There are tax forms in the United States that requires submission in a quarterly basis. The most common example of these quarterly tax forms is the Form 941 which is the Employer's Quarterly Federal Tax Return. It is a requirement that all employers that pay salaries that are subjected to federal income tax withholding must file this form. In the context of income tax withholding, it includes withholding on supplemental unemployment benefits and on sick pay; also, Form 941 must be filed when the employee is subjected to social security and Medicare taxes.
It is a must to file Form 941 quarterly; the first quarter of filing is from January through March, the second is from April through June, the third is from July through September and the fourth is from October through December. Normally, the last day of the month is the due date for Form 941. It is a requirement that all employers must submit their employment taxes before filing Form 941. Some discrepancies on the values of social security and Medicare taxes may occur because there are instances that the values obtained are different from the payroll records due to fractions of cents that were gained or lost during the individual computation for employees. These discrepancies can be elicited by adjusting the tax but the difference should be just a fraction of a cent. Adjustments that are made must be attached to Form 941 because these will serve as supporting documents in correcting the information that is previously calculated. In the Form 941, the income tax withdrawn is added to the Medicare and social security taxes. If some employees made advance income credits, these should also be reported using Form W-5 which pertains to the advance earned income credit.
After making the necessary calculations and adjustment, the resulting net tax will be the amount that must be paid for the quarter. According to the IRS, if the resulting net tax will reach $2,500, the employer must fill part two of the Form 941 if the employer is a monthly schedule depositor while Schedule B if the employer is a semiweekly depositor. These forms serve as a proof that the employees were paid on a specific date. This will also help the IRS to keep track with the depositing schedules of the employer, whether the employer is a punctual taxpayer or not. For filing Form 941 on the fourth quarter, the line 17 of the form will be utilized instead of using part two.