From the payroll liabilities accounts you set up and record liabilities to for each payroll, you must pay the appropriate taxing authorities:
- Federal Withholding, Social Security/Medicare
Depending upon the size (amount) of your payroll, you will need to pay payroll taxes either monthly or quarterly. The payment includes the amounts you have withheld from employee pay for income taxes and the amounts deducted from employees and set aside by you for Social Security/Medicare taxes.
- State and Local Withholding
If your employees are subject to state and local income tax, you must pay amounts you have withheld from their pay, according to the requirements of your state department of revenue and your local taxing authority.
- Federal Unemployment Tax Monthly or quarterly (depending on the amount of your payroll), you must pay the amounts due for federal unemployment taxes.
- State Unemployment and Worker's Compensation Taxes
Check with your state's employment department to find out the requirements for paying state unemployment and worker's compensation taxes.
- Other Deductions
Don't forget to submit payments for other deductions you have taken from employee paychecks, like charitable contributions, health plan premiums, and contributions to qualified retirement plans.
