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Form 941 is a quarterly tax form used by employers to report wages paid to employees and the amount of taxes withheld from their paychecks. It is also used to calculate the employer’s portion of Social Security and Medicare taxes. The form is submitted to the Internal Revenue Service (IRS) on a quarterly basis.
The due dates for Form 941, which is the Employer’s Quarterly Federal Tax Return, are generally as follows:
- For the first quarter (January, February, and March): April 30th.
- For the second quarter (April, May, and June): July 31st.
- For the third quarter (July, August, and September): October 31st.
- For the fourth quarter (October, November, and December): January 31st of the following year.
- Our comprehensive tax filing services are designed to help you stay compliant and manage your payroll taxes effortlessly.
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Form 941 Rates
The rates for Form 941 vary depending on the type of employment tax being reported. Here are the current rates in 2023:
Social Security Tax: The Social Security tax rate is 6.2% of wages paid by both the employer and the employee. However, there is a wage base limit, which means that only wages up to a certain amount are subject to this tax. For 2023, the wage base limit is $147,000.
Medicare Tax: The Medicare tax rate is 1.45% of all wages paid by both the employer and the employee. Unlike the Social Security tax, there is no wage base limit for Medicare tax. Additionally, there is an Additional Medicare Tax of 0.9% that applies to wages above a certain threshold. For 2023, the threshold is $200,000 for individuals and $250,000 for married couples filing jointly.
Federal Income Tax Withholding: The federal income tax withholding rate depends on the employee's taxable wages and the information provided on their Form W-4. The IRS withholding tables or the percentage method is utilized to calculate the amount of federal income tax to withhold from each paycheck.
Instructions for Form 941
Form 941
Download PDF version of Form 941
Instructions for Form 941
Instructions explaining how to file Form 941
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