Payroll Tax Liability: Is Your Organization Considered Small, Medium, or Large?
How does your organization pay its payroll tax?
It depends on whether your payroll tax liability is determined to be small, medium, or large. Your tax liability is considered small if, for the entire quarter, your tax liability is less than $2,500. If you fall within this category and most of you probably will, simply prepare the
IRS Form 941
on or before the
due date the IRS has set up.
Make sure you include the 941-V with your check. Mail to the address provided on the Form 941 Instruction booklet. Review the
Form 941 page.
If your tax liability is more than $2,500 pr quarter and less than $50,000 per year, you fall into the medium category. You must remit your payroll tax liability to the IRS on a monthly basis. For more information, read the
Form 941 Instructions booklet.
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