If you are a business owner you are responsible for filing and paying quarterly taxes to the IRS through your Form 941. This form allows you to report your withholdings, deposits, and employment taxes. Even if an individual quarter is not an accurate reflection of the rest of the year, your taxes must be filed and paid quarterly.
For the 2013 tax year the Form 941 has changed to reflect an additional Medicare tax for high-income individuals. This new form will take affect for all quarterly taxes that are filed January 31st an after.
Quarterly Tax Due Dates
Quarterly taxes must be processed every 3 months, and filed and paid 30 days after the quarter has ended. The due dates are as follows:
1st Quarter: Ends March 31st and must be filed and paid by April 30th.
2nd Quarter: Ends June 30th and must be filed and paid by July 31st.
3rd Quarter: Ends September 30th and must be filed and paid by October 31st.
4th Quarter: Ends December 31st and must be filed and paid January 31st.
You can file your taxes online via Intuit Online Payroll, or you can have your tax professional submit them for you.
Filling Out Your Form 941
Filling out your form 941 will require you to calculate the following information:
- Number of current employees, and amount of wages paid during the quarter.
- The amount of withheld taxes from all staff wages.
- The taxable amount of Social Security and Medicare wages.
- Adjustments required to account for time off, additional wages such as tips, group-life insurance, ect.
Once all of these numbers are gathered you will calculate the difference between the total taxes due and your total deposits to determine what you owe for the quarter.
Use Intuit Online Payroll and Forget the Hassle
Federal & state payroll taxes are calculated for you. Just click to pay and file your taxes or print completed forms on your printer. Unlike other payroll services, we let you keep your payroll tax money until it’s due. Try Intuit Payroll and Calculator Free for 30 days.