Payroll isn’t for the faint of heart. Of those who are brave enough to tackle the intricacies of multistate taxation, FUTA credit reductions, and wage garnishment, only a select few earn the full endorsement of the American Payroll Association (APA).
Take it to the bank—these days, offering employees retirement benefits is an expectation, not an exception. Namely’s survey data shows that 90 percent of job applicants said they’d think twice about joining a company without 401(k) offerings. But when it comes to the nitty gritty, how many employees actually understand how retirement plans work?
Each year, Americans dutifully complete their annual tax returns to report what’s been paid to the federal government and what might still be owed. Your HR and payroll teams also have their own IRS filing obligations. Employee paychecks are subject to federal income taxes, Medicare, Social Security, and other withholdings.
While companies typically pay these federal taxes on a semiweekly or monthly basis, the IRS still needs a full account of what’s been paid. Enter the Form 941, or the Employer’s Quarterly Tax Return. If it isn’t already, a reminder to complete the four-page form should be on your HR calendar.
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