How to calculate for the form 941 total income tax?

Answer by  Chaneygirl (1755)

Form 941 is for employment taxes. List the amount of federal income tax withheld on line 2. Then fill in your social security & medicare wages and multiply them by. 124 &. 029 respectively, add to the total income taxes withheld and that is the amount of payroll taxes due.

Answer by  Kurt (4579)

The 941 form is for employers to report the amount of federal income tax and Social Security ( employer and employee ) taxes sent to the federal government. A large company with many employees should make the federal tax deposit every pay period.