Publication 5258 - Federal Tax Deposits Page 7
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
322
federal tax deposit rules
for form 941 and 944 taxes
c hapterTwo
N
ow that you understand federal tax deposits are important, you are ready
What it means
to learn the rules for making the deposits. As of January 1, 2011, all deposits
must be made electronically.
form 941 (employer’s
Quarterly federal tax
Who must make form 941 deposits?
return): Return reporting
federal income tax
Deposits are required if you file Form 941 with $2,500 or more in taxes per quar-
withheld, and employer
ter. Starting in 2010, deposits are not required if the tax for the current quarter is
and employee shares of
$2,500 or more and the prior quarter taxes are less than $2,500, unless a tax liabil-
FICA taxes. The return is
ity within a deposit period reaches or exceeds $100,000. See Exceptions to Depos-
due the last day of the
it Schedules on page ten.
month following the end of
the quarter.
Who must make form 944 deposits?
Deposits for Form 944 filers are not required unless the tax liability for the year
form 944 (employer's
reaches $2,500 or more. Please see Instructions for Form 944.
annual federal tax
return): Return reporting
What taxes must be deposited?
federal income tax
withheld, and employer
Income tax withheld from your employees
›
and employee shares of
FICA (social security and Medicare) tax withheld from your employees
›
FICA taxes. The return
is due January 31 of the
FICA (social security and Medicare) tax — the employer’s share
›
following year.
important difference
fiCa: Federal Insurance
Making deposits and filing employer returns with payments are not the same.
›
Contributions Act, which
Taxes are:
provides for social security
and Medicare benefits.
» Reported by filing, and
» Paid by depositing
Let’s review this payroll record to compute the amount of taxes to be deposited.
xyZ c
ompany
payroll record For JUly 2017
c
a
c
B
c
c
c
d
c
e
olUmn
olUmn
olUmn
olUmn
olUmn
G
I
T
e
'
n
e
'
ross
ncome
ax
mployee
s
eT
mployer
s
e
W
W
FIca
W
FIca
mployee
aGes
IThheld
aGes
• J
$ 1,000.00
$ 150.00
$
76.50
$
773.50
$ 76.50
oe
• J
1,200.00
180.00
91.80
928.20
91.80
ane
• J
1,800.00
270.00
137.70
1,392.30
137.70
ohn
T
$ 4,000.00
$ 600.00
$ 306.00
$ 3,094.00
$ 306.00
oTals
B + C + e = total deposit due
600
+ 306 + 306 =
$1,212
In this example, the employer would deposit $1,212, the total of the income tax withheld, and both the
employer’s and employees’ shares of FICA tax.
7
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial