How do I get the IRS Publication 15?
The IRS Publication 15 (Internal Revenue Service): Employer’s Tax Guide that tells employers what they need to do to file and report tax information. Some parts of the document talk about withholding, depositing, reporting, paying, and fixing taxes for workers but not for the company itself. Circular E is another name for IRS Publication 15.
How to Understand Publication 15 of the IRS
You can use IRS Publication 15 to determine your federal income tax, not state or local taxes. The Tax Guide lists the federal income tax amounts taken out of your paycheck, such as Medicare and Social Security amounts. 2 Employees should check their state’s tax rules to ensure that the right amount of state income tax is taken from workers’ paychecks. You can also find more tax details in IRS Publication 15-A.
The Percentage Method Tables and Wage Bracket Method Tables for Income Tax Withholding used to be two of the most essential parts of the Employer’s Tax Guide. However, these withholding rates have been taken out of the 2020 Employer’s Tax Guide. Publication 15-T, Federal Income Tax Withholding Methods, now has these tables and directions for employers on determining how much to withhold from employees’ pay. On its website, the IRS also has the Income Tax Withholding Assistant tool to help companies figure out how much to withhold from their workers’ pay.
Employers can use these wage rate tables to figure out exactly how much of their workers’ pay they must withhold for taxes each pay period to follow federal tax rules. An employee must also file a W-4 Form to determine how much tax will be withheld. This form can be changed as the employee’s life changes, such as when they get a new family member. If an employee doesn’t file a W-4, the Employer’s Tax Guide also tells you how much to keep.
How to Use Publication 15 from the IRS
Most of the time, the best way to get to IRS Publication 15 is to visit the IRS website. There are updates and new laws that affect businesses in the Employer’s Tax Guide, as well as the following sections:
It has details on Employer Identification Numbers or EINs.
- What the law says about staff
- Hiring family members and paying them
- Social Security numbers, or SSNs, of employees
- Information on wages and other forms of pay
- How to share tips and get paid
- Any extra money you get
- Payroll Times
- Withholding from an employee’s pay
- Employees had to be told about the earned income credit (EIC).
- Putting taxes away
- Putting in Form 941 or Form 944
- Making changes to Form 941 or Form 944 and sending them in
- The Federal Unemployment Tax, or FUTA,
Conclusion
- The Internal Revenue Service published a book called IRS Publication 15: Employer’s Tax Guide that tells employers what they need to do to file and report tax information.
- Some parts of the document talk about withholding, depositing, reporting, paying, and fixing taxes for workers but not for the company itself.
- The Tax Guide lists the federal income tax amounts taken out of your paycheck and Medicare and Social Security amounts.
