Asked by Tehilla Peyamipour on May 10, 2024
Verified
Employers with a payroll tax liability of less than $2,500 at the end of a quarter can pay the payroll tax liability at the end of the next month following the quarter with Form 941-V.
Payroll Tax Liability
The obligation of an employer to withhold and pay taxes to the government based on the wages and salaries paid to employees.
Form 941-V
A specific tax form used when making a payment together with Form 941, which is the Employer's Quarterly Federal Tax Return.
- Comprehend the reporting requirements for employers, including forms and deadlines.
- Understand the conditions and calculations for specific payroll tax situations, including deposit schedules and under-withholding.
Verified Answer
MT
Mitchell TychynskiMay 16, 2024
Final Answer :
True
Explanation :
Employers with a payroll tax liability of less than $2,500 at the end of a quarter can pay the payroll tax liability at the end of the next month following the quarter with Form 941-V.
Learning Objectives
- Comprehend the reporting requirements for employers, including forms and deadlines.
- Understand the conditions and calculations for specific payroll tax situations, including deposit schedules and under-withholding.