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malajha
Nov 4, 2006, 10:03 AM
My gross Salary is $ 5000/month
Tax withheld from my monthly paycheck are

Federal tax: $422.92

State of NJ tax: 147.58

Medicare: $ 72.50
Social security: $310.00

Total of all the tax withheld is $953.

In the employer quarterly return how much do tax does he owe, considering I am the only employee for the company.

I heard that Employer pays 6.2% of gross wages as Social security tax and 1.45% of gross wages as medicare (Matching of what employee pays).
So considering he will be filing for 3 months with the gross income of 15000 (5000 X 3)
so the total tax he pay will be 15.3% of the gross salary (15000 X 15.3%= 2295) out of which half of it is already withheld from my paycheck. So he will be liable for 1147.5 for the quarter. I will appreciate if you guys are validate that the above calculation is true. Will this be calculated through form 941?

AtlantaTaxExpert
Nov 4, 2006, 10:28 AM
Your Social Security and Medicare tax calculations are correct.

All he has to do is add the $422.92 that was withheld from your check for federal income taxes to the Form 941, then mail the form in by April 15, June 15, Sep 15 or Jan 15. A similar state form is required for the NJ taxes withheld.

He is OVER the threshold allowed for him to mail in the money on a quarterly basis. That has to be deposited monthly at a federal reserve bank.