Federal Payroll Tax Reports
Luckily on the federal side there is only one form you need to file to report all of your payroll related taxes—Form 941, “Employer’s Quarterly Federal Tax Return.” After you’ve completed your quarterly spreadsheets, it is a rather easy form to fill out.
As you can see in the sample form we completed, the calculations are very simple. Here is a line-by-line explanation:
Line 1: Equals the number of employees on the payroll (only required for March)
Line 2: Total wages
Line 3: Total federal income tax withheld
Line 4: Check off if no wages subject to Social Security and Medicare
Line 5: Calculation for Social Security and Medicare wages and tips
Line 6: Total taxes before adjustments
Line 7: Calculations for ...