Emplyer quarterly Return help?
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?