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IRS Form 941 is a quarterly tax form that employers use to report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.
Employers who pay wages to employees and are required to withhold income tax, Social Security tax, and Medicare tax must file Form 941.
To fill out Form 941, gather payroll records, enter relevant employee data, report wages and withholdings, calculate taxes owed, and sign the form before submitting it to the IRS.
The purpose of Form 941 is to report employment taxes and provide the IRS with information regarding employee wages and the taxes withheld.
The form requires reporting the total number of employees, wages paid, federal income tax withheld, Social Security and Medicare taxes, and adjustments to tax liabilities.
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