Quote:
Originally Posted by OldJack  1).
7). Federal payroll taxes withheld are reported to the IRS on form 941, usually quarterly but may be monthly if large payroll (see pub 15). Payment of payroll taxes are usually paid to the gov through your bank with a payment coupon. State payroll tax withholding is reported on IL-941. You will also have a quarterly state unemployment tax and an annual Federal 940ez tax. The S-corp is required to anually file a Federal 1120s tax return and a state IL-1120 or IL-1120-ST. |
I absolutely HATE dealing with state and federal payroll taxes. And the whole payment coupon thing is a pain in the butt. Instead, you should try one of the many online payroll services that take care of filing and paying all these taxes for you electronically. Some of the smaller firms have some very good rates for small businesses, and much better customer service than big old services that just seem to care about large accounts. Talk to one of their representatives--do they seem truly nice and care about your business and taking care of you? Or are they just focused on getting the sale? Or do they not seem to care at all? You will find all types, so be sure do your research.