Explain the Federal and State quarterly wage forms for employees?

Question

What contribution does the 941-V represent?

Answer 1

By law, employers are responsibile for matching the employee's taxes for unemployment benefits if you fire an employee and social security for the employee, if I'm not mistaken. Example: if the taxes are 15.3% of cash wages. Your share is 7.65% and the employee's share is 7.65%. You pay them quarterly to avoid, basically, any temptation to not pay them since it is a crime not to. You may need Publication 15 to clarify it more.

Answer 2

An IRS form 941 is the document you use quarterly as an employer to report federal income tax and social security, medicare contributions deducted from the employees' wages and the employer's share of those if required. The following statement is printed on the form 941 along with a copy of the for 941 V.

Purpose of Form
Complete Form 941-V, Payment Voucher, if you are
making a payment with Form 941, Employer’s
QUARTERLY Federal Tax Return. We will use the
completed voucher to credit your payment more
promptly and accurately, and to improve our service to
you.

Answer 3

The form 941V is the payslip you take to the bank to pay federal income tax and social security/medicare contributions deducted from the employees' wages as well as the employer's share of social security/medicare. It must be filed quarterly.