A Guide to Common Payroll Tax Forms
A Guide to Common Payroll Tax Forms

A Guide to Common Payroll Tax Forms

Navigating the various tax forms needed to keep your business legitimate can require some research to make sure you get it right. You can also rely on professional payroll experts to guide you through the process. Here are a few basics you need to know about the most common forms:

Form I-9, Employment Eligibility Verification

The I-9 form is completed under the requirements of the Department of Homeland Security and U.S. Citizenship and Immigration Services. It is used to document that any new employee, citizen or noncitizen, is authorized to work in the United States. For all applicants, it requires proof of both identify and employment authorization. For U.S. citizens, a passport can prove both. Without a passport, a new employee must provide a photo ID and a birth certificate or a Social Security card. Specific requirements for noncitizens are provided on page 5 of the form.

Form W-2, Wage and Tax Statement (Year)

Employers provide completed W-2 forms to employees shortly after January 1 of each new year to document the gross wages paid to the employee and the exact amount of federal taxes, Social Security taxes and Medicare taxes deducted for the preceding year. There are multiple copies of this document: copies for the employee to use in filing their tax returns and copies for the employer for record-keeping.

An example copy of the W-2 form can be reviewed on the IRS site under Tax Forms. The online version is not scannable when printed from the website, and attempts to do so may result in fines or penalties. To order an official form, contact the IRS at 1-800-TAX-FORMS, or order it online.

Form W-4, Employee's Withholding Allowance Certificate (Year)

A W-4 is a standard document filed upon a new employee’s hire, in addition to the I-9 form. The W-4, however, is an IRS form intended to document the number of deductions, exemptions and the type of tax rate for the employer to use in calculating the new employee's payroll taxes. Once completed, the W-4 remains "active" until changed, although many employers offer their employees an annual opportunity to update their forms. The law requires employees to make adjustments to their W-4 within a certain timeframe if their number of deductions changes—for example, if their child turns 18 or if they get a divorce.

Form 1099, Miscellaneous Income

Form 1099s are used often to indicate income from independent contractor work, prizes, awards and gambling.

Links to most IRS tax forms can be located on the IRS Tax Forms page. Other options include calling the IRS or ordering the forms online. Hiring a payroll service provider such as Paycor also means you'll never have to search for a tax form or determine which form is right for the situation. We guide you every step of the way with intuitive payroll solutions backed by a team of payroll professionals. Contact us today to get started.

More to Discover

How to Make Tax-Free Disaster Payments To Employees

How to Make Tax-Free Disaster Payments To Employees

The pandemic is putting a big strain on everyone, maybe most of all your team, and you want to do everything you can to help.In a national emergency, employers have the freedom to offer unlimited tax-free financial assistance to employees who need it, with minimal administrative burdens. These disaster payments will be exempt from both federal income and employment taxes. What Disaster Payments Cover Disaster payment to affected employees can cover a broad range of “personal, family, living or funeral expenses (not covered by insurance)”. These may include: Unreimbursed Medical Expenses This can range from vitamins and over-the-counter medications to co-pays. Cleaning Products Disinfectant and hand-sanitizer for employee’s homes can help...

Paycheck Protection Program (PPP): What You Need to Know About Payroll Protection

Paycheck Protection Program (PPP): What You Need to Know About Payroll Protection

You need payroll protection. The federal government wants to help. Here’s what you need to know. The Paycheck Protection Program (PPP) As part of the $2 trillion aid package unveiled in the Coronavirus Aid Relief & Economic Security (CARES) Act, $349 billion was dedicated to the Payment Protection Program (PPP). This offers federal guaranteed loans to businesses with fewer than 500 employees to cover payroll and other essential costs.The federal government is focused on releasing funds quickly and with as little red tape as possible, giving small businesses a big boost right when they need it. And here’s the best part—if you use the funds to retain (or rehire) your employees, the loans don’t need to be repaid.View Payroll Protection...

Paycor's COVID-19 Command Center

Paycor's COVID-19 Command Center

We're excited to announce the release of Paycor's COVID-19 Command Center, a new analytics solution that delivers instant insights for crisis management. With the COVID-19 Command Center, you'll be able to: Prepare with real time insights Plan with actionable data Respond with the help of HR experts Recover quickly by playing the long game now Discover how your organization can make the best possible decisions with real time data, actionable insights and expert HR counsel.

Families First Coronavirus Response Act: Tips to Manage Employee Leave Scenarios

Families First Coronavirus Response Act: Tips to Manage Employee Leave Scenarios

Coronavirus Response Act On March 18 the Families First Coronavirus Response Act was enacted to help individuals, families and businesses. The legislation requires employers with under 500 employees to give sick leave and paid family medical leave to eligible employees.Eligible businesses are now able to take advantage of new tax credits to offset the costs associated with paid emergency leave and sick leave benefits implemented under the bill, including credit for health plan expenses affiliated with the new leaves. Below is a list of scenarios your employees may experience during this time. Scenario 1 A full time employee is sick and believes they might have COVID-19. The employee is visiting a doctor to seek a medical diagnosis and...