DeBoer, Goodyke, Kahler & Tuttle P.C.
 
Certified Public Accountants and Business Consultants

941 Payments

The United States Treasury is implementing initiatives to dramatically reduce the number of transactions that are conducted on paper by moving them to electronic systems. Businesses currently permitted to use paper Federal Tax Deposit coupons (Form 8109) will have to make those deposits electronically beginning in 2011 with a few exceptions, primarily businesses with $2,500 or less in quarterly tax liabilities that pay when filing their returns. Currently, nearly 98 percent of all business tax dollars are paid electronically through Treasury's free Electronic Federal Tax Payment System.  IRS research has shown that businesses using EFTPS are 31 times less likely to make an error. This change will save an estimated $65 million in the first five years. (Information taken from US Treasury website.)

From the EFTPS website:

"EFTPS is a service offered free by the U.S. Department of the Treasury to help business and individual taxpayers conveniently pay all their federal taxes electronically. You will have no more last-minute trips to the bank or Post Office, lost checks, or missed deadlines. You can make your payments securely through EFTPS on the Internet or via a phone. It's your choice. Your enrollment allows you to use the payment options interchangeably."

To enroll with EFTPS please click on the following link: www.eftps.com. You will have the option to make your deposit online or by phone.

 

Federal Withholding Tax Tables

The federal income tax withholding tables can be found online at http://www.irs.gov/pub/irs-pdf/p15.pdf. The Wage Bracket Method tables are located on pages 38 - 57 of Publication 15.