As a business owner, your employees play a major role in reaching your growth goals, representing your brand, and getting the job done, day in and day out. In return for their hard work, it’s your job to ensure they’re paid accurately and on-time.
But in addition to this basic task, the IRS requires you to complete a number of payroll-related forms. What is a payroll form? A payroll form is a document that informs the government of your employment tax liabilities, and shows comprehensive details about your payroll transactions in a given period. Within payroll forms, employers can document the taxes they have withheld from employee wages, for both federal and state taxes.
These forms help clue the IRS into your business’ finances and tax obligations, and serve as supporting payroll records for your employees’ tax responsibilities.
Here, we’ll define some of the most commonly used payroll forms for small businesses.