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Frequently Asked Tax Questions

Small Business/Self-Employed/Other Business - Forms 941, 940, Employment Taxes


Rev. date: 1/2010


We are about to hire employees and need to know how much tax to take out and where to send this money?

Circular E, Employer's Tax Guide

You will need:
Generally, employers are required to quarterly file Form 941 (PDF), Employer's Quarterly Federal Tax Return, and annually file Form 940 (PDF), Employer's Annual Federal Unemployment Tax Return (FUTA), and Form W-2 (PDF), Wage and Tax Statement, with Form W-3 (PDF), Transmittal of Wage and Tax Statements. Some small employers (those whose annual liability for social security, Medicare, and withheld Federal income taxes is $1,000 or less) may file Form 944-SS (PDF), Employer's Annual Federal Tax Return, instead of Form 941, if the IRS has notified them to Form 944 instead of Form 941. New employers are also eligible to file Form 944, if they will meet the eligibility requirements. New employers filing Form SS-4    Form SS-4(PDF), Application for Employer Identification Number, must check the "Yes" box or "No" box on line 14 to indicate whether they expect to have $1,000 or less in employment tax liability for the calendar year.
The Employment Tax e-file System offers an improved way to file Forms 940,941, and 944 electronically. Prospective participants must first complete and submit an IRS e-file application. You can complete the IRS e-file application online after registering for e-services.

Rev. date: 1/2010


We hired a nanny to look after our baby while we work. How do we pay her social security taxes and properly report her income?

previous topic occurrence Employment Tax next topic occurrence
previous topic occurrence Household Employer's Tax Guide next topic occurrence
previous topic occurrence Household Employment Taxes next topic occurrence
previous topic occurrence Housekeepers, Maids, or Servants next topic occurrence
previous topic occurrence Social Security and Medicare Taxes next topic occurrence
previous topic occurrence Withholding Tax next topic occurrence

A nanny is considered a household employee: