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(except where noted all forms available at
www.irs.gov)
- File
form
SS-4 and obtain an Employer Identification Number (EIN).
- Each employee must fill out a
W-4, the
employee withholding form, and an
I-9
Employment Eligibility Verification form.
- For each pay period (weekly, bi-monthly or monthly, etc.),
you need to calculate and deduct employees' income tax, social
security and Medicare amounts. Five to six weeks after you
file an EIN, the IRS will send you a coupon book with forms for
making these payments. Each quarter you'll file a
form 941 to
report your payments.
- Shortly after the end of the calendar year, you'll file a
Wage and Tax
Statement (W-2) form for each employee and a
Transmittal of
Wage and Tax Statement (W-3) form. You'll also file
form 945, the
Annual Return of Withheld Federal Income Tax.
- Some businesses, such as those with employees who receive tips,
are required to file additional information. Check with your
tax accountant or visit www.irs.gov.
- If you are self-employed (no employees), you must pay the
self-employment tax. Use
schedule SE
with your annual 1040 tax return. See
www.irs.gov for information.
(except where noted all forms and instructions are available at
www.state.vt.us/tax or call
802·828·2551)
- When you file an
S-1, Vermont
Application for Business Tax Account, you need to request a
withholding tax account if you plan on employing. The State
will send you an Employer Withholding return booklet for reporting
along with a schedule and formula for calculating the deductions.
- Each employee must fill out
form W-4VT.
- As an employer, you must file wage reports on a quarterly basis
even if no wages were paid in a quarter. An
Employer's Quarterly
Wage & Contribution Report (form C-101) is mailed to each
taxable and reimbursable employer during the last week of each
calendar quarter.
- Workers Compensation insurance must be purchased. Contact
an insurance agent. For information on Workers Compensation,
visit
http://www.labor.vermont.gov
or call 802·828·2288.
- Check with
VOSHA (Occupational Health & Safety) for additional regulations
that may apply to your company. Call 802·828·2288.
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Advice
Have a conversation with a tax
accountant. Consider hiring a professional for your tax needs.
You might save a bundle in aspirin costs. Also an alternative to
managing your company's payroll and tax filings would be to hire a
payroll service to handle all your employee-related tax documents.
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Page last updated
July 09, 2008
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