Deposits
Businesses that deposit taxes on Wednesdays or Fridays
What are semi-monthly depositers
The highest-paid executives of a firm are covered under this act
What is the Federal Insurance Contributions Act (FICA)?
Seasonal employers do not have to file a 941
What happens when no wages are paid?
The OASDI threshold for 2023
What is $160,200?
Additions to taxes owed, tax Levies, and criminal proceedings
What are the types of Employment Tax Penalties?
These employers are always monthly depositors
What are new employers?
Employers with one of more employees must have an identification number
What is the EIN?
Some employment forms must be filed by the end of the month following the end of the quarter
What is the filling requirement for a 941?
Independent Contractors pay OASDI and HI according to a different act
What is SECA?
The interest rate that is set quarterly, based on the short-term Treasury bill rate
What is the penalty interest rate?
EFTPS (direct) and EFTPS (through financial institution)
What are the 2 electronic deposit methods?
The application for a Social Security Card
What is the SS-5?
Semiweekly and next-day depositors must complete and additional page of Form 941
What is Schedule B?
Employment taxes owners of partnerships, LLCs, S-Corps, Co-Ops, and Sole Proprietors are subject to
What are FIT and SECA?
Statutory employees who were originally classed as independent contractors
What are misclassified employees?
$100,000 or more in taxes owed during one pay period
What must be deposited by close of the next business day?
Under the Social Security Act, every employee and every self-employed person must one
What is a social security number (SSN)?
These employers must check line 18 for every quarter that they do file
What are seasonal employers?
The 0.9% FICA Tax wages in excess of $200,000 is not paid by this entity
What is an employer?
Failure to make a reasonable attempt to comply or intentional disregard (careless, reckless, or intentional disregard of the law)
What is negligence?
Employer deposit requirements are determined by this period
What is the look-back period
Employers can verify up to 10 names and SSNs at a time
What is the Social Security Number Verification Service?
The tax deposit can be adjusted when the employees’ share differs slightly from the amounts actually withheld (due to rounding)
What is the fractions of cents adjustment?
Tipped employees use a special form to report tips their employers
What is the 4070
An action by employers who retain tips earned by employees
What is a Tip Retention Violation?