Page 226 - Essentials of Payroll: Management and Accounting

Payr oll Taxes and Remittances
Line 10. Net lines 8 and 9 to arrive at the adjusted total of Social
Security and Medicare taxes.
Line 11. Add lines 5 and 10 to arrive at the total amount of taxes
withheld.

Line 12. Enter the total amount of any earned income credit pay-
ments made to employees. If the amount of these credit pay-
ments exceeds the total taxes listed on line 11, you can either
claim a refund or let the credit forward into the next quarter.
Line 13. Subtract line 12 from line 11 and enter it here.

Line 14. Enter the total deposits made during the quarter, as well as
any overpayment remaining from a preceding quarter.
Line 15. Subtract the deposit total on line 14 from the tax due on
line 13 to arrive at the balance due.

Line 16. If there is a credit balance on line 15, enter it here and then
check your choice of rolling it forward to the next quarterly
return or receiving a refund.
Line 17. Enter the total tax liability for each month of the reporting
quarter, as well as the total amount for the quarter.

The form should be signed by a business owner, corporate officer,
partner, or fiduciary, depending on the type of business entity filing the

report.
If a company operates only seasonally, it can avoid filling out the
report for quarters when there is no activity by checking the “Seasonal
Employers” box above line 1 on the form. And if a company is going
out of business, be sure to check the “Final Return” box above line 1
of the form.
The form is due one month after each calendar quarter and must

be filed at one of three IRS locations, depending on the location of the

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