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The total liability to report each month in 2013 is the gross taxable wage times 15.3% (both the employee's and employer's portion) plus federal withholding. So, if your gross taxable wage for January is $4410, the liability is $4410 X .153= $674.73 for SS and Medicare plus the federal withholding.
Sorry, I was having trouble with the chat.
Does this make sense?
Thank you so much :) I understand it.
Very good!! If you have any more troubles, just let me know. I will be glad to help you.
Okay, thank you.
You are welcome!
January Payroll $ 4,410 x .153%=674.73
Medicare + Social security = $ 337.36 + $ 674.73= 1012.09
February Payroll $ 6, 920 x.153 = 1058.76
Medicare + Social Security= $ 529.40 + 1058.76 = 1,588.16
March Payroll $ 15, 680 x .153 % =2399.04
Medicare + Social Security=$ 1,199.52 + 2399.04= 3,598.56
Total liability $ 6,198.81 this is close to
The total on line 10 is $7, 164.53
What is the federal withholding for each month?
The 15.3% is the employer SS and Medicare withholding along with the employer's SS and withholding they are to match.
So, you withhold 7.65% from the employee for SS and Medicare along with their federal withholding.
The company matches the SS and Medicare at 7.65% as well.
These two combined equals the 15.3%.
Taxable social security is .124 and medicare is .029 Federal withhoding percentage I am not sure
How much was withheld from the employee's checks for the federal withholding? That is the missing figure.
If you add the .124 and the .029 together, that equals the .153 or 15.3% I was talking about earlier.
Have you paid in the 941 deposits for the January - March payroll?
OH okay I understand
What this section of the 941 is trying to do is to ensure you have paid in the proper amount of 941 deposits timely for the quarter.
Thank you so much for your help. You have been very helpful. I am going to give you Excellent service rating :)
Thank you!! I appreciate that!
Have a nice day :)
Good luck and if you need further assistance, please let me know. Have a nice day as well!