Employers must also submit the Ohio IT 942 form along with the Ohio IT 501 payment form. The employer’s portion of Medicare and Social Security taxes, as well as the state and school district income taxes that were withheld in Ohio, are all reported on this form. The quarterly filing deadlines for the Ohio IT 942 form are April 30, July 31, October 31, and January 31.
In Ohio, employers are obligated to withhold both state and local taxes. A list of Ohio municipalities that levies a local income tax is available from the Ohio Department of Taxation. If an employee works in a municipality that levies a local income tax, their employer is required to withhold local taxes for them. Additionally, employers must pay local taxes to the proper municipality. Penalties and interest fees may apply if municipal taxes are not withheld and remitted.
Another tax form that employers must submit is Ohio IT 941. The employer’s portion of Medicare and Social Security taxes, as well as the state and school district income taxes that were withheld in Ohio, are all reported on this form. The Ohio IT 941 form is due on the same dates as the Ohio IT 942 form each quarter.
The Ohio IT 501 payment form is used to remit Ohio state income tax withheld from employees’ paychecks. State and local income taxes for employees must be withheld and remitted by employers in Ohio. Penalties and interest charges may apply if these conditions are not met. To report the taxes withheld and the employer’s portion of Medicare and Social Security taxes, employers must complete the Ohio IT 941 and Ohio IT 942 forms. To prevent fines and guarantee compliance, it is crucial for employers to stay current on Ohio state tax laws and regulations.