Due Dates
Federal Deposit Coupons should be deposited at your
bank by the 15th of the month.
Form 941 is due by the 15th of April, July,
October, January. If you make deposits using the FDC, you have until
the end of those months to mail the report.
Form 940 is due by the 31st of January for the
preceding year. The tax should have been paid using an FDC on the same
dates as Form 941.
Form W-2 or 1099 should be distributed to employees by the last day of January. You need not mail the government copies until the end of February.
North Carolina - State Withholding Reports are due the 15th of April, July, October, and January, if you are on the quarterly plan. Monthly plans report on the 15th of each month. Employment Security Commission reports are due on the same date.
Figuring Federal Withholding and Social Security
The Social Security wage base for 2006 is $94,200. This means that the tax applies up to this point. The tax remains at 6.2% for Social Security and 1.45% for Medicare. These are multipied times the gross wages to get the amount of tax withheld. The employer is responsible for this same amount (not deducted from wages). To find your tax liability for the month figure social security and medicare withholding for the month double it and add any federal tax withholding. This amount should be deposited with an FDC by the 15th of each month unless your total withholding for the quarter is less than $2,500. If it is, you do not need to make deposits. Federal Withholding can be found by consulting the tables in Circular E. The IRS has proposed a new form Form 944 for small employers, which would allow once a year filing. Information on eligibility and use of the form will be available later.
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