On March 12, 2013, the IRS released the revised Form 941 to be used effective for the 1st quarter 2013. The new form reflects the tax changes where the Social Security tax was increased back to 6.2% from 4.2% in 2012 and the additional .9% Medicare taxes for employees with taxable wages over $200,000. The form can be downloaded on the IRS Website.
Form 941 2013 Updates
The only changes are to Part 1 of the Form 941.
- Line 5a percentage is increased to .124 from .104 in 2012 due to the additional 2% increase in the Social Security percentage.
- A new line 5d was added for the additional .9% Medicare tax for taxable wages over $200,000. Column 1 amount is the wages over $200,000, the multiplier is .009 and Column 2 is the extended tax withholding amount
- Line 5e was previously Line 5d
- Line 5f was previously Line 5e
- Line 6 was changed to reflect the appropriate lines (3, 5e and 5f) to total for the Total taxes before adjustments.
- Parts 2 – 5 and the Schedule B contain no additional changes.