2012 Form 941

What is 2012 Form 941?

The 2012 Form 941 is a tax form used by employers to report employment taxes withheld from their employees' paychecks. It is also used to calculate and report the employer's share of social security tax, Medicare tax, and federal income tax withholding. This form is essential for businesses to ensure compliance with federal tax regulations and to accurately report their employment tax liabilities.

What are the types of 2012 Form 941?

There are two types of 2012 Form 941: Quarterly Form 941 and Annual Form 941. The Quarterly Form 941 is filed by employers on a quarterly basis to report employment taxes for each quarter of the year, while the Annual Form 941 is filed at the end of the year to reconcile the total annual employment tax liability. Both forms serve the purpose of reporting and paying employment taxes to the IRS.

Quarterly Form 941
Annual Form 941

How to complete 2012 Form 941

Completing the 2012 Form 941 requires careful attention to detail. Here are the steps to complete the form:

01
Provide your business information, including employer identification number (EIN), business name, and address.
02
Report total wages paid and the number of employees during the quarter or year, depending on whether you are filing the quarterly or annual form.
03
Calculate and input the amounts of various taxes withheld from your employees' wages.
04
Calculate and enter the employer's share of social security tax, Medicare tax, and federal income tax.
05
Make sure to double-check all the figures and calculations to ensure accuracy.
06
Sign and date the form to certify its authenticity.
07
Submit the form to the IRS by the designated deadline.

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Video Tutorial How to Fill Out 2012 Form 941

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Questions & answers

If you fail to File your Form 941 or Form 944 by the deadline: Your business will incur a penalty of 5% of the total tax amount due. You will continue to be charged an additional 5% each month the return is not submitted to the IRS up to 5 months.
This federal tax return must be filed every quarter, enabling the IRS to understand and assess the employer's track of federal tax payments and filings. Form 941 can be filed electronically and by paper.
How to file a 941 from a previous year Click the Reports menu. Go to Employees & Payroll, click More Payroll Reports in Excel, then choose Tax Form Worksheets. Turn on the Macros. Under Which worksheet do you want to create?, choose Quarterly 941. Enter the dates, then click Create Report.
The penalty for a failure to file Form 941 (if required) is 5% of the tax due with the return. This penalty is assessed each month for a maximum of 25% of the tax due. In addition, you can also be assessed the failure to pay penalty of 0.5% per month. This penalty also has a maximum of 25% of the unpaid tax.
You can e-file any of the following employment tax forms: 940, 941, 943, 944 and 945.
The penalty for paying late is initially ½% of the unpaid tax shown on the return. It is charged each month or part of a month following the payment due date until the tax is paid. The penalty increases to 1% of the unpaid tax for any tax that is not paid within 10 days after we issue a notice of intent to levy.