How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Stephanie B. Your Own Question

Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 555
Experience:  MTax, EA, QuickBooks Proadvisor. Over 10 years accounting and tax experience specializing in individual and small business.
Type Your Tax Question Here...
Stephanie B. is online now
A new question is answered every 9 seconds

How do I calculate monthly tax liability for line 16 on the

Resolved Question:

How do I calculate monthly tax liability for line 16 on the 941 form?
January Payroll $ 4,410 Medicare + Social security = $ 337.36
February Payroll $ 6, 920 Medicare + Social Security= $ 529.40
March Payroll $ 15, 680 Medicare + Social Security=$ 1,199.52
Submitted: 1 year ago.
Category: Tax
Expert:  Stephanie B. replied 1 year ago.

Stephanie B. :

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.

Stephanie B. :

Sorry, I was having trouble with the chat.

Stephanie B. :

Does this make sense?

Customer:

Thank you so much :) I understand it.

Stephanie B. :

Very good!! If you have any more troubles, just let me know. I will be glad to help you.

Customer:

Okay, thank you.

Stephanie B. :

You are welcome!

Customer:

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

Stephanie B. :

What is the federal withholding for each month?

Stephanie B. :

The 15.3% is the employer SS and Medicare withholding along with the employer's SS and withholding they are to match.

Stephanie B. :

So, you withhold 7.65% from the employee for SS and Medicare along with their federal withholding.

Stephanie B. :

The company matches the SS and Medicare at 7.65% as well.

Stephanie B. :

These two combined equals the 15.3%.

Customer:

Taxable social security is .124 and medicare is .029 Federal withhoding percentage I am not sure

Stephanie B. :

How much was withheld from the employee's checks for the federal withholding? That is the missing figure.

Stephanie B. :

If you add the .124 and the .029 together, that equals the .153 or 15.3% I was talking about earlier.

Stephanie B. :

Have you paid in the 941 deposits for the January - March payroll?

Customer:

OH okay I understand

Stephanie B. :

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.

Customer:

Thank you so much for your help. You have been very helpful. I am going to give you Excellent service rating :)

Stephanie B. :

Thank you!! I appreciate that!

Customer:

Have a nice day :)

Stephanie B. :

Good luck and if you need further assistance, please let me know.

Have a nice day as well!

Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 555
Experience: MTax, EA, QuickBooks Proadvisor. Over 10 years accounting and tax experience specializing in individual and small business.
Stephanie B. and 4 other Tax Specialists are ready to help you

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
< Last | Next >
  • I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response... T.G.W Matteson, IL
  • I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight. Bonnie Chesnee, SC
  • Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation. John Minneapolis, MN
  • Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. Orville Hesperia, California
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
 
 
 

Meet The Experts:

 
 
 
  • Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
< Last | Next >
  • http://ww2.justanswer.com/uploads/KU/KUMI95/2013-9-30_195031_kumar.64x64.jpg Wallstreet Esq.'s Avatar

    Wallstreet Esq.

    Tax Attorney

    Satisfied Customers:

    570
    10 years experience
  • http://ww2.justanswer.com/uploads/CU/Cuttinggirl/2011-10-29_03719_wcrop2.64x64.jpg Wendy Reed's Avatar

    Wendy Reed

    Enrolled Agent

    Satisfied Customers:

    3052
    15+ years tax preparation and tax advice.
  • http://ww2.justanswer.com/uploads/CATax/2009-08-04_204548_Mark.jpg Mark D's Avatar

    Mark D

    Enrolled Agent

    Satisfied Customers:

    985
    MBA, EA, Specializing in Business and Individual Tax Returns and Issues
  • http://ww2.justanswer.com/uploads/IN/insearchoftheanswer/2013-8-16_0233_attorney.64x64.jpg Richard's Avatar

    Richard

    Tax Attorney

    Satisfied Customers:

    3229
    29 years of experience as a tax, real estate, and business attorney.
  • http://ww2.justanswer.com/uploads/MY/MyVirtualCPA/2012-7-5_44024_cookmegan1.64x64.jpg Megan C's Avatar

    Megan C

    Certified Public Accountant (CPA)

    Satisfied Customers:

    6121
    Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
  • http://ww2.justanswer.com/uploads/JG/jgordosea/2012-6-7_43138_GordosVeritas.64x64.jpg jgordosea's Avatar

    jgordosea

    Enrolled Agent

    Satisfied Customers:

    2783
    I've prepared all types of taxes since 1987.
  • http://ww2.justanswer.com/uploads/OZ/ozaukeecpa/2012-6-7_193219_Picture1croppedandshrunk.64x64.jpg MequonCPA's Avatar

    MequonCPA

    Certified Public Accountant (CPA)

    Satisfied Customers:

    2231
    CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.