I prefer to use formalin in a bath rather than a QT. It's nasty stuff and like to minimize the fish's exposure to it.
30-60 minute bath treatment: 1 ml per gallon, or 20 drops per gallon. Aerate vigorously and treat at this concentration for approximately 45 minutes. You can actually treat for a maximum of 60 minutes if the fish seems to be handling the bath fine, but cut it short (30 minutes) if breathing becomes too heavy.
Formalin is best administered in a bath solution for 30-45 minutes. The bath is best done in a large glass bowl or container, but a plastic bucket is fine as well. (However, keep in mind that plastic may absorb some of the medication and then leach it back out during future use.)
Temperature/pH/salinity of the bath water should match the tank the fish is coming from (and going into afterwards.) It is very important to heavily aerate the bath for at least 30 minutes before and also during treatment to compensate for oxygen depletion. The fish should be placed in a premixed bath solution. DO NOT add more formalin after the fish is already in the bath.
It is important to always transfer the fish into a new/sterile quarantine tank (QT) post bath. Returning the fish to the same tank you took him out of will just result in reinfection.