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Cat. No. 17001Z Form 941 Rev. 1-2016 Part 2 Tell us about your deposit schedule and tax liability for this quarter. 941 for 2016 Form Rev. January 2016 Employer s QUARTERLY Federal Tax Return 950114 OMB No. 1545-0029 Department of the Treasury Internal Revenue Service Report for this Quarter of 2016 Employer identification number EIN Check one. 1 January February March Name not your trade name 2 April May June Trade name if any 3 July August September 4 October November December Address...
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Who needs a 941 form 2016?

This form is used by the employers to report income taxes, social security tax, and Medicare tax withheld from employees wages. The second part of the form is the Payment Voucher - it has to be completed if the employer makes a payment with the 941 form. This form shouldn’t be used to report income tax withholding on pensions, annuities, or gambling winnings.

What is the purpose of the 941 form 2016?

The Employer’s Quarterly Federal Tax Return is required to file the withheld taxes from the wages which the employer pays to his employee. These taxes include federal income tax, social security tax and Medicare tax.

What other documents must accompany the 941 form 2016?

This form has to be accompanied by 941-V if the employer is making a payment. This is actually in case the total taxes for the current quarter are less than $2,500,000. The check or money order payable to United States Treasury should also be enclosed.  

When is the 941 form 2016 due?

The form must be submitted once in a quarter (for every three months of the 2016 year). The estimated time for completing the form is one hour.

What information must be provided in the 941 form 2016?

The form provides the following details:

  • Employer Identification Number

  • Employer’s name

  • Trade name

  • Address

  • Reporting quarter (check the appropriate box)

The employer has to answer all the questions in the form and provide the required details and figures: number of employees, wages, tips, and other compensation, deposit schedule and tax liability. The employer also should make some calculations following the instructions provided.    

The form should be signed by the authorized person and dated as well.

Where do I send the 941 form 2016 after its completion?

The completed form is filed with the local IRS office.

In this short video we will walk through how to complete a form 941 you will complete one form 941 in the chapter 3 homework assignment and again at the end of the semester is part of the payroll project let's complete a form 941 for a small business here's the information for the first quarter of 2015 January through March you can see the amount of wages federal income taxes withheld and tax deposits made during the quarter remember that form 941 is used to report both FICA taxes and federal income taxes the top of form 941 shows the demographic information for the company note that this form asks for an EIN or employer identification number this is similar to your personal social security number and it is an ID number used on all federal tax filings for a company remember that this is a quarterly form so you indicate which quarter you are reporting information for on the top right of the form 941 line one asks for the number of employees which is three in this example line two asks for the amount of wages tips and other compensation for the quarter this line is really asking for wages and tips subject to federal income taxes which we will cover in Chapter four for now we will just put the total amount of wages for the quarter twelve thousand dollars line three asks for federal income taxes withheld for the quarter for now let's just enter the given information one hundred and thirty dollars we will go over how this amount is calculated in Chapter four the next portion of the form 941 calculates the employer and employee FICA taxes on line five a column one we enter the amount of taxable Social Security wages or twelve thousand dollars in this case we then multiply that number by point 124 or twelve point four percent to get 1488 dollars that goes on line five a column two we don't have any tips so we can skip line 5 b-4 line 5c we will enter in the Medicare wages of twelve thousand dollars in column one then multiply that amount by point two nine or two-point-nine percent to get 348 that goes in column 2 we don't have to worry about line 5 D at this point because it is only for high-income earners note that the amount of taxable wages on line 5 c5a and two are the same number in this example these numbers can be different for example if we had an employee that made over 117,000 dollars this year the portion of the wages that are over one hundred and seventeen thousand dollars would be excluded from line 5 a but would be included in lines to and 5c the next portion of the form 941 totals up the amount of federal income taxes and FICA taxes that the employer owes follow the form instructions to come up with the totals on line 5 e + 6 we can ignore line 5f for now line seven is the fraction of sense adjustment this represents small rounding issues that arise because this form calculates the FICA taxes on a single amount twelve-thousand dollars but the employer calculates these taxes multiple times during each quarter on each payday to figure out...
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