.png)
What a Student Entrepreneur Should Know About Employment Tax
If an employer does not have an EIN, you can apply for one online or you can fax or mail an SS-4 form to the IRS.
"The W-4 is an IRS form you complete to let your employer know how much money to withhold from your paycheck for federal taxes" (TurboTax, 2019).
"Form 944 is to allow employers whose annual payroll tax liability (as described below) is $1,000 or less to file only once a year instead of quarterly" (Murray, 2019).
"The IRS Form 1040 is one of the official documents that U.S. taxpayers can use to file their annual income tax return. The form is divided into sections where you can report your income and deductions to determine the amount of tax you owe or the refund you can expect to receive" (TurboTax, 2019).
"Employers use Form 941 to: Report income taxes, social security tax, or Medicare tax withheld from employee's paychecks. Pay the employer's portion of social security or Medicare tax" (“About Form 941", 2019).
"Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax" (“About Form 940, 2019).