Understanding the IRS and Payroll Responsibilities

The IRS mandates that employers follow strict guidelines for tax withholdings, reporting, and filing. GoCo Embedded Payroll makes it easy for employers to stay compliant.

How GoCo Embedded Payroll Helps with IRS Compliance

GoCo Embedded Payroll simplifies tax management and ensures compliance by handling the following key tasks:

Automatic Tax Calculations: GoCo Embedded Payroll automatically calculates taxes by applying you company's profile entries with the IRS guidelines for:

• • Social Security and Medicare (FICA) taxes

  • Federal Income Tax Withholding (FIT)

  • Federal Unemployment Tax (FUTA)

  
  

  W-2 and 1099 Generation: GoCo Embedded Payroll generates W-2 and 1099 forms for your employees and contractors, making it easy for them to access these forms directly in their GoCo accounts.

  Filing and Depositing Taxes: Based on the deposit schedule you set in your GoCo Embedded Payroll account, GoCo files your tax forms, such as the 941 (Employer’s Quarterly Federal Tax Return), ensuring that everything is done on time.

Additional IRS Requirements for Employers

Beyond payroll tax calculations and filings, there are additional IRS responsibilities employers must handle but another great way GoCo helps keep you compliance is through ACA reporting

ACA Reporting: If your company has 50 or more full-time equivalent employees (FTEs) in the previous calendar year, the IRS requires you to complete ACA-compliant filings for health benefits. GoCo Embedded Payroll can handle these filings for 1094-C and 1095-C forms, which confirm your compliance with the employer mandate (similar to a "W-2" for health benefits).

 For any additional questions, please reach out to us at help@goco.io 💚