| An organization has a large number of employees | | | | helps to calculate payroll taxes. The form is used to |
| who receive a salary for the work they do. Some | | | | calculate federal and state income tax to be deducted |
| employees may be paid a stable salary while others | | | | from the salaries of the employees. Social security and |
| are paid on the basis of productivity or the number of | | | | Medicare deductions are also considered and the |
| hours worked. All organizations having employees are | | | | amount to be paid is calculated. Both the employer and |
| in charge of paying payroll taxes. Payroll taxes are all | | | | the employee pay the calculated amount.The |
| the different forms of employment taxes paid by the | | | | organization must also file Form 941 with the IRS. In |
| organization and covers Federal and state income tax, | | | | case of agricultural employees Form 943 needs to be |
| social security and Medicare taxes and federal | | | | filed. The amounts mentioned in Form 941 should be in |
| unemployment tax. Payroll taxes are deducted from | | | | accordance with the amounts given every month |
| the employees pay. Filing pay roll taxes becomes an | | | | using tax coupons or the EFTPS. At the end of the |
| important task in order to maintain proper record and | | | | tax year, Form 940, which is basically an information |
| pay taxes regularly.There are a number of forms and | | | | returns form, is required to be filed with the IRS. W-2 |
| documents that need to be filed with the IRS. Payroll | | | | forms are also required to be filed with the IRS.The |
| taxes involve large number of deductions and | | | | IRS has its own website which provides all the |
| exemptions that are to be taken into account during | | | | information related to filing of payroll taxes. The rules |
| the filing process. First, pay roll taxes need to be | | | | and regulations specified on the IRS website must be |
| calculated accurately and each of the employees is | | | | strictly followed. |
| required to fill out a form know Form W-4. The form | | | | |