Calculating Quarterly Medicare Tax for Employees

The first quarter Form 941 is due by April 30. Previously mentioned in our Form 941 Updated blog post,  employees who have reached over $200,000 in taxable Medicare Wages have a separate line (column 1) to fill out.

The calculation for the first quarter is relatively simple, but determining the remaining 3 quarters can more difficult.  The formula is a bit complex and takes some thinking.  As a Payroll or Tax expert, it is your responsibility to confirm the amounts are separated on each quarter’s Form 941 and to confirm the accuracy. 

Use our Medicare Calculations Spreadsheet to figure out the remaining three quarters. The instructions on first worksheet and the built in formulas on the second.

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