Section 13-3

Section 13-3
Reporting Withholding & Payroll Taxes

W-2, 941, and W-3 Forms

W-2 Form

• Reports an employee's total yearly earnings and payroll taxes paid

• Used to file income tax return

Multiple Choice

By when should employers have sent W-2s to their employees?

• December 31

• January 15

• January 31

• February 1

Multiple Choice

What does box 1 on the W-2 form represent?

• Federal income tax withheld

• Social Security taxes withheld

• Medicare taxes withheld

• Taxable income from wages, salaries, tips, etc.

Multiple Choice

What percentage of your earnings is withheld for Social Security taxes, as shown in Box 4 of the W-2 form?

• 1.45%

• 6.2%

• 10%

• 4.2%

• info obtained from employee earnings records

• shows federal, SS, and medicare tax due to the govt.

• filed before the last day of the month following the end of a quarter

Employer Quarterly Return

Form 941

1. Enter company name, address, EIN, & quarter-end date in heading section

2. Enter # of employees on line 1

3. Enter total quarterly earnings on line 2

4. Enter income tax withheld on line 3

5. Enter quarterly employee & employer SS taxes and medicare taxes on lines 5a and 5c (column 1), respectively. Perform the calculations and input #s in column 2.

6. Enter total SS & Med. tax on line 5e.

7. Enter total taxes on line 6.

8. Add lines 6-9 for total taxes owed & enter amount on line 10.

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Steps to prepare 941

9. Carry total taxes due from line 10 to line 12.

10. Enter total deposits made during the quarter on line 13.

11. If line 12 is more than line 13, enter balance due on line 14.

12. If line 13 is more than line 12, enter the difference & choose a method for return.​

Steps to prepare 941

Multiple Choice

How often is form 941 filed?

• Quarterly

• Monthly

• Weekly

• Yearly

• Reports previous year's earnings & payroll taxes withheld for all employees

• Sent to SS Admin. by Feb. 28 each year

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W-3