You probably know about W-2s and 1099s, but there are other forms that come up around the end of the year. We've put together a list of common end of year filings as well as what Justworks does to help.
The 940 is the Employer's Annual Federal Unemployment (FUTA) Tax Return. It reports tax contributions to federal unemployment. Justworks e-files the Form 940 in the aggregate under Justworks' EIN
The 941 is the Quarterly Federal Tax Return and reports on income taxes, Social Security, Medicare taxes withheld from employees. Justworks e-files the Form 941 in the aggregate under Justworks' EIN at the end of every quarter.
The 1096 is the Annual Summary and Transmittal of U.S. Information Returns and is used to file 1099s to the IRS. Justworks submits timely, by the January 31 deadline.
Required for ALE's (companies with 50 or more FT-equivalent employees as determined by a specific formula). We will handle this filing for our customers, if we have adequate information around their plan offerings and contributions.
A legal record-keeping and reporting requirement that is required for all companies that employ 100 or more people. Due date generally September 30, with option of 1-month extension. Justworks files for each of our clients, by individual locations, under a Justworks 'consolidated report. The report must include information about employee gender, race/ethnicity and job category. The job categories are pre-determined by the EEOC, as are the options for race/ethnicity for the purposes of the filing. Employees can voluntarily self-identify; if they do not, the employer has to select the appropriate ethnicity to the best of her/his ability.
NOTE: Beginning with the 2017 filing, the EEOC will require pay data to be included as well, based on employee W-2 information. The deadline has been pushed back to March 2018 in recognition of the change.
The W-3 is the Transmittal of Wage and Tax Statements and is used to file the Copy A portions of W-2 forms to the Social Security Administration (SSA). Justworks submits timely, by the January 31 deadline.
Keep in mind, however, that we cannot provide W-3s for individual companies on our platform, since the W-3 that we submit includes the information for all of our customers.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.