Instructions for Form 941 Checklist: 2015 Tax Year
Form 941 serves as the Employer's Quarterly Federal Tax Return for reporting federal income
tax withholding, Social Security tax, and Medicare tax on employee wages. Employers must file this form four times per year to report wages paid and taxes withheld for each of the three months.
The 2015 version reflects updated wage base limits and continues the additional Medicare tax withholding requirement for high-earning employees. Understanding quarterly filing obligations helps you maintain compliance and avoid penalties throughout the tax year.
Quarterly Filing Schedule and Employer Identification
You must file Form 941 separately for each quarter of 2015. Quarter 1 covers January through
March with an April 30 deadline; Quarter 2 includes April through June and requires filing by
July 31; Quarter 3 spans July through September with an October 31 deadline; and Quarter 4 encompasses October through December with a January 31, 2016 deadline.
Enter your nine-digit Employer Identification Number exactly as it was issued by the IRS. Verify that your business name and address match current IRS records to prevent processing delays.
If your business name has changed, write to the IRS office where you file returns to notify them of the change. For address or responsible party changes, complete and mail Form 8822-B to the IRS, but do not send it with your Form 941 return.
Reporting Wages and Calculating Tax Obligations
Line 2 requires you to enter total wages, tips, and other compensation paid to all employees during the quarter. Include all amounts that would appear in box 1 of employee W-2 forms, as this figure establishes the foundation for all subsequent tax calculations throughout the form.
Report federal income tax withheld from employee paychecks on line 3. This amount must match your payroll records and reflect actual withholding based on employee W-4 forms, so verify this total against payroll registers before submitting the return to ensure accuracy.
Social Security and Medicare Tax Reporting
The Social Security wage base limit for 2015 is $118,500 per employee. Enter taxable Social
Security wages on line 5a, Column 1, and multiply by 0.124 to calculate the combined employer and employee Social Security tax.
This 12.4 percent rate represents 6.2 percent withheld from the employee, plus 6.2 percent paid by the employer. Stop entering wages on line 5a when an employee's total wages, including tips, reach $118,500 for the calendar year, but continue withholding Medicare tax throughout the year.
Line 5b captures taxable Social Security tips that employees report during the quarter until combined wages and tips reach the annual wage base limit. On line 5c, include Medicare wages for the quarter, since Medicare tax applies to all wages with no annual ceiling.
Multiply the amount in Column 1 of line 5c by 0.029 to calculate the combined 2.9 percent
Medicare tax rate. This represents 1.45 percent from the employee and 1.45 percent from the employer.
Additional Medicare Tax Withholding Requirements
You must withhold the 0.9 percent additional Medicare tax on wages exceeding $200,000 paid to any employee during the calendar year. Begin withholding in the pay period when wages cross this threshold and continue through December 31.
This tax applies only to employees, with no employer share. Report the wages subject to this withholding on line 5d, Column 1, and multiply by 0.009 to determine the withholding amount.
Total Tax Calculation and Reconciliation
Line 5e automatically totals the amounts from lines 5a through 5d in Column 2. Line 6 combines federal income tax withheld from line 3, total Social Security and Medicare taxes from line 5e, and any Section 3121(q) Notice and Demand tax from line 5f.
Lines 7 through 9 allow adjustments for fractions of cents, sick pay, tips, and group-term life insurance. Line 10 shows your total tax liability after applying all adjustments from lines 6 through 9.
Deposit Requirements and Tax Liability Reporting
Compare line 10 against deposits made during the quarter. Enter total deposits on line 11, including any overpayment applied from prior quarters. If line 10 exceeds line 11, enter the balance due on line 12, but if line 11 exceeds line 10, report the overpayment on line 13 and choose whether to apply it to your next return or request a refund.
Part 2 of Form 941 requires you to report your deposit schedule and tax liability. Monthly schedule depositors must complete the second checkbox option on line 14 and enter tax liability for each of the three months in the quarter. Record Month 1 liability, Month 2 liability, and Month
3 liability in the spaces provided, ensuring the total equals line 10. Semiweekly schedule depositors must check the third box on line 14 and attach Schedule B to report daily tax liability.
Your deposit schedule depends on the total tax liability reported during the lookback period from
July 1, 2013, through June 30, 2014. Employers reporting $50,000 or less during this period follow monthly deposit schedules, while those reporting more than $50,000 follow semiweekly deposit schedules.
Work Opportunity Tax Credit Considerations
The Work Opportunity The tax credit for qualified tax-exempt organizations hiring eligible unemployed veterans was extended for specific periods covering 2014 and early 2015.
Qualified organizations may claim this credit against payroll tax liability using Form 5884-C, though credit availability and filing requirements vary based on when eligible veterans began work.
Signature and Submission Requirements
An authorized officer, manager, or responsible party must sign Form 941 in Part 5. Print the signer's name, title, and date of signature in the designated spaces, as an incomplete or unsigned form may delay processing or result in penalties.
Electronic filing through approved software providers offers faster processing and confirmation.
Paper filers must mail the completed form to the address listed in the Form 941 instructions for their state, depending on whether payment accompanies the return.
Part 3 requires you to indicate if your business is closed or if you qualify as a seasonal employer. Part 4 allows you to designate a third-party representative to discuss the return with
the IRS, so complete all applicable sections before submitting to ensure proper processing and avoid correspondence delays.
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