Frank R. Knight, C.P.A.
Payroll Tax Liability Schedule
Federal 941 tax – Federal income tax withholding and employee and employer portion of Social Security & Medicare taxes. Paid monthly[1] with a federal tax coupon (or on-line through EFTPS), payable by the 15th of the following month. There is an Employer’s Quarterly Federal Tax Return, form 941 due to be filed by the end of the month following the close of the quarter.
Federal 940 tax – Federal Unemployment tax fully paid by the employer. Paid quarterly with a federal tax coupon (or on-line through EFTPS), payable by the 15th of the month following end of quarter. There is an annual report form 940 due to be filed by the end of the month following the close of the year.
Oklahoma Withholding tax –This is employees’ Oklahoma income tax withholding. It is paid either monthly or quarterly and due by the 15th of the month following the close of the month or quarter along with an Oklahoma Employers Withholding Tax Return. (It may be paid and reported on-line through OTC QuickTax)
Oklahoma Employment Security Commission – Oklahoma unemployment tax is paid by the employer. This tax is paid quarterly and reported on Employers Quarterly Contribution Report and is due to be filed and paid by the end of the month following the end of the quarter.