VIRTUAL ENTERPRISE TAX ACCOUNT
122 Amsterdam Avenue
New York, N.Y. 10023
WITHHOLDING TAX FORM 941
READ ALL INSTRUCTIONS BEFORE COMPLETING THIS FORM
Company Name: Beginning Date of Payroll:
Address Ending Date of Payroll:
City Employer Identification #
State and ZIP code
FEDERAL WITHHOLDING REMITTANCE FORM
1 NUMBER OF EMPLOYEES IN THE PAY PERIOD
THAT INCLUDES THE 12th DAY OF THE MONTH
A B C
2 TOTAL WAGES PLUS OTHER COMPENSATION
3 CONTRIBUTIONS TO QUALIFIED PENSION PLANS
4 WAGES SUBJECT TO FED. INCOME TAX (2C - 3C) -
5 TOTAL FEDERAL INCOME TAX WITHHELD
6 TAXABLE SOCIAL SECURITY WAGES x .124 -
7 TAXABLE MEDICARE WAGES x .029 -
8 TOTAL OF LINES 5C, 6C AND 7C -
STATE AND LOCAL TAX REMITTANCE
9 TAXABLE WAGES
10 AMOUNT OF STATE TAX WITHHELD
11 AMOUNT OF LOCAL TAX WITHHELD -
12 TOTAL OF LINES 10 AND 11 -
Pay to the VE Tax Account, VEC-Bank # 100002354
13 LINE 8 FROM ABOVE -
14 LINE 12 FROM ABOVE -
15 TOTAL OF LINES 13 AND 14 -
TYPE OR PRINT NAME OF PERSON RESPONSIBLE FOR THE PAYROLL RECORDS:
SIGNATURE OF PERSON RESPONSIBLE FOR THE PAYROLL RECORDS
Virtual Enterprises, International
122 Amsterdam Avenue
New York, NY 10023
VEC Withholding Tax Form (941) Instructions
When to file: Submit this completed form to the VEC not later than the fifteenth day of the
month following the end of the payroll period.
How to file: Submit 941information directly on the form that is posted on the VE Web site.
(www.veinternational.org; go to "Student Employees", then "Tax Forms", then "Submit
Withholding Tax Form 941") Regardless of whether your payroll is prepared bi-weekly or
semi-monthly, submit all payroll data for the month when completing this report. Do not
submit more than one 941 for the month.
Payment Information: Pay the amount indicated in box 15C to the VE Tax Account, VEC
Bank # 100002354. Payment must be made when report is submitted. Late submission of
reports and/or late payment of taxes may result in penalties.
Line by line instructions:
Line 1. Indicate the number of employees included in the pay period that includes the 12th
day of the month.
Line 2. Enter the amount of all wages and other compensation that has been paid to all
employees in box 2 C.
Line 3. Enter the total amount of pension plan contributions that have been deducted from
employees' gross wages in 3C.
Line 4. Subtract 3C from 2C and enter the result in 4C.
Line 5. Enter the total amount of Federal income tax withheld from wages and other
compensation in box 5C.
Line 6. Enter the total amount of taxable Social Security wages in box 6A. Note that Social
Security wages are NOT reduced by pension or 401(k) contributions. Social Security wages
are generally the same as the wages reported on line 2. Multiply the amount of the Social
Security wages by 12.4% (.124) and enter the result in box 6C. Note: do not include any
wages in excess of $94,200 for any employee.
Line 7. Enter the total amount of Medicare wages in box 7A. Multiply that amount by 2.9%
(.029) and enter the result in box 7C.
Line 8. Add 5C, 6C and 7C and enter the result in box 8C.
Line 9. Enter the total wages and compensation paid to all employees.
Line 10. Enter the amount of state income tax withheld in box 10 C.
Line 11. Enter the amount of local income tax withheld in box 11 C.
Line 12. Add 10 C and 11C and enter the result in box 12 C.