Publication 15
(Including 2008 Wage Withholding and Advance Earned Income Credit Payment Tables)
taxmap/pubs/p15-000.htm#TXMP55fac3e5
Social security and Medicare tax for 2008.(p1)
Do not withhold social security tax after an employee reaches $102,000 in social security wages. There is no limit on the amount of wages subject to Medicare tax. Social security and Medicare taxes apply to the wages of household workers you pay $1,600 or more in cash. Social security and Medicare taxes apply to election workers who are paid $1,400 or more.
taxmap/pubs/p15-000.htm#TXMP7dceaa5f
Disregarded entities and qualified subchapter S subsidiaries (QSubs).(p1)
The IRS has published final regulations (T.D. 9356) under which QSubs and eligible single-owner disregarded entities are treated as separate entities for employment tax purposes. For more information, see Disregarded entities and qualified subchapter S subsidiaries in the Introduction.
taxmap/pubs/p15-000.htm#TXMP50a128b7
Social Security Administration and magnetic media.(p2)
Employers and authorized reporting agents requesting verification of names and social security numbers of between 51 and 250,000 employees can no longer use magnetic media to submit their requests to the Social Security Administration. Employers can upload a file through the Social Security Number Verification System (SSNVS) and will usually receive the results the next government business day. For more information, see Verification of social security numbers in section 4.
taxmap/pubs/p15-000.htm#TXMP29d22627
Substitute Forms W-4.(p2)
After October 10, 2007, you cannot accept substitute Forms W-4 developed by employees. For more information, see Substitute Forms W-4 in
section 9.
The following is a list of important dates. Also see Publication 509, Tax Calendars for 2008.
 | If any date shown below for filing a return, furnishing a form, or depositing taxes falls on a Saturday, Sunday, or federal holiday, use the next business day. A statewide legal holiday delays a filing due date only if the IRS office where you are required to file is located in that state. For any due date, you will meet the "file" or "furnish" requirement if the envelope containing the return or form is properly addressed, contains sufficient postage, and is postmarked by the U.S. Postal Service on or before the due date, or sent by an IRS-designated private delivery service on or before the due date. See Private Delivery Services on page 6 for more information. |
Furnish each employee a completed Form W-2, Wage and Tax Statement. Furnish each other payee a completed Form 1099 (for example, Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., and Form 1099-MISC, Miscellaneous Income).
File Form 941, Employer's QUARTERLY Federal Tax Return, for the fourth quarter of the previous calendar year and deposit any undeposited income, social security, and Medicare taxes. You may pay these taxes with Form 941 if your total tax liability for the quarter is less than $2,500. File Form 944, Employer's ANNUAL Federal Tax Return, for the previous calendar year instead of Form 941 if the IRS has notified you in writing to file Form 944 and pay any undeposited income, social security, and Medicare taxes. You may pay these taxes with Form 944 if your total tax liability for the year is less than $2,500. For additional rules on when you can pay your taxes with your return, see Payment with return on page 19. If you deposited all taxes when due, you have 10 additional calendar days from the due date above to file the appropriate return.
File Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return. However, if you deposited all of the FUTA tax when due, you have 10 additional calendar days to file.
File Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll income tax withheld in 2007. See Nonpayroll Income Tax Withholding on page 5 for more information.
Ask for a new Form W-4, Employee's Withholding Allowance Certificate, from each employee who claimed exemption from income tax withholding last year.
Any Form W-4 previously given to you claiming exemption from withholding has expired. Begin withholding for any employee who previously claimed exemption from withholding, but has not given you a new Form W-4 for the current year. If the employee does not give you a new Form W-4, withhold tax as if he or she is single, with zero withholding allowances. See section 9 for more information. However, if you have an earlier Form W-4 for this employee that is valid, withhold based on the earlier Form W-4.
File Copy A of all Forms 1099 with Form 1096, Annual Summary and Transmittal of U.S. Information Returns, with the IRS. For electronically filed returns, see By March 31 below.
File Copy A of all Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration (SSA). For electronically filed returns, see By March 31 below.
File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips, with the IRS. See section 6. For electronically filed returns, see By March 31 below.
File electronic (not magnetic media) Forms 1099 and 8027 with the IRS. File electronic Forms W-2 with the SSA. For information on reporting Form W-2 information to the SSA electronically, visit the Social Security Administration's Employer W-2 Filing Instructions & Information webpage at www.socialsecurity.gov/employer.
Deposit federal unemployment (FUTA) tax due if it is more than $500.
File Form 941 and deposit any undeposited income, social security, and Medicare taxes. You may pay these taxes with Form 941 if your total tax liability for the quarter is less than $2,500. If you deposited all taxes when due, you have 10 additional calendar days from the due dates above to file the return.
Remind employees to submit a new Form W-4 if their withholding allowances have changed or will change for the next year.
Form W-5, Earned Income Credit Advance Payment Certificate, expires each year on December 31. Eligible employees who want to receive advance payments of the earned income credit next year must give you a new Form W-5.
Previous Page: Publication 17 - Your Federal Income Tax - How To Get Tax Help
Next Page: Publication 15 - Circular E, Employer's Tax Guide - Reminders
