1. Payroll Tax Liability
C. Quarterly Tax Returns
Form 941 – Employer’s Quarterly Federal Tax Return
Due by the end of the month following the end of each quarter, to include gross wages, federal withholding and calculation of Social Security and Medicare, along with the total 941 deposits made for the quarter.
Form RT-6 – State Unemployment Tax (SUTA)
The tax rate is assigned by the Florida Department of Revenue. The maximum wage base of $7,000 for each employee is payable by the end of the month following the end of each quarter. Contact the Dept. of Revenue if you do not receive the update letter sent by the State in January.
If you paid unemployment tax for ten or more employees during any calendar quarter for the fiscal year (July 1, 2016 and ending June 30, 2017), then you must file reports and pay taxes electronically.
D. Federal Unemployment Tax (FUTA):
The FUTA tax rate for 2018 is 6.0% with a 5.4% Florida state credit for 2018 to arrive at a net rate of 0.6%. The maximum wage base of $7,000 remains the same.
The FUTA tax liability should be calculated quarterly. If the accumulated tax owed is more than $500.00, the FUTA tax should be deposited each quarter by EFTPS. Mark the box that indicates 940 tax. This should be paid by the end of the month following the end of the quarter. The tax liability may be added to the next quarter if it is under $500.
Form 940, Employers Annual FUTA Return, should be filed before January 31, 2018. You must file this return if you paid wages of $1,500 or more in any calendar quarter.
2. Form W-4, Employee
Each new employee should complete a Form W-4 when they begin work. A Form W-4 remains in effect until the employee gives you a new one. It is a good policy to have all employees complete a new W-4 at the beginning of each year. Call the Internal Revenue Service at their toll free number, 1-800-829-3676, to order Form W-4 or download from the IRS HERE.
3. Form I-9, Employment Eligibility Verification
Each new employee must also complete a Form I-9 when they begin work. The Immigration Reform and Control Act of 1986 implemented the necessity of completing this form for all employees. You may obtain these forms or additional information by calling our office.
4. Florida New Hire Reporting Form
All employers are required to file a Florida New Hire Reporting form for each new employee within 20 days of their hire date. The purpose of this form is to keep the State of Florida appraised of current addresses for child support collections. Please contact us if you need a copy of the form. It can also be completed on-line by clicking HERE.
The information contained in this letter is a summary of the most commonly asked questions we receive. It is not all-inclusive. If you have any questions regarding the above or any other payroll questions, please do not hesitate to contact our office at 239.433.5554.