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PAGE 4 - PLAINDE ALER - FRIDAY. MAY 25,1«7» Advice Only IRS Helps Meet Responsibilities Hiring help for your business or home will probably increase your federal tax filing and payment requirements. That means more responsibility and paperwork and, for some people, that's bad news. But here is some good news - the Internal Revenue Service provides plenty of free in­ formation and assistance to answer your employment tax questions. For example, employers can attend an IRS-sponsored Small Business tax workshop to learn about their federal em­ ployment tax responsibilities. In addition, written in­ structions appear in Circular E, "Employer's Tax Guide" and in Publication 539, "Withholding Taxes and Reporting Requirements". These, free booklets may be ordered and specific in­ formation about the next workshop to be held in your area may be gotten by calling your IRS tax assistance number listed in the telephone directory. Generally, employer tax responsibilities follow along these lines: Businesses or exempt organizations which pay taxable wages or have em­ ployees who report tip income must withhold federal income tax. A completed Form W-4, "Employee's Withholding Allowance Certificate", should be secured from each em­ ployee. Supplies of these and other forms are available through local IRS offices. The amount to be withheld from each wage payment depends upon the number of withholding allowances claimed on Form W-4, the employee's marital status, and the frequency of wage payments. Bear in mind that income tax should not be withheld from the wages of household help and agricultural labor unless bof employer and employee agree to that arrangement. Most employers must withhold half of the Social Security tax to be paid on earnings from wages or other UU 'th«L ee Nth lis employee funds set aside for that purpose. Social Security withholding is matched by employers before paying the total tax over to the IRS. You are liable for Social Security tax for your household em­ ployee who earns $50 or more in cash wages during a calendar quarter. Now how are Social Security tax and federal income tax withholding reported? Report them quarterly to IRS on Form 941, "Employer's Quarterly Federal Tax Return". If you are a sole proprietor filing Form 941 for business employees, you can include household employees on it. Otherwise, report taxes for domestic help on Form 942, "Employer's Quarterly Tax Return for Household Em­ ployees." By the way, if you have less an $200 or Form 941 tax lability per quarter, you may wait to pay the tax until you file the return. An employer with greater employment tax liability must pay at varying intervals during the quarter using FTD Form 501, "Federal Tax Deposit of Withheld In­ come and FICA Tax." Since most of the tax due on Form 941 has been withheld from employees' wages, it belongs to them rather than to their employer. That's why employers should take special care to timely file and pay employment taxes to avoid penalties and possibly criminal prosecution for misusing these funds. A business employer who during this year or last year paid wages of at least $1,500 in any calendar quarter or who had at least one employee at any time in each of any 20 calendar weeks during the year is also liable for federal unemployment tax. Household employers who paid cash wages of $1,000 or more during any calendar quarter in the current or preceding year must also pay unemployment tax. This tax is paid by the em­ ployer and must not be deducted from employees' wages. Federal unemployment tax is reported to the IRS by Jan. 31 of next year on Form 940, "Employer's Annual Federal Unemployment Tax Return."If you owe less than $100 federal unemployment tax for the year, you may wait to pay the tax until you file the return. An employer with greater unemployment tax liability must pay quarterly using FTD Form* 508, "Federal Tax Deposit of Unemployment Taxes." Give a completed From W-2, "Wage and Tax Statement, to each business and household employee you pay for services during the year by January 31 of the following year. If an employee leaves your employ during the year, you should furnish the W-2 within 30 days after the last wage payment. An employer does have tax r e s p o n s i b i l i t i e s . B u t , remember, IRS help is as close as your nearest telephone. And it's free. BcMtvw "Do you believe in heredi­ ty?" "Most certainly I do. That's how I came into all my money." Gasoline Storage Hazards LAKE'S DENTAL CENTERS Licetsri professional Deotists is jmr m enmity. HARMS FARM AND GARDEN CENTER With motorists in the Mid­ west becoming more and more concerned over possible gasoline shortages in the coming summer months, the Insurance Information institute warns of an even more "ex­ plosive" problem-the hazards of gasoline storage in home* or vehicles. Figures used by the Nati^al Safety council show the ex­ plosive force of one gallon of gasoline to be equal to 14 sticks of dynamite, more than enough to demolish autos, garages or large portions of buildings. In addition, the Institute points out many communities have laws concerning both the amounts of fuel that can be stored and the containers used for storage. The Institute offers these suggestions to protect both life and property: -If it is absolutely necessary for fuel be stored in the home, use only approved containers with tightly sealed caps; --Always store combustibles in cool, dark areas well away from heat or electrical sources- -never open the containers indoors, since fumes can ignite from the slightest spark; -Store containers well out of the reach of children; -By far, the safest course of action is not to carry extra gasoline in motor vehicles. Collisions, possible faulty wiring and the heat generated by exhaust systems'in the tight, restricted areas of automobile trunks conspire to make any container a potential threat. The Institute advises, however, if there exists no other alter­ native, carry the smallest amount possible (preferably one gallon maximum). Never store gasoline in containers that may puncture or break, since gasoline leaking in a closed trunk makes the entire rear area of the car a rolling bomb. Seat Belts Protect Against Auto Injury Motor vehicle crashes claim almost 50,000 lives each year, and injuries number in the mil­ lions. Most of the deaths and serious injuries can be pre­ vented by the regular use of seat belts. Scientific research, including actual crashes under controlled conditions, proves that safety belts can be extremely effective in protecting you and your fam­ ily. says a pamphlet from the American Medical Association. The most effective safety belt is the combination lap-shoulder harness, but even the lap belt alone will help to keep you safe. Seat belts already are saving more than 3,000 lives each 4727 W. C rys ta l Lake Rd . McHenry , (815)385-3074 '17510 pw Mm *250.00 |*f teitin DENTURES smv CitizNs' Mm* USM iff m atari VMYL DENTURES..... 6miM Ml to dip* tank 1*5 yon |DENTURESRIPAIRED UOKJUIDHTUttS '1M0parllpp*ILiwr WHILE YOU WAIT! CLUNIKI FLUORIDE '15JB X-MYS "MO-** OPERATIVE (FIISOFS) nm-mm AimOCH DEKTAL CENTER 2 LOCATIONS FOX LAKE DENTAL CENTER 18 W. Grand Ave. (Just West of R.R. Station) i« Lake, IL 312-587-5053 PLEASE CALL FOR APPOINTMENT Dr. Robert 5ven & Assoc. 439 Lake Si Antjoch, IL 312-395-3261 We have a variety of savings plans to help you meet your short and long term goals. We pay the highest rate of interest allowed by law on Regular Passbook savings and on long and short term Certificate of Deposits. Interest on our Regular Passbook savings earn from the date of deposit to date of withdrawal, paid quarterly. SAVINGS PLAN ANNUAL INTEREST RATE EFFECTIVE ANNUAL YIELD COMPOUNDED DAILY . Regular Passbook 5% Golden Passbook 51/2% *90 days maturity ~$i .00 minimum Certificate of Deposit 6% * 1 to 2V2 year maturity $1,000 minimum Certificate of Deposit 6V2% *2V2 to 4 year maturity $1,000 minimum Certificate of Deposit VU% *4 to 6 year maturity $1,000 minimum Certificate of Deposit Vh% *6 to 8 year maturity $1,000 minimum Certificate of Deposit 7%% *8 year or more maturity $1,000 minimum IRA 8% (Individual Retirement Account) 5.13% 5.65% 6.18% 6.72% 7.52% 7.79% 8.06% 8.33% Ask for our current rate on six month T- Certificate of Deposits. These certificates pay you interest at the rate established during the preceeding week's auction held by the U.S. Government. Minimum deposit $10,000. •Federal regulations require that money withdrawn before maturity, earns the Regular Passbook rate less 90 days interest m M Nai Serving the banking needs of the McHenry area. Member FDIC lMclTIOIMclL BaiMK OF IWHeiMRY i- 3814 WEST ELM STREET P O BOX 338 McHENRY, ILLINOIS 60050 815 385-5400 NOW OPEN 7 DAYS 9 am 'TIL 8 pm (OPEN MEMORIAL DAY!) WE HAVE A LARGE ASSORTMENT OF: 10% Discount WITH PURCHASES • OF $20.00 OR MORE! . V; :• \ 1 f i t \ R \ P i . V M M A l t M . •BEDDING PLANTS •GERANIUMS •ROSE BUSHES •VEGETABLE PLANTS •SEED POTATOES •ONION SETS •WHITE MARBLE (STONE) •PERENNIALS •SEEDS FERTILIZER NOW IN STOCK DON'T FORGET...WE'RE OPEN MEMORIAL DAY I The McHenry Plaindealer (USPS 335-200) Established 1875 3812 West Elm Strset Phone 385-0170 McHenry. Illinois 60050 Published Every Wednesday ft Friday at McHenry. Illinois Second Class Postage Paid at McHenry. Illinois By McHENRY PUBLISHING COMPANY Subscribers or* r«qu«iffd to provid* immediate notice of chongo of oddrois to Tho McHonry Ploindoalor 3(12 W Elm St McHonry III i6050 A deduction of on* month Irom tH. expiration of o subscription will bo mod* whsrs a chango of address is provided through the Post Office Department Larry E. Lund-Publisher Adele Froehlich-Editor \ NEWSPAPER 7 NATIONAL NEWSPAPER *ssoci*tiow nirttt im f e e , *.„(=] NNA SUSTAINING *",T m MEMBER -- 1979 SUBSCRIPTION RATES 1 Y»or $12.00 In McHenry County .1 Year $17.00 Outside McHenry County OPEN... Memorial Day Weekend noon-5pm "^MKEHURST On. - m inu te eas t o f t he Tn S ta t , . One m inu te wes t o f Skok ie H ighway Rt 4 1 a t Waukegan Rt 43 and Be l v ide re Roads R t 120 Waukega r year, aird between 7.000 and 8,000 more lives could be savfcd each y?ar if safety belts were always buckled. The lap-shoulder belt combi­ nation protects passengers in crashes above 60 miles per hour. Deaths occur at speeds as low as 12 miles per hour when safety belts are not worn. A large majority of motor vehicle crashes occur within 25 miles of home, frequently at neighborhood intersections, and at speeds of under 40 miles per hour. Most of the injuries and deaths in these accidents could be avoided if safety belts are used. The arms of a parent are not strong enough to restrain and protect a small child even in low-speed crashes. If the parent is not wearing a belt, he or she may be thrown forward. For maximum protection, an infant or young child should xide in a specially designed infant carrier or child restraint that is secured by the safety belts already in the motor vehicle. Less than 20 per cent of motor vehicle occupants bother to buckle up. Even worse, only about 7 per cent of infants and young children are properly protected while riding in motor vehicles. JOHN I. FREUND Freund Funeral Home Serving Wonder Lake and Chicagoland Area 815-728-0233 7611 HANCOCK OR WONDER LAKE RENT RINSEtfVAC the professional do-it-yourself carpet cleaning system First Hour of Rental $1.00 per hour . . . for every hour thereafter. NO MINIMUM Special Rental Rate Good Monday thru Thursday RINSENVAC cleans the way professionals do, at a t ract ion f of the cost FRI., SAT., A SUN. (2 v, MRS. PER S5 00 MIN) HOUR OVERNIGHT SPECIAL I 8:00 P.M. -9:00 A.M. $10.00 HORNSBYS fami ly tentcn Rout* 47 A Liberty At Wovorly, Morris 942 5623 8