Get IRS Instructions 941-SS 2022-2024

To calculate your FICA tax burden, you can multiply your gross pay by 7.65%. Self-employed workers get stuck paying the entire FICA tax on their own.

If employers defer payment of the employee and / or employer share of Social Security tax and pay the deferred amount in the same quarter it was deferred, employers should report the amount of the payment or deposit on Form 941, line 16, or on Schedule B (Form 941) on the date of the payment or deposit and not the date ...

If the actual amount withheld is less than the employee portions calculated in Step 1, then enter a negative adjustment on Form 941, line 7 or Form 944, line 6. If the actual amount withheld is more than the employee portions calculated in Step 1, then enter a positive adjustment on Form 941, line 7 or Form 944.

Subtitle C, Employment Taxes, of the Internal Revenue Code imposes employment taxes on wages and provides for income tax withholding. Form 941-SS is used to determine the amount of the taxes that you owe. Section 6011 requires you to provide the requested information if the tax is applicable to you.

Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent. The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount.

Wages you paid. Tips your employees reported to you. Federal income tax you withheld from your employees' paychecks. Employer and employee shares of Social Security and Medicare taxes.

On lines 5a and 5b, you must multiply taxable Social Security wages (5a) and taxable Social Security tips (5b) by 0.124. The decimal represents the rate of Social Security tax on taxable wages. Both you and your employee must contribute 6.2% each paycheck for Social Security.

Form 941-PR is used by employers in Puerto Rico to report social security and Medicare taxes only. Form 941-SS is used by employers in the U.S. possessions to report social security and Medicare taxes only. Schedule B is used by employers to record their employment tax liability.