Employer’s Quarterly Federal Tax Return
Enter your business Identification number.
Enter your first and last name.
Trade name: Enter your business name or fictitious name.
Enter your business address.
In the right corner check the box for the quarter you intend
to file for.
IRS Form 941 Part 1
Line 1: Enter the number of staff members you paid wages in
any quarter during the year.
Line 2: Enter the total wages paid including tips.
Line 3 Enter Federal income tax withheld from these wages.
Only employees pay income tax on their wages. You use your payroll spreadsheet
to calculate income tax to withhold on your employees’ wages. 2021 IRS
Publication 15T could be used to calculate the income to withhold (page 8). Our
payroll spreadsheet is based on Wage Bracket Method Tables form Manual Payroll
System. Although Publication 15T explains the percentage method as well (page
52).
How to calculate Social Security Tax
Line 4: Check box on line 4 if no wages is subject to social
security and Medicare tax.
Then go to line 6. Otherwise, leave the box blank and go to
line 5a.
Line 5a: Enter in column 1 the total wages subject to social
security tax that you paid during the quarter you are filing for.
Column 2 Line 5a is column 1 multiplied by 0.124 (employee
and employer share of social security tax)
Repeat the process for sick leave and family leave paid
during the filing quarter by entering them in column 1 on their respective
lines. In their respective columns 2, multiply their columns 1 by 0.062
(employee share of social security tax). You the Employer doesn’t pay social
security on sick leave and family leave wages paid.
Line 5 b: Enter tips you paid during the quarter in column
1. Multiply the amount by 0.124 (employee and employer pay social security tax
on tips) and enter the result in column 2.
When the year-to-date wages, tips, sick leave, and family leave paid to an employee exceed $142,800, stop withholding social security tax on the excess over $124,800 limit. Don’t include the amount over $142,800 in line 5a to line 5b as it is not taxable social security wages. But it is subject to Medicare tax.
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2020 Federal Tax Forms and Instructions
Save time and find the links to the right IRS Tax Form and Instructions for your business.
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