With GoCo’s new feature for Embedded Payroll customers, you can now access all of your company’s payroll documents directly within GoCo. Below is an overview of the types of documents you will be able to find.
For guidance on using this feature, visit Company Payroll Documents
To Jump to a particular area hit the links below:
Understanding Federal Tax Documents
Form 940
IRS Form 940 allows employers to report their annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs.
Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax, it is not collected or deducted from employee wages.
Form 941
IRS Form 941, the Employer’s Quarterly Federal Tax Return, allows employers to:
- Report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks and
- Pay the employer's portion of Social Security or Medicare tax
Most employers who pay wages to an employee must file Form 941 every quarter, regardless of their business entity type - you’ll need to file a form 941 if you have employees. If you don’t have any employees for the previous quarter, you still need to report that you didn’t have any tax withholdings within that quarter through this form.
Form 941 vs. Form 944
Employers are required to file Form 944 if their annual tax liability is less than $1,000 for Social Security, Medicare, and withheld federal income tax. These employers will file Form 944 annually instead of every quarter, and usually are smaller employers.
If an employer's tax liability and withheld federal income tax is more than $1,000 per year, then they will need to use Form 941 and file it quarterly.
Understanding State Tax Documents
Typically, State Documents will includes Records of State Unemployment and Withholding Filings prepared for your company.
State Documents Tab will also house any required Annual State W2 Filings.
CALL OUT TO TAX PAYMENT REPORT
Understanding Amendments
State payroll tax amendments are corrections made to previously filed state payroll tax forms, typically related to state income tax withholding or state unemployment insurance (SUI). If an employer discovers an error in wages, tax withholdings, or employee information reported to the state, they must file an amendment to correct the mistake.
Once your Corrected Payroll is processed and an amended filing is generated for that filing period, you will be able to locate the amended report and/or document in this tab.
If you do not see the Amendment you are looking for, we may not have completed the amendment yet—reach out GoCo Support for an updated timeline.
CALL OUT TO AMENDMENT PAYMENT REPORT
Understanding Form W-3, W-2 and Form W-2C
The W-2 Form, also known as the Wage and Tax Statement, is a tax form that employers must provide to each employee. It details the employee’s annual wages and the amount of taxes withheld from their paycheck. The W-2 is crucial for employees to file their personal income tax returns.
Key Information on a W-2:
- Employee earnings (salary, wages, tips, etc.)
- Federal, state, and local taxes withheld
- Social Security and Medicare contributions
- Other deductions (e.g., retirement contributions)
When Is the W-2 Issued?
Employers must issue W-2 forms to employees and the Social Security Administration (SSA) by January 31 of each year. Employees use the W-2 to file their tax returns.
What Is a W-3 Form?
The W-3 Form, also known as the Transmittal of Wage and Tax Statements, is a summary form that accompanies all W-2 forms sent to the Social Security Administration (SSA). It serves as a cover sheet for the W-2s and provides a total of all wages, taxes, and deductions for the company as a whole.
Key Information on a W-3:
- Total wages, tips, and other compensation paid by the employer
- Total federal income tax withheld
- Total Social Security and Medicare taxes withheld
When Is the W-3 Filed?
The W-3 form is filed annually, along with the W-2s, and must be submitted to the SSA by January 31. It is only sent to the SSA, not to individual employees.
What Is a W-2C Form?
The W-2C Form, also known as the Corrected Wage and Tax Statement, is used to correct errors on a previously issued W-2 form. If an employer realizes that incorrect information (such as wages or tax withholdings) was reported on the original W-2, they must issue a W-2C to both the employee and the SSA.
Common Reasons for Filing a W-2C:
Incorrect employee name, Social Security number, or wages
Errors in tax withholdings (e.g., underreporting or overreporting federal taxes)
When Is the W-2C Issued?
A W-2C should be issued as soon as an error is identified. Both the employee and the SSA need to receive the corrected form.
Understanding 1099s
- The 1099-NEC (Non-Employee Compensation) is a tax form used by businesses to report payments made to individuals who are not employees, such as independent contractors, freelancers, or self-employed workers.
- This form is issued to anyone who is paid $600 or more for services during a tax year, and it is required for reporting payments that would not be captured on a W-2 form (which is used for employees).
Understanding Company Documents
To run payroll with GoCo Embedded Payroll, certain forms must be completed based on your company’s specific details. Below are some examples, though the exact documents required may vary depending on your business:
Form 8655
Form 8655, also known as the Reporting Agent Authorization, is a document that allows a business to authorize a third-party payroll provider or reporting agent to handle specific tax-related tasks on their behalf. By submitting this form, you grant permission for GoCo Embedded Payroll to file tax forms, make deposits, and receive tax information from the IRS related to payroll.
For more details on this form you can visit About Form 8655
Direct Deposit Authorization
A Direct Deposit Authorization is required by payroll companies to enable the electronic transfer of employee wages directly into their bank accounts. This authorization ensures the payroll company has the correct bank details and permission to process payments on behalf of both the employer and employees.
State Power of Attorney Forms
These documents will range based on your employee census and business locations. State Payroll Tax Power of Attorney forms authorize GoCo Embedded Payroll to file and manage state tax withholdings on behalf of a business. For more information on Third Party Access you can visit How to set up GoCo Embedded Payroll Partner as my Agent
For more information on when you can expect Documents to be available check out When Will My Company’s Payroll Tax Documents Be Available
For any additional questions, please reach out to us at help@goco.io 💚