What are the deposit requirements for Form 941, Employers Quarterly Federal Tax Return?
A. The tax liability on a Form 941 return includes your employees’ withheld federal income tax, social security tax, and Medicare tax, and your share of social security and Medicare tax. If you accumulate a liability for these taxes of $500 or more per quarter, you must deposit this amount by making payment to an authorized financial institution or the Federal Reserve bank for your area. A Form 8109, Federal Tax Deposit Coupon, or FTD Coupon, must accompany your payment. You must deposit the Form 941 taxes based on either a monthly or semi-weekly deposit schedule. For specific information, refer to Tax Topic 757, Form 941 – Deposit Requirements or Publication 15, Employer’s Tax Guide.
