FICA and Federal Income Taxes
To summarize these accounts of these taxes (FICA(employees share,Employers share)) the employer must file Form 941, Employer's Quarterly Federal Tax Return with the IRS at the end of each calendar quarter. If during the quarter in question the employer's total tax liability is less than $2,500, payment may be sent with Form 941. However, if the total taxes exceed $2,500, employers are not permitted to send payment directly to the IRS at the end of the quarter. Instead, the taxes must be deposited by electronic funds transfers or in a Federal Reserve bank or other authorized bank.