Payroll Requirements for S Corporations and Others
| Deposit Requirements | Reporting Requirements | |
|---|---|---|
| Federal | ||
| Social Security and Medicare (6.2% and 1.45%, respectively) | Monthly, depending on amount of deposit. Must be made to authorized financial institution. Can be made with filing of payroll tax return if total amount is less than $500. Federal Government provides coupons to be provided to financial institution. | Payroll tax return (941) filed quarterly, due the last day of the month following the quarter. Due dates 4/30, 7/31, 10/31 and 1/31. Forms W-3 and Forms W-2 required to be filed by 1/31. |
| Federal Withholding (Various rates depending on wage level). | ||
| Unemployment (.8%) Due on wages paid to each employee less than $7,000. | Generally annually, at end of year with tax return (940). | Unemployment tax return (940) on annual basis due 1/31. |
| State | ||
| State withholding (Various rates depending upon wage level). | Deposits made month following when wages were paid. State provides coupons to be sent with payment. | Reporting annually with W-2's with coupons provided by State. Due by January 31. |
| Unemployment (Begins at 3% - changes depending upon history) Paid on dividends and wages paid to $10,000.00 | Deposits made monthly/quarterly depending upon level of contributions. | UITR - 1 and UITR -1a filed quarterly, due the last day of the month following the quarter. Dues dates 4/30, 7/31, 10/31 and 1/31. |
| Workmens Compensation | May be needed depending upon type of business. | Could be privately purchased. |
| Local | ||
| Various | Various, depending upon locality. | Various. |
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