What is an IL-501 payment?

Illinois Form IL-501: Monthly State Income Tax Payment Form. Form IL-501 is used to deposit Illinois income tax withheld. $500 or more a quarter – the employer must deposit the taxes with the Illinois Department of Revenue using Form IL-501 to transmit the deposit.

How can I pay my IL-501?

We encourage you to pay electronically. MyTax Illinois on our website at mytax.illinois.gov offers an easy, convenient, and fast way to submit payments at any time. You can schedule the dollar amount, debit date, and tax period. No software is required and it is available 24 hours a day, 7 days a week.

What is IL Schedule P?

Schedule P (R-12/20) Complete and attach to Form IL-941 and Form IL-941-X to verify Illinois income and withholding records. This form is required. Business name _____________________________________ FEIN ______________________________ This form is authorized under the Income Tax Act.

What is Il withholding tax?

Withholding. Withholding refers to income and employment taxes withheld from wages by employers. As an employer, Illinois State University is required by law to withhold income and employment taxes from wages.

How do I access myTax Illinois?

Setting up access to your MyTax Illinois account is easy! Go to tax.illinois.gov and click on the MyTax Illinois logo to advance to the MyTax Illinois home screen. Click on the “Sign up Now!” button. Enter all required fields. The information required during the MyTax Illinois activation varies based on the tax types for which you sign up.

What is the Illinois state tax withholding rate?

Effective January 1, 2015, the rate for withholding Illinois Income Tax is 3.75 percent. For more detailed information, see Publication 130, Who is Required to Withhold Illinois Tax, and Booklet IL-700-T, Illinois Withholding Tax Tables.

What is myTax Illinois?

MyTax Illinois is a free online account management program that offers a centralized location, provided by the Illinois Department of Revenue , for businesses to register for taxes, file returns, make payments, and manage their tax accounts. Most of these features require the taxpayer to create a MyTax Illinois account.