A tax liability report shows you how much tax your small business owes – or has already paid – to the IRS and your state revenue department. 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
- employer portion of Social Security taxes
- employee portion of Social Security taxes
- employer portion of Medicare taxes
- employee 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?
Click “REPORTING” from the admin menu.
Click “TAX LIABILITY”.
Click calendar_today to choose the start date.
Click calendar_today to choose the end date.
You can navigate between pages.
You can download the report as a PDF file, CSV file, Excel file, etc.
You can print the report.