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Form 941

What is form 941?

Form 941 is used by employers to report income taxes, Social Security taxes, and Medicare taxes withheld from employee pay checks. Employers must pay a share of the Social Security or Medicare tax. If you own a business and employ people, you are likely required to file IRS Form 941, Employer's Quarterly Federal Tax Return, four times a year.

Who needs to fill out form 941?

Any individual or firm that pays wages to an employee is required to file a Form 941 every quarter, even if there are no employees during part of the quarters. As an employer, you must deduct federal income tax and other payroll taxes from each employee's pay check and remit them to the Internal Revenue Service. The entire amount of tax you withheld during the quarter is reported on each Form 941 you submit.

Note: Seasonal businesses who do not pay employee wages for one or more quarters, employers of domestic employees, and employers of agricultural employees are the only exceptions to this reporting requirement.

What is the due date of form 941?

The last day of the month, following the end of the quarter, is when Form 941 is due. For example, for salaries paid during the first quarter, January through March, one must complete Form 941 by April 30.

The IRS sets four filing deadlines for you to meet since you must file a separate form for each quarter. The following are the deadlines for each year: April 30th, July 31st, October 31st, and January 31st.

What are the penalties associated with the form 941?

Failure to file a Form 941 on time may result in a penalty of 5% the tax owed for each month or part of a month the return is late. The penalty is limited to a maximum of 25%. Making late tax payments or paying less than you owe will result in a separate penalty. Depending on how many days you are late paying the right amount, the IRS will tax you 2 to 15% of the underpayment.

Where does one file form 941 in 2022?

Instructions and the most up-to-date information can be found at www.irs.gov/Form941. Before you fill out Form 941, read the separate instructions. Within the boxes, type or print.

What is the difference between form 940 and form 941?

The type of employment tax reported is the difference between Forms 940 and 941. Federal unemployment is filed on Form 940, and Medicare, Social Security, and federal income tax withholding is filed on Form 941. Form 940 is an annual form that must be filed by January 31st, and Form 941 is a quarterly form that must be filed one month after the end of each quarter.

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