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Information about Form 941, Employer's Quarterly Federal Tax Return, including recent updates, related forms, and instructions on how to file. Form 941 is used by employers who withhold income taxes from wages or who must pay social security or Medicare tax.
Use the March 2024 revision of Form 941 to report taxes for the first quarter of 2024; don't use an earlier revision to report taxes for 2024. At this time, the IRS expects the March 2024 revision of Form 941 and these instructions to also be used for the second, third, and fourth quarters of 2024. If changes in law require additional changes ...
Box 4—Name and address. Enter your name and address as shown on Form 941. Enclose your check or money order made payable to “United States Treasury.”. Be sure to enter your EIN, “Form 941,” and the tax period (“1st Quarter 2024,” “2nd Quarter 2024,” “3rd Quarter 2024,” or “4th Quarter 2024”) on your check or money order.
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- What Is IRS Form 941: Employer's Quarterly Federal Tax Return?
- How to File Form 941
- Taxes Reported on Form 941
- Special Considerations When Filing Form 941
- The Bottom Line
IRS Form 941, also known as the Employer's Quarterly Federal Tax Return, is used when businesses report the income taxes, payroll taxes, Social Security, and Medicare taxes withheld from their employees' wages. Many businesses are required to file IRS Form 941 on a quarterly basis, and the form ultimately determines the company's total payroll tax ...
Form 941 consists of six pages and five parts. At the top of page 1, the employer provides a name (including a trade name if one is used), address, and employer identification number (EIN). Also, the employer indicates the filing period: 1. First quarter (January, February, March) 2. Second quarter (April, May, June) 3. Third quarter (July, August,...
In Part One, the employer reports the amount of taxes paid on wages, tips, and other compensation. There are four types of taxes: 1. Federal taxes withheld from employee wages (Line 3). 2. Social Security taxes (Lines 5a and 5b). The tax rateof 12.4% is for amounts owed by the employee and employer. 3. Medicare taxes (Line 5c). The rate is 2.9 perc...
For Small Employers
An employer that owes employment taxes of $1,000 or less for the year can file Form 944, Employer’s Annual Federal Tax Return if given IRS permission to do so. Call 800-829-4933 or send a written request, as you must receive permission before filing this form instead of Form 941.
Amended Forms
If you need to correct Form 941, use Form 941-X, Adjusted Employer Quarterly Tax Return or Claim for Refund. For example, if wages were understated or Social Security tax on tips was overstated, and you discover the error, use this form to correct it.
IRS Form 941 is an important document for businesses. It is used to report income taxes, payroll taxes, Social Security, and Medicare taxes withheld from employee wages. The form requires you to disclose specific information about your company, including the number of employees, total wages paid, and taxes withheld. Filing deadlines for Form 941 ar...
IRS Form 941 is the form your business uses to report income taxes and payroll taxes that you withheld from your employees’ wages. — Getty Images/BartekSzewczyk. IRS Form 941 is one of the many IRS tax forms with which business owners need to be familiar. Form 941 needs to be filed regularly.
Sep 25, 2024 · Form 941. If you operate a business and have employees working for you, then you likely need to file IRS Form 941, Employer’s Quarterly Federal Tax Return, four times per year. As an employer, you are responsible for withholding federal income tax and other payroll taxes from each employee’s paycheck and remitting it to the IRS.
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Apr 4, 2021 · Internal Revenue Service (IRS) Form 941 is the Employer's Quarterly Federal Tax Return.It's used by employers to report tax withholding amounts for estimated income tax payments, employer payments, and FICA taxes, more commonly known as Social Security and Medicare.
