How to Pay Your Employer Federal Tax?
Line 13: Enter deposits you made for this quarter and any overpayment from the previous quarter.
What is your Deposits Schedule?
- Check your prior year taxes July 2018 to June 2019.
- If you report $50,000 taxes or less (Federal income tax, social security and Medicare tax withheld) make monthly deposits using EFT (Electronic Funds Transfer) offered by IRS via EFTPS for free.
- If you report more than $50,000 taxes, make biweekly deposits via EFT.
For more Check Page 8 of IRS Instructions for Form 941 Employer’s Quarterly Federal Tax Return: https://www.irs.gov/pub/irs-pdf/i941.pdf
Line 14: Balance due: If line 12 is more than Line 13, you owe tax. Enter the difference here.
- If you owe tax and were required to make deposit, make your payment by EFT using EFTPS.
- If you owe tax and you usually make monthly deposits, you could make your payment via EFT, debit card, credit card, or EFW.
- If you choose to make payment via EFT, EFW, credit card, or debit card, file your Form 941. But don’t fill out 941-V and mail the Form 941 to the address designated for “Without Payment” on page 8 of IRS instructions to Form 941. https://www.irs.gov/pub/irs-pdf/i941.pdf
- If you are not required to make deposit, you could send in your payment or use EFT, EFW, credit card or debit card.
Line 15: Overpayment: If line 12 is less than line 13, enter the amount here and select whether you want a return or want to apply it toward the next quarter.
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