Autopsy - a tax return executed without prior tax planning
Avoid April Surprises - what a fall tax planning meeting will do
940 Coupon - a small yellow coupon book which an employer receives from the Federal government.
941 - an important payroll form, legally required to be filed quarterly. The 941 is filed at the end of the month following a fiscal quarter (e.g., for a quarter that ends in June, the 941 must be filed by the end of July).
1096 - the summary form for various 1099's; these are sent to the government with a copy of the related 1099's.
1099 - forms that report various types of income. Interest income from banks is noted on a 1099 Interest Income form. Monies over $600 received by subcontractors, consultants, independent contractors, and the like are reported on a 1099-MISC.
Clowder - a group of cats, as in "You need unforseen tax liabilities like a fish farm needs a clowder."
Relaxing - What Shayna's contented clients do way more of since they don't have to worry about accounting and tax compliance issues.
SIMPLE Plan - a retirement plan designed primarily for smaller employers, its name comes from the requirements placed on an employer and employees. It can be the only plan offered by an employer and basically covers all employees who made at least $5,000 in the prior year. It has no vesting schedule and the match by the employer is 1 to 3 % of payroll, with no match required by the employer if the employee does not participate. For example, if Joe makes $40,000, has 10 % of his pay taken out for the SIMPLE, and his employer matches 3 % of his contribution, at the end of the year Joe will have had taken out of his pay $4,000 and the company will match $1,200 for his benefit.
SIMPLE Transmittal - a transmittal submitted to the client by the bookkeepers to pay custodian for monies withheld by employees or employer match.
SUW Coupon - a coupon addressing state withholdings, sales and use taxes, and monthly withholdings for single business tax; it is now due on the 20th of the month.
MESC returns - an unemployment return required for Michigan employers. The first 9,000 of wages is taxed at a rate from under 1 % to almost 10 %, based upon your experience modification of laying people off. Construction companies typically have high MESC rates, while some offices have very low rates
W-2 - the form given by an employer to an employee showing gross wages, various state and federal deductions and other information such as simple or 401k deductions, United Way donations, and other similar information.
W-3 - a separate form amounting to the sum of an employers W-2's, sent to the Social Security Administration with the related W-2's, due the last day of February or two months after the end of calendar year.