Important Payroll Tax Deadlines for January and February 2016

2015 Payroll Tax Reports Due January and February 2016

Forms W-2 and 1099-MISC for 1040s
Forms W-2 and 1099-MISC for 1040s. Mark Stahl/Getty Images

It's time to prepare those 2015 annual reports for employees and independent contractors, in addition to regular payroll tax payments and reports.

January and February Payroll Tasks

At the beginning of each calendar year, you must prepare specific annual reports to employees and independent contractors, so they can use these reports in preparing their personal and business income tax returns. 

You must give provide each employee with a Form W-2 and each independent contractor with a Form 1099-MISC (if you paid $600 or more to that person during the year.)  

You must also send copies of all of these reports to the appropriate federal agency (Social Security Administration for W-2 forms and the IRS for 1099-MISC forms. 

Regular monthly and quarterly payroll tax reports to the IRS are also due in January and February, and these are included in the schedule below. 

January and February Payroll Report Deadlines

Here are the specific due dates for these 2015 payroll tax reports: 

January 15, 2015 - Monthly payroll tax deposit is due, if you are on the monthly schedule.

End-of-January reports:

These reports are typically due January 31, but because January 31 is a Sunday in 2016, they are due Monday, February 1, 2016.

  • By February 1, 2016, annual wage and tax reports must be given to employees and independent contractors who did work for you in 2015. That's W-2s for employees and 1099-MISC forms for contact workers and outside businesses you made payments to.

February 15 reports and payments, due February 15, 2016:

End-of-February reports.

These reports are typically due February 28, but because February 28 is a Sunday in 2016, these reports are due Monday, February 29, 2016. 

  • Submit transmittal forms for W-2s to the Social Security Administration by February 29, 2016. That's Form W-3, along with all W-2s and Form 1096, along with all 1099 forms. 
  • NOTE: If you submit W-2 and W-3 forms electronically through the Social Security Administration's Business Services Online site, you have until March 31 to submit. 
  • Submit transmittal forms for 1099s to the IRS by February 29, 2016.

 

More on Preparing Form W-2 and Form 1099-MISC

More on How to File Annual Wage and Tax Reports for Employees and Contract Workers

 

 

Continue Reading...