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What are 941 taxes

what are 941 taxes

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Filling out taxes is a delicate and complex task, especially for business owners. If you’re a business owner please be aware of the information and forms you need to provide. If you're paying employee wages, chances are you need to file a 941 tax return form.

What is a 941 form? If you are an employer who withholds income taxes, social security tax, or Medicare tax from an employee's paychecks or who must pay the employer's portion of Social Security or Medicare tax, use Form 941 to report those taxes.

Use the federal 941 forms to report:

- Wages you have paid

- Tips your employees have received

- Federal income tax you withheld

- Both the employer’s and the employee’s share of Social

Security and Medicare taxes.

- Additional Medicare Tax withheld from employees

- Current quarter’s adjustments to Social Security and Medicare taxes for fractions of cents, sick pay, tips and group-term life insurance.

Do not use the IRS 941 form to report backup withholding or income tax withholding on nonpayroll payments. After you file your first Form 941, you must file a return for each quarter, even if you have no taxes to report, unless you filed a final return or one of the exceptions listed next applies.

Complete the 941 tax form if you are making a payment with Form 941, Employer’s QUARTERLY Federal Tax Return. To avoid any penalties, please review the payments you should make with your 941 form.

edited Oct 27, 2014 by Anonymous

Category: Taxes

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