If you need to process a tax payment over the phone, you can use the EFTPS voice response system. When using the phone to make payments, you do not need to enter your EFTPS login password. However, you doneed to have your TIN and PIN handy to use the voice response system. After enr...
Understand FUTA tax and how it impacts your business. Learn what FUTA is, 2025 FUTA tax rates, credits, and how to calculate and file your FUTA tax liability.
The Federal Unemployment Tax Act (FUTA) is a tax that employers must pay if a business pays wages of $1,500 or more to employees. Learn more with Paychex.
Take a look at the breakdown of FICA tax: Employee: 6.2% Social Security / 1.45% Medicare Employer: 6.2% Social Security / 1.45% Medicare Social Security Again, Social Security is 6.2% of an employee’s taxable wages. This rate provides funding aid for retirement, the disabled, and surviv...
To pay excise taxes, businesses must fileForm 720a month after the end of each quarter. The form can be filed through the IRS EFTPS system or sent by mail.
Additionally, you can use the Electronic Federal Tax Payment System (EFTPS) to pay your bill online for free. This system requires your SSN or ITIN, a personal pin number, an internet password, and a secure browser to process payments. This makes it a secure choice for processing your tax...
To pay Social Security taxes, employers must use theElectronic Federal Tax Payment System (EFTPS)to make deposits on a semi-weekly or monthly schedule. Your business’s deposit schedule depends on the total taxes owed in previous years (i.e., the lookback period). ...
Elizabeth Walker is a content marketing specialist at PeopleKeep. Since starting with the company in April 2021, she has become well-versed in writing about HRAs, health benefits, and small business solutions. Outside of her expertise in the healthcare benefits industry, Elizabeth has been a wri...
Electronic Funds Transfer: If you prefer to make a direct transfer from your bank account, you can choose the Electronic Federal Tax Payment System (EFTPS). This allows you to schedule and initiate the payment directly through your bank. ...
Here are a few things to consider: 1. What type of business are you running? And do you have employees? The first thing to consider when deciding whether or not you need a payroll system is the type of business you’re running and who you’re paying. If you’re paying employees or ...