Kentucky Form K-5: Employers Report Of Tax Withheld

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As an employer in the state of Kentucky, it is essential to understand the importance of filing the Kentucky Form K-5, also known as the Employer's Report of Tax Withheld. This form is a crucial document that reports the amount of state income tax withheld from employees' wages, and it must be filed with the Kentucky Department of Revenue on a quarterly basis.

Filing the Kentucky Form K-5 is a requirement for all employers who have employees working in the state of Kentucky. The form reports the total amount of state income tax withheld from employees' wages during a specific quarter, as well as the total amount of wages paid. Employers who fail to file this form on time may be subject to penalties and fines.

Who Needs to File the Kentucky Form K-5?

Any employer who withholds state income tax from employees' wages in Kentucky is required to file the Kentucky Form K-5. This includes:

• Employers with employees working in Kentucky
• Employers who withhold state income tax from employees' wages
• Employers who are required to file federal Form 941

What Information is Required on the Kentucky Form K-5?

The Kentucky Form K-5 requires employers to report the following information:

• Employer's name and address
• Employer's federal identification number (EIN)
• Quarter and year being reported
• Total amount of state income tax withheld from employees' wages
• Total amount of wages paid to employees
• Number of employees who had state income tax withheld

How to File the Kentucky Form K-5

Employers can file the Kentucky Form K-5 online through the Kentucky Department of Revenue's website or by mail. To file online, employers will need to create an account and follow the instructions provided. To file by mail, employers should complete the form and mail it to the address listed on the form.

Deadline for Filing the Kentucky Form K-5

The deadline for filing the Kentucky Form K-5 is as follows:

• First quarter (January 1 - March 31): April 30th
• Second quarter (April 1 - June 30): July 31st
• Third quarter (July 1 - September 30): October 31st
• Fourth quarter (October 1 - December 31): January 31st of the following year

Penalties for Late Filing

Employers who fail to file the Kentucky Form K-5 on time may be subject to penalties and fines. The penalty for late filing is 10% of the total amount of state income tax withheld, plus interest.

How to Avoid Penalties

To avoid penalties, employers should:

• File the Kentucky Form K-5 on time
• Make timely payments of state income tax withheld
• Keep accurate records of state income tax withheld and wages paid

Conclusion

Filing the Kentucky Form K-5 is an essential requirement for employers in the state of Kentucky. By understanding the importance of this form and the information required, employers can ensure compliance with state tax laws and avoid penalties. Employers should file the form on time, make timely payments of state income tax withheld, and keep accurate records to avoid penalties.