FICA and Medicare Tax Payments
Q. Where do I send FICA, Medicare, taxes?
A. If you are an employer, FICA, Medicare and Federal withholding taxes should be deposited according to the schedule assigned by the IRS to your company. Very small employers can deposit and report these withholding amounts on Form 944 annually. The other deposit requirements are Monthly, Semi-weekly and Daily depending on the amount of the deposit. All of this is discussed in Publication 15 in section 11, “Depositing Taxes.”
To answer your question, you can make deposits in two different ways. First, you can complete a form 8109 and bring cash, check or money order to a financial institution (a bank, usually yours). Form 8109 has the employers Tax ID number on it so the payment can be properly credited. The second method is through EFTPS. The IRS prefers this method and it is available to you through your payroll service provider. This method is required once you reach a certain dollar amount of deposits within a given time frame.
If you are a self-employed individual and are attempting to make estimated payments, then you need to use a 1040 ES form available on the IRS website and send it to the appropriate address on page 6 of the instructions.
This all seems complicated, but if you have a payroll service provider to prompt you, it is a very easy process to get used to.
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