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Submission of Federal Withholding Taxes and OASDI and FICA/Medicare Taxes


Policy Statement

The federal government requires the University of Georgia to remit taxes withheld from employee pay along with employer matching amounts. These funds must be deposited with the US Treasury by the day after each pay day.   

Consult Publication 15 (Circular E), Employer's Tax Guide( http://www.irs.gov/) for additional information.

Reason for policy
The University of Georgia is required to follow IRS guidelines for depositing federal income taxes as per IRS Publication 15, Employer’s Tax Guide.
Procedures

The Payroll Department deposits the total amount of federal tax and the employee/employer portions of FICA tax plus any adjustments made to these items since the previous tax payment, and uses the pay date as the effective date of the payment.

Electronic Deposits 

In accordance with IRS guidelines the University of Georgia deposits taxes using the Electronic Federal Tax Payment System (EFTPS).  

For further information about EFTPS, visit the EFTPS Homepage (https://www.eftps.gov/eftps/).        

Forms/Instructions
Form 941 (http://www.irs.gov/)
Additional contacts

Amanda Webb

 Phone Number: 706-542-6935

Responsibilities

Responsible University Senior Administrator: Vice President for Finance & Administration

Responsible University Administrator: Associate Vice President for University Business and Accounting Services

Policy Owner: Payroll

 

Policy Contact: Julie Camp

Phone Number: 706-542-3431

Record Retention

Explanation: This series documents amounts withheld by Payroll from employees' checks for taxing authorities. This series may include but is not limited to: the Statement for Claiming Benefits Provided by Section 911 of the Internal Revenue Code; Withholding Allowance Certificates (W-4s); Earned Income Credit Advance Payment Certificates (W-5s); Non-resident Alien Request for Exemption from Tax Withholding (IRS Form 8233); Alien Information Request Form; and Request for Exemption from State Income Tax Withholding. Individual forms may include employees' names, addresses, social security numbers, and tax identification numbers. Documents must be retained for five (5) years after superseded or employee ends employment.

(Board of Regents: Tax Withholding Authorization Records 0472-04-037)

Record Copy: The Payroll Department must maintain a copy of Form 941.

Retention: 4 years

Policy Appendices
Submission of state withholding taxes (2.4, 2.5, 2.6, 2.7, 2.8, and 2.9)