IRS Form 941 (2015): Employer's Quarterly Federal
Tax Return Checklist
Form 941 for 2015 reports quarterly federal income tax withholding, Social Security tax, and
Medicare tax. Employers must file Form 941 for each quarter of 2015, reporting wages paid and taxes withheld from employees during that period.
Understanding Form 941 Requirements for 2015
The 2015 Form 941 requires employers to report employment taxes quarterly. The Social
Security wage base limit for 2015 is $118,500, meaning wages above this amount are not subject to Social Security tax but remain subject to Medicare tax.
Step-by-Step Filing Process for Quarterly Federal Tax
Return
Step 1: Identify Your Reporting Quarter
Determine which quarter you are reporting by selecting Q1 (January through March), Q2 (April through June), Q3 (July through September), or Q4 (October through December). Enter 2015 in the calendar year field and select the appropriate quarter on the form.
Step 2: Verify Your Employer Identification Number
Enter your EIN exactly as the IRS assigned it to your business. Confirm that your business name matches IRS records to avoid processing delays. Mismatches between your EIN and business name can result in penalties and delayed processing.
Step 3: Report Total Wages and Compensation
Calculate total wages paid to all employees during the quarter, including taxable tips your employees reported to you. Include taxable fringe benefits subject to Social Security and
Medicare tax. Enter this amount on line 2 of Form 941.
Step 4: Calculate Federal Income Tax Withheld
Sum up all federal income tax withheld from employee paychecks during the quarter. Include tax withheld from supplemental wages, bonuses, and other taxable payments. Report this amount on line 3 without reducing it for any employer credits.
Step 5: Calculate Social Security Tax
Multiply taxable wages (up to the $118,500 wage base limit per employee) by 6.2 percent for the employee portion and 6.2 percent for the employer portion. The combined Social Security tax rate is 12.4 percent. Report the total Social Security tax on lines 5a and 5b.
Step 6: Calculate Medicare Tax
Apply the Medicare tax rate of 1.45 percent for employees and 1.45 percent for employers to all wages with no wage limit. Report total Medicare tax on line 5c. The combined Medicare tax rate is 2.9 percent on all wages paid.
Step 7: Calculate Additional Medicare Tax Withholding
Withhold an additional 0.9 percent Medicare tax from wages exceeding $200,000 paid to an employee in the calendar year. Begin withholding in the pay period when wages exceed
$200,000 and continue through year-end. This additional tax applies only to employees, with no employer share.
Step 8: Complete Monthly Tax Liability Schedule
Distribute your total quarterly tax liability across the three months of the quarter using Part 2 of
Form 941. On the monthly schedule, depositors must report the exact tax liability for each month. Semiweekly schedule depositors must complete Schedule B instead of Part 2.
Step 9: Reconcile Deposits with Tax Liability
Compare total tax deposits made during the quarter through EFTPS or other authorized methods to the total tax calculated on Form 941. Underdeposits may trigger penalties, while overdeposits create credits or refunds. Ensure your deposits match your reported tax liability.
Step 10: Sign and Date the Form
A responsible officer or authorized representative must sign and date Form 941 in the signature section. Print the signer’s name, title, and phone number in the designated spaces. The form is not valid without a proper signature from an authorized person.
- Incorrect Social Security tax rate: Employers sometimes use outdated or incorrect tax
- Misunderstanding Additional Medicare Tax withholding thresholds: Employers
- Confusing deposit schedules: Employers must determine whether they are monthly or
- Failing to file when no wages were paid: Employers must file Form 941 for every
- Missing the Additional Medicare Tax reporting: Employers sometimes forget to
- Full IRS transcript retrieval (Wage & Income + Account)
- Professional tax form review
- Preparation & filing support
- Tax relief options if you owe the IRS
Step 11: File by the Quarterly Deadline
File Form 941 by the last day of the month following the end of each quarter. Quarter 1 is due
April 30, Quarter 2 is due July 31, Quarter 3 is due October 31, and Quarter 4 is due January
31. Employers who made timely deposits may file 10 days later.
Common Filing Mistakes to Avoid rates when calculating Social Security tax. The correct rate for 2015 is 6.2 percent each for employees and employers, totaling 12.4 percent combined for all wages up to
$118,500 per employee. must withhold the 0.9 percent Additional Medicare Tax when an employee’s wages exceed $200,000, regardless of filing status. The employee’s actual tax liability may differ based on their filing status, but employers withhold at the $200,000 threshold. semiweekly depositors based on their lookback period tax liability. Monthly depositors who accumulate $100,000 or more in tax liability on any day must switch to the semiweekly schedule immediately. quarter after filing their first return unless they file a final return or qualify as seasonal employers. Even quarters with no wages or tax liability require filing Form 941 to maintain compliance. withhold and report the Additional Medicare Tax on high-wage earners. This additional
0.9 percent tax applies to wages exceeding $200,000 and must be reported separately on line 5d of Form 941.
Important 2015 Tax Year Information
The Social Security wage base for 2015 is $118,500 per employee. The Work Opportunity Tax
Credit was available to qualified tax-exempt organizations that hired eligible unemployed veterans through December 31, 2014. Federal tax deposits must be made electronically via
EFTPS or an authorized financial institution.
If you’re missing tax documents or want to ensure the numbers you enter match IRS records, we can help.
