How to Make Payments to the IRS
Most people who earn taxable income in the United States must make payments to the IRS. The income tax that your employer takes out of your paycheck each week is a tax payment. If you are self-employed, you must send estimated tax payments to the IRS quarterly. If you are an employer you must also make payments to the IRS of the income tax and Social Security deductions that you withhold from your employees' paychecks. The proper method for making payments to the IRS varies with the different types of taxes being paid.
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Instructions
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Fill out a W-4 form when you begin a job, and at the beginning of each subsequent year that you stay at that job. The number of deductions you claim on the form tells your employer how much tax to withhold from your paycheck in order to make payments on your behalf to the IRS.
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Mail estimated tax payments to the IRS quarterly if you are self-employed. Base the amount of your payments on your liability for the previous year. Fill out IRS Form 1040 ES--a payment voucher for self-employment taxes--and mail it to the IRS quarterly along with your check. Write the year for which the payment applies in the check's memo, along with your social security number and the number "1040," which indicates that this is an estimated tax payment. Mail your payment and voucher to the address listed in the instructions to the form.
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Fill out the periodic tax deposit coupons that the IRS sends to you if you are an employer. Bring each coupon to the bank by the scheduled deposit day, along with a check for the amounts you have withheld from your employees' paychecks, as well as your matching contributions for Social Security and Medicare. Write your employer identification number (EIN) and the tax period in the memo section of the check. Alternately, you can register with your bank to make online employment tax payments.
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References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
