Tax Change IRS is offering coronavirus relief to taxpayers and many businesses will qualify for two new tax credits - the Credit for Sick and Family Leave and the Employee Retention Credit. If you are self-employed, visit the Self-Employed Individuals Tax Center page for information about your tax obligations. Understanding Employment Taxes Understand the various types of taxes you need to deposit and report such as, federal income tax, social security and Medicare taxes and Federal Unemployment (FUTA) Tax. Calculate Your Employment Taxes Depositing and Reporting Employment Taxes You must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes. You also must report on the taxes you deposit, as well as report wages, tips and other compensation paid to an employee. Employment Tax Due Dates You must deposit and report your employment taxes on time. Correcting Employment Taxes "X" forms are used to report adjustments to employment taxes and to claim refunds of overpaid employment taxes. There are several additional ways to address adjustments to the employment taxes you reported on your return. E-file Employment Tax Forms Learn how to electronically file your employment tax forms. Updating Your Business Address There are several ways to notify the IRS that your address has changed. Related Topics IRS Tax Calendar for Businesses and Self-Employed Forms & Instructions Employment Tax Forms Information Returns Processing Online Ordering for Information Returns and Employer Returns Publications Employment Tax Publications Videos The Virtual Workshop IRS Videos for Employers
