Who needs Form 941 PR?
IRS Form 941 PR is the spanish version of the Employee’s Quarterly Federal Tax Return. It is created for all businesses with staff. All employers who have been paying their employees wages and withholding federal and Medicare taxes must file Form 941. If a business or an employer has seasonal employees who don’t get wages permanently, the employer doesn’t have to file IRS Form 941.
What is Form 941 PR for?
The main purpose of the form is to report on federal income tax and Medicare tax withheld from an employee's’ compensation. The form is filed every quarter even if there are no employees during that time. To figure out what amount of withheld taxes must be reported to the IRS, an employer must inform the IRS about the exact number of employees hired and the total amount of annual income paid to them during each quarter. Also according to the recent changes in tax law, an employer must withhold additional Medicare tax if the amount of annual wages paid to the employees exceeds $200,000.
Is Form 941 PR accompanied by other forms?
Generally, Form 941 isn’t accompanied by other forms. It is sent separately every quarter. However, an employer might need other forms when filing their 941. Look through the full list of forms on the IRS’s official website in the instruction section.
When is Form 941 PR due?
File Form 941 by the end of every month following the end of the quarter. Usually, it is the last day of the month. If this day is a weekend or a state holiday the deadline is moved to the next business day.
How do I fill out Form 941 PR?
Form 941 is a complicated document consisting of two pages. An employer must provide much information. The basic data that must be entered is:
- Employer’s name, contact information
- Employer’s ID number
- Calculations of the withheld tax and employee’s wages
Where do I send Form 941 PR?
The address where you must file your 941 depends on whether you include the payments with the form. The list of destinations where to send Form 941 is given on the official IRS website in the instructions to the form.