Question: What are the 2014 Changes to IRS Form 941?

Answer:

New Form 941 for 2014: an Overview
Form 941 for 2014 payroll taxes has been changed to reflect recent changes in law:

• The Social Security tax for each of employers and employees remains at 6.2%, the same as 2013. The Social Security wage limit for 2014 is $117,000. This is the maximum amount of pay that Social Security can be applied to.
• The Medicare tax rate is 1.45% each for employers and employees, the same as for 2013. There is no maximum amount of wages to which Medicare taxes apply.

• The additional Medicare tax (as explained below) continues to apply for higher income employees. In addition to the 1.45% employers must pay for Medicare tax, an additional 0.09% must be paid for employees after they reach $200,000 in wages for a year. This additional Medicare tax is not withheld from employee pay.
• Effective after December 31, 2013, COBRA premium assistance payments for terminated employees cannot be claimed on Form 941. See the instructions for Form 941 for more information.

The 2014 version of form 941has been issued by the IRS.

IRS Form 941-Employer's Quarterly Federal Tax Form
Form 941 is used by employers to submit payroll taxes due from both employees and employers. It includes:

• Information on payroll taxes (Social Security taxes, Medicare taxes, and federal income taxes) withheld from employee paychecks and
• Employer payments of payroll taxes from employee withholding and for the employer portion of FICA taxes

Form 941 also includes a calculation of total amounts due for the quarter from both employees and employers, and it shows discrepancies between what has been paid and what is owed.

Any over-payments or under-payments are due along with the Form 941, using a Form 941-V payment voucher.
Additional Withholding for Additional Medicare Tax
Additional Medicare tax is due from high-income employees and self-employed individuals for 2014 income. 

The additional Medicare tax is based on the income filing status and income level of the employee:

• Married filing jointly - $250,000
• Married filing separately - $125,000
• Single - $200,000
• Head of household (with qualifying person) - $200,000
• Qualifying widow(er) with dependent child - $200,000

 

Submitting Form 941
Form 941 must be submitted to the IRS the end of the month after the end of each quarter. The first due date for Form 941 for 2013 is January 31, 2013, for the last quarter (October, November, December) of 2012. The changes to Form 941 for 2013 do not affect the January 31, 2013 due date. Additional due dates for Form 941 in 2013:

• April 30, for the quarter beginning January 1, 2014, and ending March 31, 2014
• July 31, for the quarter beginning April 1, 2014, and ending June 30, 2014
• October 31, for the quarter beginning July 1, 2014, and ending September 30, 2014
• January 31, 2015, for the quarter beginning October 1, 2014, and ending December 31, 2014.

If the report due date is a weekend or holiday, the due date is the next business day.
If the calculations on Form 941 show an underpayment, that payment may be made with Form 941, using payment voucher 941-V. Other payroll tax payments must be made electronically, through the Electronic Federal Tax Payment System (EFTPS). Read more about how to submit payroll taxes to the IRS.
 

Here is the IRS document information on Form 941.

More about Form 941-Employer's Quarterly Federal Tax Return.