Payroll Taxes are an ever-changing federal and state regulation. Use Exact Tax, our payroll tax service, to calculate and deposit payroll taxes and file your tax returns — as we do for hundreds of businesses across many different states — and help you feel confident that your tax obligations are in expert hands.
Exact Tax helps you manage your payroll tax obligations, including:
All employers must withhold and deposit to the IRS federal income tax, social security taxes and Medicare taxes. Exact Tax can make these payroll tax payments on a quarterly, monthly, semiweekly or next-day basis as appropriate for your tax liability. We also meet federal EFTPS requirements for employers who must make their payments electronically, and file Form 941 quarterly, or Form 944 annually, to reconcile taxes calculated versus taxes paid.
The Federal Unemployment Tax Act (FUTA) established the employer tax for the federal unemployment program. Exact Tax files Form 940, the employer’s Annual Federal Unemployment Tax (FUTA) Return, that reports taxable wages paid during the year and reconciles your quarterly FUTA tax deposits.
Every employer that pays employee wages is required to withhold income taxes from each payment of taxable wages, if mandated by state or local taxing agencies. Exact Tax transfers applicable state and local taxes on the check date and deposit them by the due date.
Exact Tax will do all of the above but transfer tax payments from your accounts to all agencies.
Exact Payroll and Exact Tax do not require our clients to use our payroll tax service. If you choose, you’ll have the opportunity to handle your own payroll taxes — giving you more control over cash-flow management. Exact Tax will provide you with your tax liability amounts and due dates.