Preparing Your Tax Return(s) and Information Returns
Employment Taxes
Form
941, Form
941TeleFile, Employers Quarterly Tax
Return
Each quarter, all employers who pay wages subject to income
tax withholding (including withholding on sick pay and supplemental
unemployment benefits) or social security and Medicare taxes must
file Form 941, Employer's Quarterly Federal Tax Return.
Filing
Form 941
Changes
To Note
Employment Tax Rates and Wage Bases for 2001
- Social Security Tax:
a) Tax Rate-6.2% each for employers and employees
b) Wage Base-$80,400
- Medicare Tax:
a) Tax Rate-1.45% each for employers and employees
b) All wages subject to Medicare tax
- Federal Unemployment (FUTA) Tax:
a) Tax Rate-6.2% before state credits (employers only)
b) Wage Base-$7,000
Table
3. Social Security and Medicare Tax Rates (For 3 prior years)
Hints
on filing. Do not report more than one calendar quarter
on a return. Use the preaddressed
form mailed to you. If you do not have the form, get one from any
IRS office in time to file the return when due. If you use a form
that is not preaddressed, show your name and EIN on it. Be sure
they are exactly as they appeared on earlier returns. See the Instructions
for Form 941 for suggestions for preparing the form.
Reconciling
Forms W-2, W-3, and 941
Where
to file
Important References
Publication
15 Circular E, Employers Tax Guide
Form
941 Employers Quarterly Federal Tax Return
Instructions
for Form 941