What Federal Deposits Are Included on the IRS Form 941?


Quick Answer

The federal deposits employers must make with the form 941 are federal withholding taxes, Medicare, Social Security and taxes on sick pay and unemployment pay, says the IRS. The Medicare and Social Security deposit includes both the employer and employee amounts due.

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Full Answer

Any business that has employees must report and deposit employment taxes, says the IRS. The IRS has a schedule on its website that outlines the specific due dates for each type of tax that is due. At the end of the reporting year, the employer must file Form W-2, Wage and Tax Statement, to report all of the wages, tips and other compensation that the employee receives. Form W-3 is used to supply the Social Security

Employers are generally required to withhold federal income tax from their employees' wages. Employers must deposit all withholdings with the IRS. Employers must also withhold part of Social Security and Medicare taxes from their employees' wages and pay the employer's required matching amount. The IRS has a form that helps employers determine how much tax to withhold. Employers are required to deposit their withholdings electronically, but they can file form 941 either through e-file or using a paper form and filing by mail, states the IRS.

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