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NY Form 941-SS: What You Should Know

When someone is paid on a pay schedule, that person is the employer of record; for example, that person is the person who signs on to the paycheck and deducts funds from the employee's paycheck. The Internal Revenue Service has a series of forms to assist your organization in filing the proper information for your organization. The form that you receive for your organization will usually look like a Form 941. Form 941-SS (Annual) is a summary form used for the tax year shown on Form 941. Form 941-SS is used for all years. As an employer, you are responsible for the Social Security and Medicare taxes due when your person receives a paycheck. As such, you will need to file Form 941-SS as a part of your payroll records. The IRS, along with other agencies, issues Form 941-SS and makes copies. It will be a great aid to the IRS if you can submit forms 941-SS early in the year and then forward the forms to the IRS for publication. If you do not send a copy of the Form 941-SS to the IRS for publication, you may not receive a Form 941-SS for the following year. If you believe the IRS is wrong in their tax calculations, you have several options. First, if you determine that you are eligible for the Earned Income Tax Credit (ETC) for yourself, then you may qualify for the ETC for other people. If you are filing a joint return, you may also qualify for the Family Tax Credit (FTC). If a person is receiving a taxable fringe benefit, you will need to have them file their own Form 941 and submit that information as part of their taxes. You may only use Form 941-SS as an illustration of income. The IRS will review all of your information and make sure we are properly calculating things. The IRS does not make the final decisions on any taxes. Employees are responsible for the Social Security and Medicare taxes that they owe on their wages when they sign their paycheck on your behalf. The Federal Income Tax Form 1099-MISC must be received from the employer for each payment made on salary or wages. The IRS determines the amount reported on a Form W-2c (corrected wage and tax statement) that is due to the employer. The IRS does not need the correct amount of money from the payer on time.

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