Definition: The NJ 927 Form, also known as the Employer’s Quarterly Report, is a critical document used by businesses in the state of New Jersey to report their employee wages, unemployment, and disability insurance contributions, as well as to calculate and remit the corresponding taxes to the concerned state agencies. The form serves as a declaration of the company’s obligation to fulfill its tax responsibilities under state laws.
Description: The NJ 927 Form is part of the comprehensive tax filing system regulated by the New Jersey Department of Labor and Workforce Development and the New Jersey Division of Taxation. This form must be completed on a quarterly basis by employers operating in the state. It provides a detailed breakdown of employee wages, taxes withheld, and the employer’s share of taxes, including unemployment and disability insurance. By accurately completing this report, businesses ensure compliance with state tax regulations and contribute to the overall economic stability of New Jersey.
Filling out the NJ 927 Form requires thorough attention to detail and accurate calculations. Employers must accurately report the following information:
- Employee Information: This section requires the inclusion of the employee’s Social Security Number, name, and wages paid during the quarter. It is essential to ensure that this information is precise and matches the records maintained by the employer.
- Tax Withholdings: Employers are responsible for reporting and remitting all applicable taxes withheld from employee wages, such as federal income tax, state withholding tax, and any local taxes imposed by municipalities. The NJ 927 Form requires the breakdown of these tax withholdings, providing a clear overview of the employer’s adherence to tax obligations.
- Employer Contributions: Employers are also required to report and remit their share of unemployment and disability insurance contributions. This information is essential for determining the overall tax liability of businesses in the state.
Once completed, the NJ 927 Form must be submitted to the New Jersey Division of Taxation along with any necessary payment for the taxes owed. It is crucial to adhere to the designated filing deadlines to avoid penalties and interest charges, as failure to file or pay promptly may result in legal consequences and disruption of business operations.
In addition to being a legal requirement, the NJ 927 Form provides valuable information to the state government, enabling them to monitor and enforce compliance with tax regulations. The data collected assists in the administration of benefits, determination of unemployment compensation, and evaluation of the overall financial landscape of the state.
By maintaining accurate records and filing the NJ 927 Form in a timely and precise manner, businesses can uphold their legal obligations while contributing to the efficient functioning and financial stability of the state of New Jersey.
Disclaimer: The information provided in this dictionary entry serves as a general guide and should not be considered legal or tax advice. For specific inquiries, it is recommended to consult with a certified tax professional or legal counsel to ensure compliance with state regulations and requirements.
Alternative Phrases: Employer’s Quarterly Report, New Jersey 927 Form, NJ-927 Quarterly Wage Report.
