Taxes

The Form W-2, Wage and Tax Statement, reports an employee's annual wages and taxes withheld. Employers send it to employees and the IRS for tax filing purposes.

Form used to verify deductions and information for W2

Form used to verify information for 1099

If a business pays independent contractors an amount exceeding a specific dollar value, they may need to submit form 1099.

Filing with the Texas Workforce Commission (TWC) involves reporting employee wages and paying unemployment taxes. Employers in Texas must submit quarterly wage reports and tax payments to the TWC to fund unemployment benefits for eligible workers.

Form 944, Employer's Annual Federal Tax Return, is used by small employers to report and pay their annual federal income tax, Social Security, and Medicare taxes. It simplifies the process by requiring only one filing per year instead of quarterly.

Form 941, Employer's Quarterly Federal Tax Return, is used by employers to report income taxes, Social Security, and Medicare taxes withheld from employees' paychecks. It also reports the employer's share of Social Security and Medicare taxes. This form is filed quarterly with the IRS.

Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, is used by employers to report and pay unemployment taxes. This tax funds unemployment compensation for workers who have lost their jobs. Employers file Form 940 annually with the IRS.

Businesses or indiviudals and are owner operators will have to renew their 2290 also known as the Road Tax by August 30th in order remain compliant. 

Other types of taxes include property taxes which your county appraisal district will appraise business property and tax based on registration or value of the property. Renditions to clarify values are mailed out to businesses and due April 15th typically. 

When businesses provide goods, they might need to file sales tax with the state comptroller.

Filing estimated tax involves making quarterly payments to the IRS on income not subject to withholding, such as self-employment earnings, interest, or dividends. These payments help cover income tax, self-employment tax, and other taxes to avoid penalties.