Under the 2010 Tax Relief Act employees will pay only 4.2% Social Security tax on…
Making the Switch to EFTPS
Beginning in 2011, taxpayers will no longer be able to make tax deposits (e.g. employment tax, excise tax, corporate income tax) using Form 8109, the Federal Tax deposit Coupon. These deposits must be made using the EFTPS (Electronic Federal Tax Payment System).
However, a small number of businesses—typically, those with a federal tax liability of less than $2,500 per quarter—would have the option of mailing a check with their quarterly or annual returns.
If your business is required to make deposits electronically, a 10% penalty may be charged for each non—electronic deposit made.
Click here for more information or call us today and we can assist you in using EFTPS to make your federal tax payments online.