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Accounting

March 12, 2021 by Jeannie Schweigert

941 Federal Tax Deposit Deadline Approaching

941 Federal Tax Deposits are due quarterly, to avoid penalties, make sure yours is filed by Monday, March 15th!

What are they?

Employer’s Quarterly Federal Tax Return, or for short, IRS Form 941. The 941 consists of income taxes, Social Security tax, or Medicare tax withheld from employee’s paychecks. Every employer uses this form to report federal income tax withheld from employees (including withholding on sick pay and supplemental unemployment benefits). Although the 941 Form is not incredibly complex, it does require a lot of care and precision to do it correctly. 

What happens if you forget to pay?

Don’t forget! The penalties are high. 

Penalty Charged for…

2% Deposits made 1 to 5 days late.

5% Deposits made 6 to 15 days late.

10% Deposits made 16 or more days late, but before 10 days from the date of the first notice the IRS sent asking for the tax due.

10% Amounts that should have been deposited, but instead were paid directly to the IRS, or paid with your tax return. But see Payment with return, earlier in this section, for exceptions.

15% Amounts still unpaid more than 10 days after the date of the first notice the IRS sent asking for the tax due or the day on which you received notice and demand for immediate payment, whichever is earlier.

 

Do you know when to deposit your payroll taxes?

IF the total taxes you reported in the lookback period were…

$50,000 or less, THEN you are a monthly schedule depositor.

more than $50,000 THEN you are a semiweekly schedule depositor.

 

What is the lookback period?

If you’re a Form 941 filer, your deposit schedule for a calendar year is determined from the total taxes reported on Forms 941, line 12 (Total taxes after adjustments and nonrefundable credits), in a 4-quarter lookback period.

 

(Information source IRS Publication 15)

Filed Under: Accounting, News, Payroll, Tax Planning & Preparation

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