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W-9 Form: What You Should Know
Payment Frequency How often are you going to pay your employment taxes? In general, you should try to pay the following schedule each month. If this schedule fits in your bank account, it is easier and faster to do than to calculate the amounts to deposit each month. The table at the left provides an approximation of monthly payroll tax payment dates. Payment Frequency Schedule Monthly Schedule (in weeks) Frequency 8 – 2:30 2 6 6 – 9 7 9 9 – 16 10 17 – 25 1 26 – 36 2 37 – 45 3 46 – 54 2 55 – 65 4 66 – 71 5 72 – 76 1 77 – 81 2 82 – 85 3 86 – 89 4 90 – 95 5 96 1 How Much can you Deduct? If you did not pay the tax on your wages by the due date (January 31st), you might be able to claim a payment offset on your federal income tax return. This is often referred to as a Federal tax refund. To find an offset you will only need the following information: Employment taxes paid in December, January or February The name of each employer (not the employment office, branch, or office location) The employer's tax form There is another method that could be used to request a refund if you paid the tax late- for example, using Form W-9 and claiming an employment tax refund. The amount that you can claim can be the amount you paid over the year. Do not use this as a back-up to your Form W-6. That form contains all the information you will need to check off when claiming a tax refund. What About the Employee Withdrawal Tax? Employment taxes are not used to calculate the employee withdrawal tax- only the employer tax. However, some states have a wage replacement tax. This tax is collected in addition to the regular state taxes. This tax replaces any wage increases that employers may have had to make due to the recession. This can make a big difference in someone's after tax income. Generally, the replacement tax is 6. 8 per cent of the wages shown on the employee's pay stub. In addition, the employer gets to deduct from your refund for these taxes. That is the 0.20 on the next payment that you make. The table below has information about how to calculate the employer tax refund if you paid your wages late and claim the payment offset on your return.
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