributions must be made on behalf of each eligible employee who has at least $5,000 of compensation from your employer, whether or not the employee chose salary reductions. Www myfreetaxes com swflorida   One of the requirements your employer must satisfy is notifying the employees that the election was made. Www myfreetaxes com swflorida For other requirements that your employer must satisfy, see chapter 3 of Publication 560. Www myfreetaxes com swflorida How Much Can Be Contributed on Your Behalf? The limits on contributions to a SIMPLE IRA vary with the type of contribution that is made. Www myfreetaxes com swflorida Salary reduction contributions limit. Www myfreetaxes com swflorida   Salary reduction contributions (employee-chosen contributions or elective deferrals) that your employer can make on your behalf under a SIMPLE plan are limited to $12,000 for 2013. Www myfreetaxes com swflorida The limitation remains at $12,000 for 2014. Www myfreetaxes com swflorida If you are a participant in any other employer plans during 2013 and you have elective salary reductions or deferred compensation under those plans, the salary reduction contributions under the SIMPLE plan also are included in the annual limit of $17,500 for 2013 on exclusions of salary reductions and other elective deferrals. Www myfreetaxes com swflorida You, not your employer, are responsible for monitoring compliance with these limits. Www myfreetaxes com swflorida Additional elective deferrals can be contributed to your SIMPLE plan if: You reached age 50 by the end of 2013, and No other elective deferrals can be made for you to the plan for the year because of limits or restrictions, such as the regular annual limit. Www myfreetaxes com swflorida The most that can be contributed in additional elective deferrals to your SIMPLE plan is the lesser of the following two amounts. Www myfreetaxes com swflorida $2,500 for 2013, or Your compensation for the year reduced by your other elective deferrals for the year. Www myfreetaxes com swflorida The additional deferrals are not subject to any other contribution limit and are not taken into account in applying other contribution limits. Www myfreetaxes com swflorida The additional deferrals are not subject to the nondiscrimination rules as long as all eligible participants are allowed to make them. Www myfreetaxes com swflorida Matching employer contributions limit. Www myfreetaxes com swflorida   Generally, your employer must make matching contributions to your SIMPLE IRA in an amount equal to your salary reduction contributions. Www myfreetaxes com swflorida These matching contributions cannot be more than 3% of your compensation for the calendar year. Www myfreetaxes com swflorida See Matching contributions less than 3% below. Www myfreetaxes com swflorida Example 1. Www myfreetaxes com swflorida In 2013, Joshua was a participant in his employer's SIMPLE plan. Www myfreetaxes com swflorida His compensation, before SIMPLE plan contributions, was $41,600 ($800 per week). Www myfreetaxes com swflorida Instead of taking it all in cash, Joshua elected to have 12. Www myfreetaxes com swflorida 5% of his weekly pay ($100) contributed to his SIMPLE IRA. Www myfreetaxes com swflorida For the full year, Joshua's salary reduction contributions were $5,200, which is less than the $12,000 limit on these contributions. Www myfreetaxes com swflorida Under the plan, Joshua's employer was required to make matching contributions to Joshua's SIMPLE IRA. Www myfreetaxes com swflorida Because his employer's matching contributions must equal Joshua's salary reductions, but cannot be more than 3% of his compensation (before salary reductions) for the year, his employer's matching contribution was limited to $1,248 (3% of $41,600). Www myfreetaxes com swflorida Example 2. Www myfreetaxes com swflorida Assume the same facts as in Example 1 , except that Joshua's compensation for the year was $408,163 and he chose to have 2. Www myfreetaxes com swflorida 94% of his weekly pay contributed to his SIMPLE IRA. Www myfreetaxes com swflorida In this example, Joshua's salary reduction contributions for the year (2. Www myfreetaxes com swflorida 94% × $408,163) were equal to the 2013 limit for salary reduction contributions ($12,000). Www myfreetaxes com swflorida Because 3% of Joshua's compensation ($12,245) is more than the amount his employer was required to match ($12,000), his employer's matching contributions were limited to $12,000. Www myfreetaxes com swflorida In this example, total contributions made on Joshua's behalf for the year were $24,000 ($12,000 (Joshua's contributions) + $12,000 (matching contributions)), the maximum contributions permitted under a SIMPLE IRA for 2013. Www myfreetaxes com swflorida Matching contributions less than 3%. Www myfreetaxes com swflorida   Your employer can reduce the 3% limit on matching contributions for a calendar year, but only if: The limit is not reduced below 1%, The limit is not reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective, and Employees are notified of the reduced limit within a reasonable period of time before the 60-day election period during which they can enter into salary reduction agreements. Www myfreetaxes com swflorida   For purposes of applying the rule in item (2) in determining whether the limit was reduced below 3% for the year, any year before the first year in which your employer (or a former employer) maintains a SIMPLE IRA plan will be treated as a year for which the limit was 3%. Www myfreetaxes com swflorida If your employer chooses to make nonelective contributions for a year, that year also will be treated as a year for which the limit was 3%. Www myfreetaxes com swflorida Nonelective employer contributions limit. Www myfreetaxes com swflorida   If your employer chooses to make nonelective contributions, instead of matching contributions, to each eligible employee's SIMPLE IRA, contributions must be 2% of your compensation for the entire year. Www myfreetaxes com swflorida For 2013, only $255,000 of your compensation can be taken into account to figure the contribution limit. Www myfreetaxes com swflorida   Your employer can substitute the 2% nonelective contribution for the matching contribution for a year if both of the following requirements are met. Www myfreetaxes com swflorida Eligible employees are notified that a 2% nonelective contribution will be made instead of a matching contribution. Www myfreetaxes com swflorida This notice is provided within a reasonable period during which employees can enter into salary reduction agreements. Www myfreetaxes com swflorida Example 3. Www myfreetaxes com swflorida Assume the same facts as in Example 2 , except that Joshua's employer chose to make nonelective contributions instead of matching contributions. Www myfreetaxes com swflorida Because his employer's nonelective contributions are limited to 2% of up to $255,000 of Joshua's compensation, his employer's contribution to Joshua's SIMPLE IRA was limited to $5,100. Www myfreetaxes com swflorida In this example, total contributions made on Joshua's behalf for the year were $17,100 (Joshua's salary reductions of $12,000 plus his employer's contribution of $5,100). Www myfreetaxes com swflorida Traditional IRA mistakenly moved to SIMPLE IRA. Www myfreetaxes com swflorida   If you mistakenly roll over or transfer an amount from a traditional IRA to a SIMPLE IRA, you can later recharacterize the amount as a contribution to another traditional IRA. Www myfreetaxes com swflorida For more information, see Recharacterizations in chapter 1. Www myfreetaxes com swflorida Recharacterizing employer contributions. Www myfreetaxes com swflorida   You cannot recharacterize employer contributions (including elective deferrals) under a SEP or SIMPLE plan as contributions to another IRA. Www myfreetaxes com swflorida SEPs are discussed in chapter 2 of Publication 560. Www myfreetaxes com swflorida SIMPLE plans are discussed in this chapter. Www myfreetaxes com swflorida Converting from a SIMPLE IRA. Www myfreetaxes com swflorida   Generally, you can convert an amount in your SIMPLE IRA to a Roth IRA under the same rules explained in chapter 1 under Converting From Any Traditional IRA Into a Roth IRA . Www myfreetaxes com swflorida    However, you cannot convert any amount distributed from the SIMPLE IRA during the 2-year period beginning on the date you first participated in any SIMPLE IRA plan maintained by your employer. Www myfreetaxes com swflorida When Can You Withdraw or Use Assets? Generally, the same distribution (withdrawal) rules that apply to traditional IRAs apply to SIMPLE IRAs. Www myfreetaxes com swflorida These rules are discussed in chapter 1. Www myfreetaxes com swflorida Your employer cannot restrict you from taking distributions from a SIMPLE IRA. Www myfreetaxes com swflorida Are Distributions Taxable? Generally, distributions from a SIMPLE IRA are fully taxable as ordinary income. Www myfreetaxes com swflorida If the distribution is an early distribution (discussed in chapter 1), it may be subject to the additional tax on early distributions. Www myfreetaxes com swflorida See Additional Tax on Early Distributions, later. Www myfreetaxes com swflorida Rollovers and Transfers Exception Generally, rollovers and trustee-to-trustee transfers are not taxable distributions. Www myfreetaxes com swflorida Two-year rule. Www myfreetaxes com swflorida   To qualify as a tax-free rollover (or a tax-free trustee-to-trustee transfer), a rollover distribution (or a transfer) made from a SIMPLE IRA during the 2-year period beginning on the date on which you first participated in your employer's SIMPLE plan must be contributed (or transferred) to another SIMPLE IRA. Www myfreetaxes com swflorida The 2-year period begins on the first day on which contributions made by your employer are deposited in your SIMPLE IRA. Www myfreetaxes com swflorida   After the 2-year period, amounts in a SIMPLE IRA can be rolled over or transferred tax free to an IRA other than a SIMPLE IRA, or to a qualified plan, a tax-sheltered annuity plan (section 403(b) plan), or deferred compensation plan of a state or local government (section 457 plan). Www myfreetaxes com swflorida Additional Tax on Early Distributions The additional tax on early distributions (discussed in chapter 1) applies to SIMPLE IRAs. Www myfreetaxes com swflorida If a distribution is an early distribution and occurs during the 2-year period following the date on which you first participated in your employer's SIMPLE plan, the additional tax on early distributions is increased from 10% to 25%. Www myfreetaxes com swflorida If a rollover distribution (or transfer) from a SIMPLE IRA does not satisfy the 2-year rule, and is otherwise an early distribution, the additional tax imposed because of the early distribution is increased from 10% to 25% of the amount distributed. Www myfreetaxes com swflorida Prev  Up  Next   Home   More Online Publications