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Form 941-X is filed separately from Form 941. For more information see the Instructions for Form Cat. No. 14625L visit the IRS website at IRS.gov/payments and click on Same-day wire. Purpose of Form 941 These instructions give you some background information about Form 941. They tell you who must file Form 941 how to complete it line by line and when and where to file it. See the Instructions for Schedule D Form 941 to determine whether you should file After you file your first Form 941 you...
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Instructions and Help about irs form 941

How to Fill Out IRS Form 941 Hi everyone I'm Priyanka Prakash seniorstaff writer at Fundera Today I'll show you how to fill out IRS Form941 Form 941 is a form that businesses file quarterlyto report withheld income taxes from their employees wages as well as the employerand employees share of Social Security and Medicare taxes which are together calledFICA taxes In general if you'll be paying wages of morethan 4000 per year giving you a tax liability of more than 1000 per year then you'llneed to submit Form 941 on a quarterly basis Let's get started with the form To begin indicate the quarter for which you'refilling the form out Form 941 is due on the last day of the monthfollowing the period for which you're filing For example youd file the form by April30 to cover wages paid in January February and March The other deadlines are July 31 October 31and January 31 In this case I'm going to choose option 1 I'm filing by April 30 to cover wages paidin January February and March Then you'll type in or right in your handfilling the form your businesss EIN number name and address I'm going to provide this information fora sample business Since this is a US-based business I'm goingto leave the bottom three boxes there blank Okay moving on to Part 1 which is the mostimportant part of the form because this is where you'll be providing compensation andtax information Remember that you should only be providingnumbers for the quarter that the filing covers For instance if you're filling out this formfor the April 30 deadline you would only provide wage and withholding information forJanuary February and March So if you hired a new employee and startedpaying them in April that individuals information should not appear on this formfor that filing It's easy to break down wage and withholdinginformation by quarter if you use accounting software or payroll software Start with the number of employees in line1 These could be full time part time or seasonalemployeesanyone who received wages during the quarter with the exception of independentcontractors farm workers and household employees You should also exclude seasonal workers forwhom you did not pay any wages this quarter In our example we will pretend that we havethree employees for ABC Bakery LLC In line 2 enter the gross amount of wagestips and other types of compensation that those employees received Compensation can include things like bonusesfringe benefits and employee expense reimbursements In this example let's just assume for simplicitysake that each of our three employees received 50000 in total compensation giving us agrand total of 150000 for the three employees In line 3 you'll note the amount of federalincome taxes that you've withheld from your employees this quarter Now this amount will obviously depend oneach employees federal tax bracket the choices they made on their W-4 withholdingform as well as if they're using...