Prepare quarterly Form 941 and annual Form 940 filings, deposit-schedule check, state UI and workers' comp matrix, new-hire reporting, S-corp reasonable-salary documentation (Watson, Glass Blocks, Fleischer factors) and fringe-benefit valuation.
A skill is a written procedure a bot loads when a job calls for it. This one is a single file, SKILL.md, and the whole file is on this page.
Templates and analytical tools only - not personalized financial, tax, accounting, or legal advice. Payroll, withholding, deposit-frequency, state UI / WC, and reasonable-salary rules vary by state and update frequently. Review with a qualified CPA, EA, or payroll provider before filing. Misclassification is the single most expensive SMB tax mistake.
Finance - Payroll Prep
Quarterly and annual federal payroll prep checklist for SMB owners running W-2 payroll. Covers 941, 940, state UI / WC, S-corp reasonable salary documentation, and fringe-benefit valuation.
Prepare quarterly Form 941 and annual Form 940 filings, deposit-schedule check, state UI and workers' comp matrix, new-hire reporting, S-corp reasonable-salary documentation (Watson, Glass Blocks, Fleischer factors) and fringe-benefit valuation.
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Worker-classification gate (read before adding anyone to payroll)
Before adding a new worker to W-2 payroll, confirm proper classification (NOT 1099 contractor). For full classification gate (IRS 20-factor + state ABC test + Section 530 + Form SS-8), see finance-tax-prep worker-classification section. Misclassifying an employee as contractor is the single most expensive SMB tax error.
Form 941 - Quarterly Federal Employer Tax Return
Filed quarterly to report:
Wages paid
Federal income tax withheld
Social Security tax (12.4% combined - 6.2% employee + 6.2% employer up to wage base for {filing_year})
Medicare tax (2.9% combined - 1.45% employee + 1.45% employer; plus 0.9% Additional Medicare withheld from employee on wages above $200,000 - no employer match on the additional 0.9%)
Tips, third-party sick pay, advance EIC if applicable
Filing deadlines (re-verify for {filing_year}):
Quarter
Period
Form 941 due
Q1
Jan–Mar
April 30
Q2
Apr–Jun
July 31
Q3
Jul–Sep
October 31
Q4
Oct–Dec
January 31 (following year)
Deposit schedule:
Monthly depositors (lookback period total ≤ $50,000) - deposit by 15th of following month.
Semi-weekly depositors (lookback total > $50,000) - Wed–Fri payroll → following Wed; Sat–Tue payroll → following Fri.
$100,000 next-day deposit rule - any single payday accumulating $100K+ undeposited tax must be deposited by next banking day, regardless of schedule.
De minimis exception - total quarterly liability < $2,500 may be paid with the return.
Penalties for late deposits: 2% (1–5 days late) → 5% (6–15) → 10% (16+) → 15% (more than 10 days after IRS notice). Verify against IRC §6656 for {filing_year}.
Form 940 - Annual Federal Unemployment (FUTA)
Filed annually:
FUTA tax: 6.0% on first $7,000 of each employee's wages
State UI credit: up to 5.4% (effective FUTA rate ~0.6% in non-credit-reduction states)
Credit-reduction states - if a state has not repaid federal UI loans, employers in that state pay a higher effective FUTA rate. Verify Form 940 Schedule A current credit-reduction states for {filing_year}.
Form 940 deadline: January 31 (or February 10 if all FUTA deposited on time)
Deposit: quarterly if accumulated > $500; otherwise pay with return
State UI / WC matrix (per-state work - verify each)
State Unemployment Insurance (SUI):
Each state assigns a base + experience-rated rate (typically 0.5%–6.0%+ of taxable wage base)
Taxable wage base varies by state (e.g., WA, HI > $50K base; many states $7K–15K)
New employer rate applied for first 2–3 years until experience rating develops
State Workers' Compensation (WC):
Required in nearly all states (TX optional, sole prop with no employees often exempt)
Class-code-based rates (clerical 0.2%, construction 5–10%+)
Self-insurance, state fund, or private carrier - varies by state
State withholding (income tax):
Most states with income tax require employer withholding + quarterly / monthly returns
9 states with no income tax (AK, FL, NV, NH-on-wages, SD, TN, TX, WA, WY) - verify current list
City / local payroll tax:
NYC, Philadelphia, San Francisco (Payroll Expense Tax / Gross Receipts Tax), some PA / OH / MI / KY local taxes - verify by location
New-hire reporting
Federal law (PRWORA, 1996) requires employers to report each new hire to the state directory of new hires within 20 days of hire (some states shorter - CA 20 days, NY 20 days, etc.). Includes name, address, SSN, employer name, EIN, address. Used for child-support enforcement.
Onboarding checklist:
☐To do:
Form I-9 Section 1 completed by employee on or before first day
☐To do:
Form I-9 Section 2 completed by employer within 3 business days of start
☐To do:
Form W-4 federal (and state W-4 / DE-4 / etc. as applicable)
☐To do:
Direct deposit authorization (state-specific consent rules)
☐To do:
State new-hire report filed within state-specific deadline
☐To do:
Workers' comp coverage verified for new employee
☐To do:
State-mandated training (CA harassment, NY harassment, IL, CT, ME, DE, WA - verify)
⚠️ S-corp distributions to owner-employees are not subject to FICA, but the IRS requires owner-employees to take a reasonable salary as a W-2 employee before distributions. Failure → reclassification + back FICA + penalties + interest.
Run the worker-classification gate before adding anyone to payroll.
Build the 941 working schedule (wages, withholding, FICA).
Confirm deposit schedule and check on-time deposit log.
For S-corp owners: verify reasonable-salary file is current.
For year-end: build 940, W-2 / W-3 package.
Cross-check state UI / WC registration in every state where any employee worked during the period.
Output checklist with disclaimer footer.
Templates and analytical tools only - not personalized payroll, tax, accounting, or legal advice. Generated [DATE]. Jurisdiction: [SELECTED]. Filing year: {filing_year}. Payroll deposit thresholds, FUTA credit-reduction states, fringe-benefit limits, and state UI / WC rates change annually - re-verify against IRS Pub 15 (Circular E), Pub 15-B, and state revenue / UI / WC websites. Reasonable-salary case-law factors apply on facts and circumstances; document contemporaneously. Review with a qualified CPA, EA, or payroll provider before filing. Wayland and the plugin authors disclaim all liability for use of these templates.