What is a tax liability report?
A tax liability report shows you how much tax your small business owes – or has already paid – to federal and state agencies. It helps ensure that you remit the correct amount when it’s time to make your scheduled payroll tax deposit.
The report is broken down by tax type so you can easily see what you owe or have paid, including:
- federal income taxes withheld
- employee and employer portions of Social Security taxes
- employee and employer portion of Medicare taxes
- state income taxes withheld
- federal unemployment taxes
- state unemployment taxes
You may choose to run a report for a quarter, month, or any other timeframe so you can see exactly what you were liable for during any period. By viewing your tax liability for a particular period, you can reconcile your payroll tax forms, such as 941, 940, and state forms.
How do I view my tax liability report in Workful?
To view your tax liability report, click Reports from your main menu.
Then, select Tax Liability.
Choose your start and end dates.
If your report is multiple pages, you can navigate between the pages.
You can also download the report as a PDF, CSV, or Excel file.