Electromagnetic quasistatic field models, which take into consideration resistive, inductive, and capacitive effects, have been introduced for electrical engineering applications whose geometrical characteristics, combined with the operational frequencies, suggest negligible radiation phenomena. Here, a monolithic variant of a previously proposed two‐step electromagnetic quasistatic algorithm and a two‐step time‐domain Maxwell formulation are presented, together with relevant initial‐boundary value problems. In view of numerical experiments, the fields that are obtained with the two‐step electromagnetic quasistatic algorithm, its monolithic variant, and the two‐step time‐domain Maxwell formulation are compared and turn out to be in good agreement.