Quarter 2 ends June 30, 2022. Each quarter, two taxes are due to be paid to the IRS, payroll taxes and estimated taxes. Let’s discuss why both are important to you.
Estimated taxes are paid four times per year. This year dates are: April 18, June 30, Sept 30 of 2022, and Jan 31, 2023. You will have estimated taxes due if you had a tax amount due when you filed your tax return last year. It is only an estimated amount of what you could owe in the current year when you file your tax return. Paying estimated taxes can help you avoid an underpayment of tax penalty. There are three ways to avoid this penalty:
1. Pay 100% of the taxes owed in the prior year
2. Pay 90% of the taxes owed in the current year
3. Owe less than $1,000 in taxes in the current year when you file your tax return
Different payroll taxes are paid at different times of the year. There are also 4 quarters in which payroll taxes must be paid and payroll tax forms must be filed. Quarterly payroll taxes are actually deposited on a bi - weekly or monthly payroll schedule according to your payroll volume and schedule. At the end of the quarter, you actually only need to ensure you have paid the correct amount in taxes according to your payroll and you have filed your form 941 for the current quarter.
How can we help
Sign up for our payroll service. This can be a stand alone payroll service or added to your bookkeeping service. We will take care of all your payroll needs for you including: