Traverse City, MI — (SBWIRE) — 07/12/2016 — Tax able and columnist Frank Ellis has appear an commodity on the National Tax Letters website account the IRS changes to Anatomy 941 this year. It aboriginal reveals a 2% access in the bulk paid in amusing aegis taxes for employees. Another change acclaimed is an added Medicare tax withheld from college assets agent payrolls.
Form 941, or the Administration Quarterly Federal Tax Form, letters amount taxes owed by administration and employees, according to the author. The amounts withheld from paychecks and what the aggregation has paid in taxes from agent withholdings are included. Also, the anatomy letters calculations of totals due for the quarter, what has been paid, and what the employer still owes.
The commodity again goes on to explain the changes in added detail. An access in amusing aegis tax for administration agency the amount will be at 6.2%. The tax employers/employees will accept to pay, the columnist says, will be 12.4% of their gross wages. Where the changes can be begin on the anatomy is additionally identified.
Medicare tax withholdings will administer to advisers earning over $200,000. The added Medicare tax based on assets akin and filing cachet is explained further. In addition, the columnist goes on to detail how Anatomy 941 is submitted and what the due dates are during anniversary quarter. Underpayments are addressed by advantageous the antithesis via agenda 941-V, Ellis states.
The commodity ends absolute the allowances of filing taxes with TurboTax Online and how it helps with deductions and refunds. Allowances accommodate the automated allotment of tax forms based on the user’s information.
To apprentice added about the accepted changes to IRS Anatomy 941, go to http://nationaltaxreports.com/irs-changes-to-form-941/.
About Frank EllisFrank Ellis is a Traverse City Tax Preparation Planner and appear author. He has accounting tax and accounts accompanying accessories for eight years and has appear over 900 accessories on arch banking and tax websites.
Contact InformationFrank EllisNational Tax Reports945 East 8th Street Suite ATraverse City, Michigan 49686Website: http://nationaltaxreports.com/
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