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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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How to Fill Out IRS Form 941 Hi everyone I'm Priyanka Prakash senior staff writer at Fund era Today I'll show you how to fill out IRS Form941 Form 941 is a form that businesses file quarterly to report withheld income taxes from their employees wages as well as the employer and employees share of Social Security and Medicare taxes which are together called FICA taxes In general if you'll be paying wages of more than 4000 per year giving you a tax liability of more than 1000 per year then you'll need 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 month following the period for which you're filing For example you'd 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 paid in January February and March Then you'll type in or right in your hand filling the form your businesses EIN number name and address I'm going to provide this information for a sample business Since this is a US-based business I'm going to leave the bottom three boxes there blank Okay moving on to Part 1 which is the most important part of the form because this is where you'll be providing compensation and tax information Remember that you should only be providing numbers for the quarter that the filing covers For instance if you're filling out this form for the April 30 deadline you would only provide wage and withholding information for January February and March So if you hired a new employee and started paying them in April that individuals' information should not appear on this form for that filing It's easy to break down wage and withholding information 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 except independent contractors farm workers and household employees You should also exclude seasonal workers for whom you did not pay any wages this quarter In our example we will pretend that we have three employees for ABC Bakery LLC In line 2 enter the gross amount of wages tips and other types of compensation that those employees received Compensation can include things like bonuses fringe benefits and employee expense reimbursements In this example let's just assume for simplicity’s sake that each of our three employees received 50000 in total compensation giving us grand total of 150000 for the three employees In line 3 you'll note the amount of federal income taxes that you've withheld from your employees this quarter Now this amount will obviously depend on each employee's federal tax bracket the choices they made on their W-4 withholding form as well as if they're using pre-tax money for any purpose like a retirement account...