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Updated for 2025

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Eric Loyd
2026-01-23 11:37:04 -05:00
parent 723312c8fa
commit fe5051e680
2 changed files with 4 additions and 1 deletions
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Payroll-Liabilities.md
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@@ -78,7 +78,7 @@ Note that this is done *instead of* a Quarterly 941, but only if approved by the
Note that this needs to be done *in addition to* the Quarterly 941 form and/or the Yearly 944. The form is at (https://www.irs.gov/pub/irs-pdf/f940.pdf). Instructions are available at (https://www.irs.gov/instructions/i940).
**Special Note for Schedule A:** New York seems to be a credit reduction state every year. So make sure to download the year-specific F940 Schedule A form that shows what the rates are for that year. For example, in 2024, NY is 0.009 and this form is at (https://www.irs.gov/pub/irs-prior/f940sa--2024.pdf).
**Special Note for Schedule A:** New York seems to be a credit reduction state every year. So make sure to download the [year-specific F940 Schedule A](https://www.irs.gov/forms-pubs/about-form-940#sched-a) form that shows what the rates are for that year. For example, in 2024, NY is 0.009 and this form is at (https://www.irs.gov/pub/irs-prior/f940sa--2024.pdf). [This site](https://www.taxbandits.com/payroll-forms/form-940-irs-changes/#creditreductionrates) may have the latest rates. For some reason, this is *really* hard information to get.
#### Instructions
@@ -127,6 +127,8 @@ You'll need access to Google Authenticator app on Eric's phone (see other inform
Pay the amount just calculated from the 941 in the previous step. For 941, this is a "Federal Tax Deposit" and you will need the numbers from the 941 in front of you. Repeat for 940 payment if needed. Generally, I choose a settlement date that is a few days before the end of the month. EWG will likely need to adjust payroll liabilities in QB to make it match with what the math works out to be on the forms.
For the 940, if any amounts are zero (which is likely the case for EWG Federal Tax withheld) leave the field blank. Do not put 0.00 in or else it will flag it as invalid data.
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W-2.md
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@@ -9,6 +9,7 @@ Assuming payroll is up to date, follow these steps:
* ~~Will need a login.gov account (both BTC and EWG have one in Keepass, plus will need Google Authenticator app on phone)~~
* Log in to login.gov as login.gov@eloyd.org (OTP sent to 585-200-5025, can see in eloyd.org email)
* Note - verification phone number should be 585-200-5025
* EWG - login is eloyd@everwatch.global, verification sent to 585-259-3742
* Click "Report Wages to Social Security"
* Accept the terms
* Use Form W2/W3 Online and follow the prompts