IRS Instructions 941 2017 free printable template

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...

How to fill out 941 instructions 2017 form

How to fill out IRS Instructions 941

1. Gather necessary information, including your business name, EIN, and the reporting period.
2. Complete the top section with your business information.
3. Follow the instructions for Part 1 to report the number of employees and wages paid.
4. In Part 2, calculate the taxes owed using the appropriate rates for Social Security and Medicare.
5. Fill out Part 3 if applicable, reporting any adjustments or corrections.
6. Sign and date the form at the bottom to certify the accuracy of the information provided.
7. Submit the completed form to the IRS via mail or electronically by the due date.

Who needs IRS Instructions 941?

1. Any employer who pays wages to employees and is required to withhold federal income tax, Social Security, or Medicare taxes needs IRS Instructions 941.

Instructions and Help about 941 instructions 2017 form

Hi welcome to easy payroll guide my name is Karen Hutchinson and in this video I'm going to be showing you how to complete the IRS 941 form this is the employers quarterly federal tax return this form is due at the end of each quarter so for example quarter one ends on March 31st this would be due by April 30th so April 30th July 31st October 31st and January 31st are the due date for the IRS 941 form this form is going to detail all the tax liabilities for that quarter this is how the IRS reconciles your w3 forms, so you want to make sure that the information on this form is correct what I'm going to do is I'm going to give you a scenario of a small business who had three employees, and I've taken the information from their paychecks, and I've put them into an Excel spreadsheet and this is something that you could do as well for your record-keeping in order to help you to complete or just to check the 941 form, so I have three employees, and I've included their gross pay for each employee and then in the last column I've totaled the gross pay so my total four gross pay is twenty-five thousand four hundred sixty-five dollars and twenty-seven cents I've also included in the spreadsheet the taxes that were withheld from each employee's paycheck now this is just the employee portion of the taxes, so I've included the federal withholding that I've included from each paycheck the employee Medicare portion the employer employee Social Security portion, and I've included the state withholding the state withholding we're not going to need to use or the 941, but I wanted to point that out this is only federal taxes that are going to go on the 941 form, so we are going to be using this portion not the state portion in the 941 form okay now this is the federal withholding so Medicare and Social Security for the entire quarter, so this is what my employees have been paid for all of January all of February and all of March now I'm sorry we're doing fourth-quarter so all of October all of November all of December, so it doesn't matter for three months these are the totals now along with withholding and paying taxes for your employee you also must pay an employer share of those taxes so when you major deposits you would have multiplied the Medicare portion by two and the Social Security portion by two because the employee is paying half, but you're paying half as well so as you can see here in blue the Medicare portion for the employee and the employer are the same and the same for Social Security, so these taxes were paid as well and will be noted on the 941 form so in this red box here I've kind of just summarized what we're going to be using for the nine forty-one we're going to need the total gross pay that you've paid all three employees for all three months of the quarter you will also need to know the withholding total and the total Medicare and Social Security pain it will not be broken out by employee and employer on the nine forty-one form, but you...

People Also Ask about

How to fill out form 941 Employer's Quarterly Federal Tax Return?

How to fill out 941 Form Basic business information, such as your business's name, address, and Employer Identification Number (EIN) Number of employees you compensated during the quarter. Total wages you paid to employees in the quarter. Taxable Social Security and Medicare wages for the quarter.

Can you file 941 quarterly federal tax return online?

You can e-file any of the following employment tax forms: 940, 941, 943, 944 and 945. Benefits to e-filing: It saves you time. It is secure and accurate.

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What is IRS Instructions 941?

IRS Instructions 941 provides guidance for employers on how to complete Form 941, which is used to report income taxes, social security taxes, and Medicare taxes withheld from employee paychecks, as well as the employer's share of social security and Medicare taxes.

Who is required to file IRS Instructions 941?

Employers who pay wages to employees must file Form 941 if they are required to withhold federal income tax, social security tax, or Medicare tax from employee wages.

How to fill out IRS Instructions 941?

To fill out IRS Instructions 941, employers need to gather relevant payroll information, including the total wages paid, the total taxes withheld, and any adjustments. They must then accurately complete each section of the form according to the instructions provided, ensuring all calculations are correct.

What is the purpose of IRS Instructions 941?

The purpose of IRS Instructions 941 is to assist employers in accurately reporting their payroll tax obligations to the IRS, which helps ensure compliance with federal tax laws.

What information must be reported on IRS Instructions 941?

Information that must be reported on IRS Instructions 941 includes the total number of employees, total wages paid, federal income tax withheld, social security and Medicare taxes withheld, and any adjustments or credits applicable for the reporting period.