EMPLOYER PAYROLL TAX RESPONSIBILITIES
This is a brief summary from the Internal Revenue Service (IRS) of an employer’s basic responsibilities regarding withholding, depositing, and reporting employment taxes.
For New Employees:
- Verify the new employee’s work eligibility using an I-9 Form. This form is available from the US Department of Homeland Security website.
- Report the new employee to the state New Hire Registry within 20 days of their hire date (see article below).
- Ask new employees for a signed Form W-4 when they start work. This is a tax form that tells you how much tax to withhold from the employee’s paycheck. The 2023 version of the W-4 is available from the IRS website.
For All Employees Each Payday:
- Withhold federal income tax based on each employee’s W-4.
- Withhold the employee’s share of social security and Medicare taxes.
- Deposit with the IRS all withheld income tax, as well as withheld social security and Medicare taxes plus the employer’s share of social security and Medicare taxes.
- Deposit federal unemployment tax (“FUTA”) if the undeposited amount is over $500.
- File Form 941 with the IRS (and pay the tax if you are not required to deposit). Form 941 must be filed with the IRS each quarter to tell the federal government how much your business paid in wages the prior quarter.
- File an RT-6 with the Florida Department of Revenue to tell the state how much your business paid in wages the prior quarter and pay the reemployment tax due on those wages.
- Remind employees to submit a new W-4 to you if they need to change the amount withheld from their paycheck (before December 1st of each year).
- Give each employee a Form W-2 (by January 31st of each year).
- File all W-2s with the US Social Security Administration by January 31st.
For more information, please consult the IRS Publication 15 (Circular E), also called “Employer’s Tax Guide” available from the IRS website or contact your company’s accountant/tax professional.
NEW POSTERS FOR FUBA MEMBERS
One of the most valuable benefits of your company’s FUBA membership is the free All-in-One employment law poster. This big poster has all the panels that small businesses are required to post under federal and state law. And if any panels change, we provide free updates.
We have recently revamped our All-in-One poster and will be mailing it to your business when your $85 FUBA membership renewal is paid.
FUBA members who participate in our workers’ comp insurance program will receive their new poster when their insurance policy renews. FUBA members who are not part of our insurance program will receive their poster when their annual membership renewal invoice is paid.
REPORT EMPLOYEES AND INDEPENDENT CONTRACTORS TO THE FLORIDA NEW HIRE REGISTRY
To help the State of Florida enforce child support orders, Florida businesses should report newly-hired employees to the Florida New Hire Reporting Center. Independent contractors paid at least $600 should also be reported.
You can report online or file a paper form by mail or fax.
The information that must be reported is:
- The name, address, and Social Security Number for the employee or independent contractor.
- The date the employee or independent contractor began working for the business.
- The name, address, and FEIN of your business.
Report new employees within 20 days of their hire date. You only need to report employees one time, at the time they are hired.
Report individuals working as independent contractors within 20 days of your business paying them $600 or more. Independent contractors should be reported each year that your business pays them $600 or more.
Special note on independent contractors: You do not need to report companies that your business hires. Only individuals/sole proprietors that your business hires should be reported.
If you have questions, visit the Department of Revenue’s website. FUBA members can call the FUBA offices at 800-262-4483 and ask for Karen or Mallory.
WHAT IS THE US ECONOMIC CENSUS AND
DO I HAVE TO FILL IT OUT?
Your business may have received a notice in the mail from the US Census Bureau regarding the 2022 Economic Census. Is this request legitimate? Are businesses required to fill it out? Yes, this is a legitimate survey and yes, businesses selected for the survey are required to fill it out.
The Economic Census is conducted every five years by the United States Department of Commerce. If your business is selected to participate in the 2022 Economic Census, your response is required by law. Businesses selected for the survey log into a secure portal and provide some basic information about the business, the amount of its annual sales, and the number of employees. No sensitive or confidential information is required.
If your business was selected to participate in the survey, you should have already received a letter and/or a reminder in the mail. If you have questions, you can call the US Census Bureau’s customer help line at 800-584-9066.