/ Accounting for Payroll in Visual Studio .NET

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142 / Accounting for Payroll
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Example: The Red Light Company s payroll manager wants to know when
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deposits must be made to the government, now that the company is required to remit deposits on a semi-weekly basis The company pays its employees on Tuesday of each week, based on hours worked during the preceding calendar week Since the company always pays its employees on a Tuesday, it has until the following Friday to deposit its taxes
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If remittances are to be made to the local bank, then the check must be accompanied by a Form 8109, which is a standard remittance coupon that is used for a variety of tax remittances In order to obtain a booklet of blank Form 8109s, one must file for an Employee Identification Number (EIN), which was described earlier in the Registering with the Government for Tax Remittances section The EIN is required because the IRS preprints an organization s EIN, name, and address on each form in the booklet Filling out the form is simple enough just enter the dollar amount being remitted, the company s contact phone number, and darken the ovals corresponding to the type of tax being remitted (in this case, always 941 ) and the applicable quarter to which the remittance applies The information on this form is entered into the IRS database with an optical scanner, so write clearly in order to avoid scanning errors Special handling of tax deposits are necessary if an employer is a semi-weekly depositor and has multiple pay days that occur within the same semi-weekly period but apply to different calendar quarters If this situation arises, the employer must determine which portion of the semi-weekly deposit applies to payroll occurring within each of the two calendar quarters, and make a separate deposit for each portion
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28, 2003, as well as another pay date on Tuesday, October 1, 2003 Deposits for the two pay dates are both due on the following Friday, October 4, but must be deposited separately
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Federal Tax Deposit Penalties
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The IRS imposes significant penalties if a business does not make its tax deposits on time, makes insufficient deposits, or does not use the EFTPS electronic filing system when it is required to do so Its penalty structure is as follows: 2 percent penalty if deposits are made from one to five days late 5 percent penalty if deposits are made 6 to 15 days late
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Payroll Taxes and Remittances / 143
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10 percent penalty if deposits are made 16 or more days late 10 percent penalty if deposits are remitted to the wrong location 10 percent penalty if the EFTPS is not used when it is required 15 percent penalty if funds have not been remitted at least 10 days after the IRS sent a payment warning notification Penalties can be avoided for very small payment shortfalls There is no penalty if a deposit of up to $5,000 is short by no more than $100, or a larger deposit is short by no more than 2 percent of the total If a shortfall of this size occurs, a semi-weekly depositor must deposit the shortfall by the earlier of the next Form 941 due date or the first Wednesday or Friday following the 15th day of the next month A monthly depositor must make the deposit with its next Form 941 If an employer does not file its quarterly Form 941 in a timely manner, it will be penalized 5 percent for the amount of all net unpaid taxes shown on the return for each month during which the form is not filed This penalty is capped at 25 percent, which essentially means that a business will be penalized for the first five months during which it does not file a Form 941
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terly Form 941, which would have shown a net tax due of $2,200 Upon discovering the error ten months later and filing the return, the IRS penalizes the firm for 5 percent of the $2,200 due, times fives months, which is a 25 percent penalty, or $550
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It is possible to convince the IRS to mitigate or eliminate these penalties if reasonable cause is proven However, given the size of the potential penalties, it is best to make the proper remittance of tax deposits a high priority by the payroll staff
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