Mississippi Income Withholding Tax Schedule Form 2024-2026

What is the Mississippi Income Withholding Tax Schedule Form

The Mississippi Income Withholding Tax Schedule Form, commonly referred to as the MS 80 107, is a crucial document used by employers to report and remit state income tax withheld from employees' wages. This form is designed to ensure compliance with Mississippi tax laws and to facilitate the proper collection of state income taxes. Employers must accurately complete this form to reflect the total amount withheld during a specific reporting period, thereby contributing to the state's revenue system.

How to use the Mississippi Income Withholding Tax Schedule Form

To effectively use the MS 80 107 form, employers should first gather all necessary payroll information, including total wages paid, the amount withheld for state income tax, and any exemptions that may apply. The form requires detailed entries, including employee names, Social Security numbers, and the corresponding amounts withheld. After completing the form, employers must submit it to the Mississippi Department of Revenue by the specified deadlines to avoid penalties.

Steps to complete the Mississippi Income Withholding Tax Schedule Form

Completing the MS 80 107 form involves several key steps:

1. Gather payroll records for the reporting period.
2. Enter the total wages paid to each employee.
3. Calculate and input the total amount of state income tax withheld.
4. Include any applicable exemptions or adjustments.
5. Review the form for accuracy before submission.

Once completed, the form can be submitted online, by mail, or in person, depending on the employer's preference.

Key elements of the Mississippi Income Withholding Tax Schedule Form

The MS 80 107 form includes several key elements that are essential for accurate reporting. These elements typically include:

• Employer information, including name, address, and tax identification number.
• Employee details, such as names and Social Security numbers.
• Total wages paid during the reporting period.
• Total state income tax withheld.
• Signature of the employer or authorized representative.

Each of these components must be filled out correctly to ensure compliance with state regulations.

Filing Deadlines / Important Dates

Employers must adhere to specific filing deadlines for the MS 80 107 form to avoid penalties. Typically, the form is due on a quarterly basis, with deadlines falling on the last day of the month following the end of each quarter. For example, the deadlines for the first quarter are April 30, for the second quarter are July 31, for the third quarter are October 31, and for the fourth quarter are January 31 of the following year. It is essential for employers to keep track of these dates to ensure timely submissions.

Penalties for Non-Compliance

Failure to submit the MS 80 107 form on time or inaccuracies in reporting can result in penalties imposed by the Mississippi Department of Revenue. These penalties may include fines based on the amount of tax due, interest on unpaid taxes, and potential legal action for continued non-compliance. Employers are encouraged to maintain accurate records and submit the form promptly to avoid these consequences.