The payroll spreadsheet allows you to track your payroll by quarter and calculate federal income tax, social security tax, and Medicare tax withheld from Employee’s income and the employer’s portion of social security tax and Medicare tax.
It doesn’t come with the total year wages and tax withheld.
This spreadsheet works well if you are the only employee in your business (S Corporation) and collected salary few times during the year.
If you enter your payroll on different quarter tabs, you will need to total each quarter to find the total that would go on IRS Form 944 Employer’s Annual Federal Tax Return.
The spreadsheet works well if you pay yourself within one quarter or enter your payroll on one tab.
It can work for you if are required to file IRS Form 941 Employer’s Quarterly Federal Tax Return as you can record your payroll by quarter.
If your total federal tax (federal income tax, social security tax, Medicare tax withheld from employee’s income, employer’s social security tax and employer’s Medicare tax) is $2,500 for the year the spreadsheet may not work well for you as you might need to track your tax liability by month.
If your estimated federal tax liability is less than $1,000 a year or you are the only employee in the business, the payroll spreadsheet/ federal tax withheld record spreadsheet could help you track your payroll related expenses and easily file IRS Form 944.
How to calculate Federal income tax to withhold from employee’s income?
You would need IRS Publication 15-T.
You could use Percentage method Tables for Automated Payroll Systems or Wage Bracket Method Tables for manual Payroll Systems.
Free Payroll and Employer’s Federal Tax Spreadsheet-Form 944
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