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First Time Filing Taxes for Small Business

The first time filing taxes for small business owners can be overwhelming. Make your first time filing business taxes run smoothly by understanding your liabilities.

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What Is Your Business Tax Return Due Date?

Corporation tax returns are generally due on the 15th day of the fourth month after the end of the company's financial year. For example, a corporation with a year-end date of December 31 must file and pay taxes by April 15.

However, if your business's fiscal year ends on June 30, you must file Form 1120 by the 15th day of the third month.

S Corporation

S Corporations, or S Corps , are corporations that only pay taxes on personal income. File Form 1120-S, U.S. Income Tax Return for an S Corporation, if your business is structured as an S Corp. Individual owners receive Schedule K-1, showing distributions from the corporation.

An S...

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What Is Social Security Tax? - Accounting and Payroll ...

Social Security tax is one of these employment taxes.

What is Social Security tax?

Social Security is a payroll tax . Every employee and employer in the U.S. is required to pay Social Security tax. As an employer, you will withhold the tax from employee wages. You will also make a Social Security contribution based on the employee's wages.

Social Security tax is one part of FICA tax . The other...

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What Is Federal Income Tax? | Withholding Guidelines and More

Employers have many employment tax responsibilities. Federal income tax withholding (FITW) is one of these responsibilities.

Withholding federal income tax can be a little confusing because you withhold a different amount from each employees' wages, and employees can adjust the amount you need to withhold.

Keep reading to learn about FITW, how much to withhold, and how to deposit and remit the...

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Related topics : federal income tax where's refund / federal tax income form / payroll federal tax withholding calculator / federal income tax payroll calculator / irs income tax withholding calculator

2018 Income Tax Withholding Tables | Changes & Examples

The new 2018 income tax withholding tables work with the existing Forms W-4. However, the IRS is also working on revising Form W-4 for future use.

The IRS also released their federal tax calculator for withholding. Individuals can use this calculator to determine their tax liabilities.

Supplemental and backup withholding tax changes

The 2018 income tax withholding...

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Related topics : federal income tax withholding calculator 2017 / irs income tax withholding calculator / federal income tax withholding calculator / federal tax withholding calculator 2018 / income tax withholding calculator

Online Payroll for Small Business | Patriot Software

Basic Online Payroll

With our secure online payroll system, paying your employees has never been easier. First, we'll help you get started by setting up your payroll, employees, payroll tax information, etc. If you've run prior payrolls earlier in the year, we'll help you input that historical data too...just so that you have a clean starting point!

Once you're setup, you simply enter your employees' work hours, and let our payroll software calculate your payroll for you instantly. (Our payroll calculations are guaranteed to be accurate.) Go ahead and run your payroll as often as you'd like. You can instantly print paychecks for...

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Related topics : free online payroll tax calculator / online payroll tax calculator / free federal payroll tax calculator / federal payroll taxes calculated / payroll federal tax calculator

State W-4 | Detailed Withholding Forms by State Chart

Form A-4 , Employee's Withholding Tax Exemption Certificate


N/A, no state income tax


Arizona Form A-4 , Employee's Arizona Withholding Election


Form AR4EC , State of Arkansas Employee's Withholding Exemption Certificate


Form DE 4 , Employee's Withholding Allowance Certificate


Form W-4 , Employee's Withholding Allowance Certificate


Form CT-W4...

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Related topics : nj tax withholding allowance / state tax forms / nj tax withholding form / federal tax income form / nj income tax forms

How Long to Keep Payroll Records | Retention Requirements

Payroll Training, Tips, and News

How Long to Keep Payroll Records

By Mike Kappel on October 2, 2017

What are payroll records?

Payroll records are documents related to paying...

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Related topics : business tax records how long to keep / payroll tax records retention / keep tax records business / keeping tax records / business tax records how long