Pretty Lil Lips

Form 941

Unemployment Taxes

FICA

Tax Calendar

SUI - State Unemployment Insurance

FUTA - Federal Unemployment Insurance Act

Quarterly tax paid towards unemployment insurance.

Amount of tax paid is determined by the type of business and wage base.

Depending on the state, this tax could be paid by business payroll, or employee contribution.

This tax is paid fully by business payroll.

FUTA taxes are paid quarterly in addition to SUI taxes.

Form 940 is required to report unemployment taxes.

Small businesses are required to pay a tax of 6% on the first $7,000 the employee earns.

Any person/ business that pays wages to an employee must file form 941.

Form 941 is a quarterly report form.

This form is to report income taxes, Social Security taxes, and Medicare taxes withheld from employee pay.

Filing deadlines are the last day of January, April, July and October.

Form 941 is used to pay FICA taxes quarterly.

FICA are taxes withheld and paid on behalf of employees.

FICA taxes include Social Security and Medicare tax.

A tax year is also referred to as an annual accounting period for record keeping and reporting business income and expenses.

12 consecutive months beginning January 1 and ending December 31.

The penalty for filing late is 5% of the taxes you owe per month, for the first five months, up to 25% of your tax bill.