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SLP Private Practice ENTR210 M06 - Coggle Diagram
SLP Private Practice ENTR210 M06
Unemployment Taxes (940)
Quarterly Requirements
$1500 wage
1+ employees
Regular/temp/part-time
Federal Filing
Employer ONLY
6% rate
Flat Rate
State Filing
Employer ONLY
5.4% rate max
State Dependent
Features
On time payment rate 0.06%
1st $7,000 per employee
Electronic Filing required (EFS)
Form 941
Wage Breakdown
Social Security
Medicare
Income Tax
Additional Medicare
Employer rate 2.9%
0.2% additional for ACA
Effects Wages
Adjustments
Effective Quarterly
File 941C
Overpayments or Underpayments
Applicable Credits
Qualified Sick Leave
Retention Credit
Qualifying Wages Only
FICA Taxes
Social Security
6.2% rate
Cap at $137,700 (2020)
Employee & Employer
Medicare
1.45% rate
No Caps
Employee & Employer
Income Tax
State & Federal
Schedule C profit/loss
Employee & Employer
Features
State & Federal
Owner/Operator Files 941
includes qualifying benefits
Tax Calendar
Form 940
File Quarterly
$500 tax minimum paid
+10 day extension when paid on time
Form 941
File Quarterly
Use 15-T withholding Tables
Matched with W-3
Payroll forms
Form I-9
Form W-4
File Beginning employment
Form W-2
Due Feb 1st
Begin filing January
Copy to Employee, State, & Fed