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LOUISVILLE/JEFFERSON COUNTY METRO REVENUE COMMISSION TH 101 South 8 Street, Louisville, KY 402022601 COLLECTION AGENT FOR THE CITY OF LOUISVILLE, JEFFERSON COUNTY, ARC, & SCHOOL BOARD MONTHLY WITHHOLDING

How to fill out monthly withholding w-1 deposit

How to fill out monthly withholding w-1 deposit

1. Step 1: Obtain a copy of Form W-1, Monthly Withholding Deposit
2. Step 2: Enter your employer identification number (EIN) and business name at the top of the form
3. Step 3: Fill in the requested information for the reporting period, such as the beginning and ending dates
4. Step 4: Calculate the total amount of federal income tax withheld from employees' wages during the reporting period
5. Step 5: Determine the correct tax liability by referring to the IRS tax withholding tables or using the electronic deposit requirement calculator
6. Step 6: Compare the total federal income tax withheld with the calculated tax liability for the reporting period
7. Step 7: If the total withholding is less than the tax liability, deposit the difference to the IRS using Electronic Federal Tax Payment System (EFTPS) or by mailing a check with Form 8109-B
8. Step 8: Retain a copy of Form W-1 and proof of deposit for your records
9. Step 9: Repeat the process for each reporting period

Who needs monthly withholding w-1 deposit?

1. Employers who have employees and are required to withhold federal income tax from their employees' wages need to file the monthly withholding W-1 deposit.
2. This includes businesses that pay wages subject to federal income tax withholding, such as corporations, partnerships, sole proprietors, and nonprofit organizations.
3. Self-employed individuals who have elected to have federal income tax withheld from their self-employment income may also need to file the monthly withholding W-1 deposit.
4. It is important to note that each employer's specific tax obligations may vary, and it is advisable to consult with a tax professional or refer to the IRS guidelines to determine if the monthly withholding W-1 deposit is required.

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