Third-quarter payroll reports are due this month, making it a great month for employers to check in on their payroll compliance practices.
To make sure you’re withholding the correct amount of income tax, maintain current Forms W-4 for each employee. Remember, you’re responsible for remitting the withholding on time as part of your payroll tax deposits. Timing for federal deposits can be next day, semi-monthly, monthly or quarterly depending on the total amount of employment taxes owed.
Keep in mind that more than half of the states require a separate form for state withholding.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
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