How to Fill MW-507 Form

Form MW-507 collects employee information to establish tax statuses and exemptions. Review each Form MW-507 to confirm the employees included the required information to make claims. Line 1 – The line includes the total amount of personal exemptions. Line 2 – Review additional withholdings. Employees use the line to ask you to withhold more if […]

How to File 1099-MISC with IRS

Filing Form 1099-MISC with the Internal Revenue Service has not changed significantly in the past several years. Complete and file 1099-MISC forms with the IRS using the following guide. Box 1 – Report rent figures of $600 or more that anyone pays you. These may include renting for office space, machinery, farmland, or pasture. Box […]

How to File 1099 Electronically: A Guide

Electronically filing your 1099 forms is a simple process that should not consume your time. The decision to e-file instead of filing manually can reduce the risk of you making avoidable errors. A small business owner should follow a few steps if they choose to e-file their 1099 forms. Properly classify your employees. Failing to […]

How to E-File a Corrected 1099

Small business owners may wonder whether you can e-file a corrected 1099 form. The short answer is, yes. Take the following steps in order to promptly e-file a corrected 1099 form: Choose the type of correction. Enter the correct details for incorrect recipient names or TIN corrections. Input the correct amounts in the appropriate boxes […]

How to Correct 1099-MISC

Take quick steps when you file an erroneous return with the Internal Revenue Service. Correct a physical Form 1099-MISC as soon as possible by filing Copy A and Form 1096. You must also provide a statement to your recipients that shows the corrections. Do not cut or separate any forms regardless of whether you only […]

How to Calculate Medicare Taxes

First, understand what percentage of FICA taxes are Social Security withholdings and which are Medicare withholdings. The Medicare portion of FICA is 1.45% of the total compensation for the tax. Keep in mind that no wage base limit exists. Consider a model where you pay one of your employees a salary of $100,000. Multiply $100,000 […]

How is FICA Calculated?

The current tax rate that is applicable for employers is 6.2% for Social Security. The present day Medicare tax rate is 1.45% for employers. The employer FICA tax burden is 7.65%. Likewise, your employees also contribute 7.65%. The total FICA contribution should equal 15.3%. Employers factor in multiple components when they calculate the taxes that […]

How Do You File for an Additional 1099 After the 1096 is Sent In?

Processing extra paperwork if you forget to submit a 1099 should not consume your time. Some employers discover too late that they unintentionally left out a contractor from the filing process. Fill out the necessary 1099 as soon as you make the discovery. The Internal Revenue Service will accept your form as long as you […]

How Do I Order 1099 Forms from the IRS?

Use the agency’s website if you want to order new 1099 forms from the IRS. The full process is simple with only a few clicks. You should receive your order within about 15 business days if you ordered your forms for Tax Year 2022. Make sure that you keep in mind the quantity limits. You […]

How Do I Send a Corrected 1099 to the IRS?

Fill out a corrected form when you must send an amended 1099 to the IRS. Include a corrected copy with a new Form 1096 if you mail it to the government. There are only a few steps in the process. Put a checkmark in the “corrected” box at the top of your form to indicate […]