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IRS Circular E - Department of the Treasury Internal...

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Contents Department of the Treasury What’s New . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Internal Revenue Service Calendar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Reminders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Publication 15 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Cat. No. 10000W 1. Employer Identification Number (EIN) . . . . . . . 8 2. Who Are Employees? . . . . . . . . . . . . . . . . . . . . 8 (Circular E), 3. Family Employees . . . . . . . . . . . . . . . . . . . . . . . 9 4. Employee’s Social Security Number Employer’s (SSN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 5. Wages and Other Compensation . . . . . . . . . . . 10 6. Tips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Tax Guide 7. Supplemental Wages . . . . . . . . . . . . . . . . . . . . 13 (Including 2008 Wage 8. Payroll Period . . . . . . . . . . . . . . . . . . . . . . . . . . 14 9. Withholding From Employees’ Wages . . . . . . . 15 Withholding and Advance 10. Advance Earned Income Credit (EIC) Earned Income Credit Payment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 11. Depositing Taxes . . . . . . . . . . . . . . . . . . . . . . . 19 Payment Tables) 12. Filing Form 941 or Form 944 . . . . . . . . . . . . . . 25 13. Reporting Adjustments on Form 941 or For use in 2008 Form 944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 14. Federal Unemployment (FUTA) Tax . . . . . . . . . 29 15. Special Rules for Various Types of Services and Payments . . . . . . . . . . . . . . . . . . 31 16. How To Use the Income Tax Withholding and Advance Earned Income Credit (EIC) Payment Tables . . . . . . . . . . . . . . 36 2008 Income Tax Withholding Tables: Percentage Method . . . . . . . . . . . . . . . . . . . 38–39 Wage Bracket Method . . . . . . . . . . . . . . . . . 40–59 2008 Advance EIC Payment Tables: Percentage Method . . . . . . . . . . . . . . . . . . . 60–61 Wage Bracket Method . . . . . . . . . . . . . . . . . 62–67 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Quick and Easy Access to IRS Tax Help and Tax Products . . . . . . . . . . . . . . . . . . . . . . . 69 What’s New Social security and Medicare tax for 2008. Do not with- hold social security tax after an employee reaches $102,000 in social security wages. There is no limit on the amount of wages subject to Medicare tax. Social security and Medicare taxes apply to the wages of household workers you pay $1,600 or more in cash. Social security Get forms and other information and Medicare taxes apply to election workers who are paid faster and easier by: $1,400 or more. Internet www.irs.gov Disregarded entities and qualified subchapter S sub- sidiaries (QSubs). The IRS has published final regula- tions (T.D. 9356) under which QSubs and eligible single-owner disregarded entities are treated as separate TM for Business entities for employment tax purposes. For more informa- www.irs.gov/efile tion, see Disregarded entities and qualified subchapter S subsidiaries in the Introduction.
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Social Security Administration and magnetic media. By February 15 Employers and authorized reporting agents requesting verification of names and social security numbers of be- Request a new Form W-4 from exempt employees. tween 51 and 250,000 employees can no longer use mag- Ask for a new Form W-4, Employee’s Withholding Allow- netic media to submit their requests to the Social Security ance Certificate, from each employee who claimed exemp- Administration. Employers can upload a file through the tion from income tax withholding last year. Social Security Number Verification System (SSNVS) and will usually receive the results the next government busi- On February 16 ness day. For more information, see Verification of social security numbers in section 4. Exempt Forms W-4 expire. Any Form W-4 previously Substitute Forms W-4. After October 10, 2007, you can- given to you claiming exemption from withholding has not accept substitute Forms W-4 developed by employees. expired. Begin withholding for any employee who previ- ously claimed exemption from withholding, but has not For more information, see
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