Federal Tax Deposits and Returns

April 13, 2006

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There are two major elements to paying your payroll taxes: paying over the money you owe, and filing supporting returns that show how you computed the taxes. For federal payroll tax purposes, these two elements are done separately.

Federal tax deposits must be made on a periodic basis (usually monthly, for small employers).
Special deposit coupon forms must accompany the payments, for small employers.
Electronic transfers of funds must be used by larger employers.
Federal tax returns are the second major element to be concerned about. The forms must be filed on a quarterly or annual basis.