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-   -   Emplyer quarterly Return help? (https://www.askmehelpdesk.com/showthread.php?t=40782)

  • Nov 4, 2006, 10:03 AM
    malajha
    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?
  • Nov 4, 2006, 10:28 AM
    AtlantaTaxExpert
    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.

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