Cat. No. 17001Z Form 941 Rev. 1-2011 Part 2 Tell us about your deposit schedule and tax liability for this quarter. 941 for 2011 Form Rev. January 2011 950111 Employer s QUARTERLY Federal Tax Return OMB No. 1545-0029 Department of the Treasury Internal Revenue Service EIN Report for this Quarter of 2011 Employer identification number Check one. Name not your trade name 1 January February March 2 April May June Trade name if any 3 July August September Address Number Street 4 October November...December Suite or room number City State Prior-year forms are available at www*irs*gov/form941. ZIP code Read the separate instructions before you complete Form 941. Type or print within the boxes. Part 1 Answer these questions for this quarter. Number of employees who received wages tips or other compensation for the pay period including Mar* 12 Quarter 1 June 12 Quarter 2 Sept. 12 Quarter 3 or Dec* 12 Quarter 4 Wages tips and other compensation Income tax withheld from wages tips and other...compensation If no wages tips and other compensation are subject to social security or Medicare tax. Column 1 Check and go to line 6e. 5a Taxable social security wages. 5b 5c Taxable Medicare wages tips. 5d Add Column 2 line 5a Column 2 line 5b and Column 2 line 5c 5e Section 3121 q Notice and Demand Tax due on unreported tips see instructions 6a Reserved for future use. 6b 6c 6e Total taxes before adjustments add lines 3 5d and 5e. Current quarter s adjustment for fractions of cents. For 2011...the employee social security tax rate is 4. 2 and the Medicare tax rate is 1. 45. The employer social security tax rate is 6. 2 and the Medicare tax rate is 1. 45. Do Not Complete Lines 6a-6d 6d Total taxes after adjustments. Combine lines 6e through 9. Total deposits including prior quarter overpayments 12a COBRA premium assistance payments see instructions 12b Number of individuals provided COBRA premium assistance. Add lines 11 and 12a. Balance due. If line 10 is more than line 13 enter the...difference and see instructions Overpayment. If line 13 is more than line 10 enter the difference Apply to next return* Next You MUST complete both pages of Form 941 and SIGN it. For Privacy Act and Paperwork Reduction Act Notice see the back of the Payment Voucher. Send a refund. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor see Pub. 15 Circular E section 11. Write the state abbreviation for the state where you made your deposits OR...write MU if you made your deposits in multiple states. Line 10 on this return is less than 2 500 or line 10 on the return for the preceding quarter was less than 2 500 and you did not incur a 100 000 next-day deposit obligation during the current quarter. If you meet the de minimis exception based on the prior quarter and line 10 for the current quarter is 100 000 or more you must provide a record of your federal tax liability. If you are a monthly schedule depositor complete the deposit...schedule below if you are a semiweekly schedule depositor attach Schedule B Form 941.
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Instructions and Help about IRS 941
How to edit IRS 941
How to fill out IRS 941
Instructions and Help about IRS 941
How to edit IRS 941
Editing IRS 941 requires ensuring accuracy in your financial report. Locate the specific sections needing updates, such as wages paid or taxes withheld. Use a digital editing tool like pdfFiller to make adjustments easily without compromising format or clarity. Once edits are completed, review the form to confirm all changes are reflected correctly before final submission.
How to fill out IRS 941
Filling out IRS 941 involves several key steps. Start by entering your employer identification number (EIN) at the top of the form. Next, provide the total number of employees and their respective wages under the applicable sections. Collect your tax withheld figures from previous payroll records to ensure accuracy. Verify each entry thoroughly before submitting the form to the IRS.
About IRS previous version
What is IRS 941?
IRS 941, also known as the Employer’s Quarterly Federal Tax Return, is a tax form used by employers to report income taxes withheld from employee wages, as well as Social Security and Medicare taxes. This form is essential for accurately reflecting an employer's tax liabilities within a fiscal quarter.
Who needs the form?
Any employer who pays wages subject to income tax withholding, Social Security, or Medicare tax must file IRS 941 quarterly. This includes full-time and part-time employers, as well as those who pay wages to household employees exceeding specific thresholds. Understanding your obligation to file helps avoid potential penalties.
Components of the form
IRS 941 is composed of various sections, each critical for accurate reporting. The form includes information on the employer's identification details, the number of employees, total wages, taxes withheld, and any adjustments for prior periods. Familiarizing yourself with each component ensures that your filing is complete and compliant.
What information do you need when you file the form?
When filing IRS 941, gather several key pieces of information, including your EIN, total number of employees, and detailed wage and tax withholding records. Also, ensure you have prior quarter tax information available to accurately complete necessary adjustments. This preparation is vital for filling out the form without errors.
Where do I send the form?
Send IRS 941 to the designated processing center based on your business location and method of filing. If you are filing by mail, you will send it to an address specified by the IRS; if filing electronically, the submission process will direct you to the appropriate electronic filing platforms. Confirm the correct destination to avoid processing delays.
What is the purpose of this form?
The purpose of IRS 941 is to report the taxes owed to the U.S. government based on the wages paid to employees. It provides necessary information on total income taxes withheld, Social Security tax amounts, and Medicare tax amounts due. This report ensures compliance with federal tax obligations and offers the IRS a clear view of an employer's payroll tax activities.
When am I exempt from filling out this form?
Exemptions from filing IRS 941 may apply in certain situations. For instance, if an employer has no wage payments during a quarter, they may not need to file. Additionally, employers who are classified as seasonal businesses can file Form 941 only for quarters in which they have payroll activity. It’s crucial to familiarize yourself with qualifying criteria to determine your specific filing requirements.
What are the penalties for not issuing the form?
Failing to file IRS 941 or filing it late can result in penalties imposed by the IRS. The penalties typically include a percentage of the unpaid tax amount for each month the form is late, up to a maximum limit. Additionally, accrued interest may also be applicable on unpaid amounts. Timely filing is essential to mitigate such penalties and any potential legal repercussions.
Is the form accompanied by other forms?
IRS 941 may require supporting documentation depending on your tax situation. If you are making adjustments to prior quarters, you may need to file additional forms, such as Form 941-X. Check the IRS guidelines for requirements that need accompanying documentation for your specific filing scenario.
FAQ about IRS 941
How can I correct mistakes on an already filed IRS 941?
To correct mistakes on an IRS 941 that has already been filed, you will need to submit Form 941-X, Adjusted Employer's QUARTERLY Federal Tax Return or Claim for Refund. This form allows you to amend your original filing and address specific errors such as miscalculations of tax liability or incorrect employee counts. Make sure to carefully follow the instructions for Form 941-X to ensure accurate processing.
How can I check the status of my IRS 941 submission?
To verify the status of your IRS 941 submission, you can call the IRS Business & Specialty Tax Line. They can provide you with information on whether your form has been received and if there are any issues. Additionally, if you e-filed, you might receive immediate confirmation from the e-filing system, which can help you track the processing status.
What should I do if I receive a notice from the IRS regarding my 941?
If you receive a notice from the IRS about your IRS 941, it's essential to read it thoroughly to understand the issue. Follow the instructions provided in the notice, which may require additional documentation or a response. Prepare any necessary paperwork and respond promptly to avoid further penalties, and keep a copy of all correspondence for your records.
What are some common errors that happen while filing IRS 941?
Common errors while filing IRS 941 include misreporting employee wages, claiming incorrect tax credits, or failing to sign the form. Double-checking figures and using tax preparation software can help avoid these mistakes. If you notice an error after filing, taking prompt action to amend the return with Form 941-X is crucial to mitigate potential penalties.
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