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Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
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Experience:  GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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When calculating the monthly Federal 941 tax amount, ...

Resolved Question:

When calculating the monthly Federal 941 tax amount, when you have two employees do you add the Total Federal Withholding and then multiply the Medicare and Social Security by 2 or 4?
Submitted: 7 years ago.
Category: Tax
Expert:  Ed Johnson replied 7 years ago.

Dear XXXXX,

Thank you for the opprotunity to respond to your question.

You should not be multilying any figures on the Form 941 by two or four.

On line one you are entering the number of employees who received wages, tips, etc.

What follows is simply entering in your total of wages and earning for each employee together.

If you follow the formula, of the form, the employer contributions are included.

If you are off a few cents because of what you actually deducted, you will include this in line 7A to determine what you actually pay.

 

you should be adding the information together from your employees, not multiplying by 2, 4 or anything. This is because what you actually deductded from each employee may be slightly different. It is the two employees added together.

Customer: replied 7 years ago.
Reply to Ed Johnson's Post: Dear Ed ~
Thanks for your quick response. I pay my Federal 941's monthly with the Federal Tax Deposit Coupon Book through my bank. So I print out my Payroll Summary for the month and to figure out the amount I owe I add the federal withholding and add the Medicare X 2 and Social Security X 2 to get this amount. When I print our my Federal Quareterly 941 my amounts are correct to the computers and the IRS; hence I owe nothing quarterly as I pay monthly. But I wasn't sure that now I have two employees, do I figure my amount by mutliplying the Medicare and Social Security by 2 or 4. I'm not sure if this clarify's my question or not.
Expert:  Ed Johnson replied 7 years ago.

Dear XXXXX,

Why are you multiplying X 2. If you use the formula of the form, it already includes the employer portion.

 

Customer: replied 7 years ago.
Reply to Ed Johnson's Post: I don't have a form. I only have my coupon booklet and my payroll summary and I calculate myself
Expert:  Ed Johnson replied 7 years ago.

Kelly,

Since you are using your own accounting method, I cannot avise you to multiply by two or 4. It may be that you have been paying too much or too little SS or MC taxes. Most likely you are payin way too much in SS and MC taxes. The mutiplyer is way less than 2. It is very difficult to get a refund of overpaid MC and SS taxes. When you do try it, you get fined.

My recommendation is to begin using the following form monthly and submit it along with your coupon. The form has a coupon attached, actually. It is fillable.

http://www.irs.gov/pub/irs-pdf/f941.pdf

 

Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
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