Form 501 - Employer'S Periodic Payment Of Eit (Earned Income Tax)
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1Instructions For FORM 501 - EIT
FORM 501 is for use by employers to report more often than quarterly, the Earned Income Tax that has been withheld
from resident and non-resident employee's gross earnings. These monies should be submiued according to the
following schedule: If withholding is $2,000.00 or more for the quarter, file semi-monthly. If withholding is $200.00
to $1,999.99 for the quarter, file monthly. If taxes are less than $200.00, file quarterly.
Deposits and Due Dates: Semi-Monthly -- Shall be due 3 days after the 15th and the last day of the month.
Monthly -- Shall be due the 15th of the following month.
Quarterly -- Shall be due the last day of the following month (see form W-I).
Earned Income Tax: Employers are required by law to withhold 3.4% on ALL residents and I% on ALL non-residents.
Form SOl Employer's Periodic Payment of EIT
(Earned Income Tax)
-
Employer Name:
Contact:
Year:
Account Number:
[EtN:
Phone:
Quarter:
RESIDENTS
NON RESIDENTS
l. Gross Compensation
$
$
2. Tax Rate
3.
Earned Income Tax Withheld
S
S
4. Prior Period Adjustment
S
$
5. Interest
(lf2% per momh)
S
$
6. Penalty (1/2% per month)
$
$
7. TOlal Payment
$
$
8. Total EIT Amount Paid
$
I declare under penalties provided "by Law that I have examined this
completed Return and it is true and correct to the best of my knowledge.
X
NO LIST REQUIRED.
TITLE:
TAX WITIiHELD
II'
DATE MAILED
It'
ACCOUNT NO.
It'
PERIOD ENDING ,...
l'AYMENTlUfAL
Ii'
CHECK NUMlJER
II'
TAX YEAR
FORM 501
EIT
+/_
PRIOR PERIOD
II'
AI)JU!>TMENT
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