The Internal Revenue Service (IRS) is reminding businesses of upcoming quarterly payroll tax deadlines. Employers must report federal income tax and other employment taxes on employees’ wages, including federal income tax withheld, to stay compliant and avoid costly penalties.
Companies must submit the Employer’s Quarterly Federal Tax Return, or Form 941, to report Social Security taxes, Medicare taxes, and other obligations. Employers must file Form 941 by the last day of the month after each quarter. If a due date falls on a weekend or legal holiday, it moves to the next business day. Businesses that stop paying wages must still file the form for the final quarter.
Filing covers several types of employment taxes, including payroll taxes, FICA taxes, and Social Security and Medicare contributions. Employers must also report the additional Medicare tax withheld from high earners. These records help ensure employers and employees are properly credited with the Social Security Administration.
Employers must make timely federal tax deposits to cover their tax liability, which includes payroll tax liability, Medicare taxes, and withheld income taxes. Deposits can be made by electronic funds transfer through EFTPS, at a financial institution, or by paying online directly to the United States Treasury. Businesses may also use a payroll service, tax preparer, or paid preparer to manage tax payments.
Deposit timing depends on a company’s deposit schedule. Smaller employers often deposit monthly, while larger firms follow a semiweekly plan. The next-day rule requires immediate payment if $100,000 or more in tax deposit obligations arise in a single day. When a due date lands on a weekend or legal holiday, the deadline shifts to the next business day.
Employers must report all wages paid, including amounts classified as taxable wages and taxable Social Security wages, on the quarterly federal tax return. This extends to household employees, sick pay, and taxable fringe benefits. All employees' reported earnings must be credited correctly to the Social Security Administration.
Reporting also includes taxable Social Security tips and other compensation, such as group term life insurance. Each wage and tax statement must show accurate tax withholding and total taxes. Errors can result in IRS adjustments to a previously filed tax form and may require amending the tax return. These filings ensure proper credit toward Social Security and unemployment taxes.
The IRS encourages electronic filing for every quarterly federal tax return. Employers must have a valid Employer Identification Number (EIN) to file Form 941 or other IRS forms. Electronic filing allows businesses to submit a tax form, confirm receipt within 24 hours, and reduce errors when reporting FICA and income taxes.
Many employers hire a tax professional, payroll service, or tax preparer for support. These services can handle tax payments, help amend a previously filed form, and ensure proper reporting of employees’ wages, additional Medicare tax, and the employer’s quarterly federal tax. Partnering with a paid preparer helps businesses meet deadlines and avoid mistakes.
The Internal Revenue Service emphasizes that accurate filing of payroll taxes, including income tax withholding, Social Security and Medicare, and unemployment taxes, protects employees and employers. Meeting every due date, making timely deposits, and submitting a correct tax return are essential to avoiding penalties. Businesses can reduce risk by using secure electronic funds transfer or authorized third parties to send payments to the United States Treasury.
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