Fairway Accounting, Inc. provides a full range of payroll services, including calculations for paychecks for any number of employees in any payroll time periods. We can prepare the checks and/or assist with direct deposit (ACH) transactions.
Payroll Tax Deposits
The amount of taxes withheld from employees paychecks that are due on a weekly, biweekly, monthly, quarterly or annual basis. Deposit requirements vary based on total taxes due. Larger amounts of tax will, generally, require more frequent deposits.
We can prepare payroll tax deposits for payment either by bank deposit or electronic deposit. These are the only two options for depositing payroll taxes, however amounts less than $2,500.00 per quarter may be paid with the 941 tax return.
Payroll Tax Returns
The Federal, State and sometimes Local governments require (typically) quarterly filing of returns reporting the gross payroll, withholding, etc and sometimes require payment with the return. The typical returns we prepare are:
- 941 – Federal Quarterly Payroll Tax Return
- 940 – Federal Annual Unemployment Tax Return
- Determination of what is or is not taxable and who must collect sales tax
- Analysis of sales receipts for amount of taxable sales
- Preparation of all state, county and local sales tax returns
Many businesses who sell goods are required to collect sales tax for state and local governments. The tax rates vary largely from one municipality to another and can change at the beginning or in the middle of the year. In some cases, the amount of taxable sales must be separated from non-taxable sales. We can provide many services related to sales tax collection including: