What do employers use to report withheld FICA taxes quarterly?

What do employers use to report withheld FICA taxes quarterly?

• A. Form 940
• B. Form 941
• C. Form 1099
• D. Form W-2

Answer: (B)

Employers use Form 941 to report withheld FICA taxes on a quarterly basis. This form specifically serves to report the amount of income taxes withheld from employee wages, as well as the employer's and employee's share of Social Security and Medicare taxes. By filing Form 941, employers ensure compliance with federal tax obligations, providing the IRS with details of accrued payroll taxes for every quarter. This form is essential for maintaining accurate records of payroll tax liabilities and payments, and it helps in reconciling the total amounts reported with those actually paid. The other forms listed have different purposes: Form 940 is used for reporting annual Federal Unemployment Tax Act (FUTA) taxes, Form 1099 is typically used to report non-employee income, and Form W-2 is issued to employees to report annual income and withheld taxes, not for quarterly reporting.

Employers use Form 941 to report withheld FICA taxes on a quarterly basis. This form specifically serves to report the amount of income taxes withheld from employee wages, as well as the employer's and employee's share of Social Security and Medicare taxes. By filing Form 941, employers ensure compliance with federal tax obligations, providing the IRS with details of accrued payroll taxes for every quarter. This form is essential for maintaining accurate records of payroll tax liabilities and payments, and it helps in reconciling the total amounts reported with those actually paid.

The other forms listed have different purposes: Form 940 is used for reporting annual Federal Unemployment Tax Act (FUTA) taxes, Form 1099 is typically used to report non-employee income, and Form W-2 is issued to employees to report annual income and withheld taxes, not for quarterly reporting.