General GuidelinesCSBS Tax Office
CSBS will serve as the federal tax office for your firm. We have provided a minimum level of tax forms for your completion. These forms should be reviewed by your instructor before sending them as attachments to firstname.lastname@example.org.
What forms should be filed?
CSBSW2-Wage and Tax Statement
Employers must file Form CSBSW2 for wages paid to each employee from whom:
- Income, social security, or Medicare taxes were withheld, or
- Income tax would have been withheld or claimed no more than one withholding
CSBSW3-Transmittal Form for Wages and Tax Statements
Anyone required to submit a CSBSW2 must submit one CSBSW3 along with all W2s. This CSBSW3 serves as a summary of all the W2s submitted.
CSBSW4-Employee's Withholding Allowance Certificate
To know how much income tax to withhold from employees' wages, you should have a CSBSW4 on file for each employee. A CSBSW4 remains in effect until the employee gives you a new one. The amount of income tax withholding must be based on filing status and withholding allowances.
CSBS941-Employer's "Semester" Federal Tax Return
This form is used to report income tax that you withheld from wages , supplemental unemployment compensation benefits, and third-party payments of sick pay. The form is also used to report social security and Medicare taxes.
CSBS1120-U. S. Corporation Income Tax Return
Use this form to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
When should the tax forms be submitted?
As a guide, CSBSW2, CSBSW3 and CSBS1120 should be submitted as close to the end of your academic year as possible. CSBS941 should be submitted twice during the academic year (November 1 and April 1).
CSBSW4 can be submitted as often as your instructor requires.
Where do I find more information about tax forms and specific tax tables?
The general IRS search page is http://www.irs.gov/index.html. Here you can find the actual U.S. government forms, instructions, and tax tables.
For realistic "employer" tax information, have the students check out Publication 15T at the above-referenced website.