Employment taxes: Depositing and Reporting Employment Taxes.Federal unemployment (FUTA) tax: Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return.For farm employees: Form 943, Employer's Annual Federal Tax Return for Agricultural Employees.Form 941, Employer's Quarterly Federal Tax Return.Return of Partnership IncomeĮmployment taxes may include Social Security and Medicare taxes and income tax withholding. The partnership, as an entity, may need to file the forms below. The partnership must furnish copies of Schedule K-1 (Form 1065) to the partner. Partners are not employees and shouldn't be issued a Form W-2. Each partner reports their share of the partnership's income or loss on their personal tax return. Instead, it "passes through" profits or losses to its partners. Publication 541, Partnerships, has information on how to:Ī partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Each person contributes money, property, labor or skill, and shares in the profits and losses of the business. A partnership is the relationship between two or more people to do trade or business.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |