tax requirements and record-keeping practices for employer 
 

Tax Requirements:

• Minimum Annual Deposits and Returns: At least 36 deposits and/or returns each year.

• IRS Deposits: Includes Social Security, Medicare, and federal withholding taxes, with a minimum of 12 deposits annually based on the assigned filing frequency.

• 941 Federal Returns: Due quarterly, totaling 4 returns per year.

• State Tax Deposits: For new businesses, these are due quarterly, amounting to a minimum of 4 deposits yearly, plus an annual reconciliation.

• Federal Unemployment Tax (FUTA): Deposit frequency varies by the tax amount due, up to 4 deposits annually, along with a year-end 940 Federal Return.

• State Unemployment Tax Deposits: Due quarterly, totaling 4 deposits per year.

• State Unemployment Returns: Due quarterly, totaling 4 per year.

• W-2 Forms: Issued at year-end for each employee who worked during the year.

• W-3 Form: A summary of W-2 forms, sent to the IRS annually.

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Record Keeping:

• Maintain a personnel file for each employee, containing:

  • W-4 Form: For employee's name, address, Social Security number, filing status, and exemptions.

  • I-9 Form: Required by the federal government to verify that all employees are either U.S. citizens or authorized to work in the U.S.

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