Tax form 941 Information

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Tax Form 941 - Employer's Quarterly Federal Tax Return

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This content is (hopefully!) a simplified version of the "Instructions for Form 941". Form 941 is what most employers use to

record and pay income tax, social security, and Medicare withholdings. Its

not the step by step, line by line version, but will teach "show you the

ropes" of Form 941.

Purpose and Filing of Form 941:

If Joe is an employer, Federal law requires that he takes out of his employees'

paychecks (withholds) sums for federal income tax, social security tax, and

Medicare tax. Under this withholding system, taxes withheld from Joe's

employees are credited to them when they pay their "tax liabilities". Of course, Joe has to withhold from himself, to help

pay his social security and Medicare taxes.

Purpose and Filing of Form 941:

The IRS warns Joe not to use form 941 to report withholdings on nonpayroll

payments including but not limited to pensions, annuities, and gambling

winnings. The IRS also says that Joe must file an initial 941, then one each

quarter, even if he has no taxes to report, unless he fits one of the

exceptions listed below.

Exceptions Seasonal employers have no need to file form 941 in

quarters they have paid no wages.

Employers of solely Household employees don't usually file form 941.

Employers of farm employees don't usually file form 941 either.

Agricultural employers file form 943.

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Joe must use form 941 to report these amounts to the IRS:

Wages he has paid.Tips his employees were given.Federal income tax he withheld.

All the social security and Medicare taxes he withheld (including his own).

The current quarter's adjustments to Medicare and social security taxes. These adjustments are for

fractions of cents, sick pay, group-term life insurance, and tips.

Advanced EIC payments.

E File Taxes 2012 - 2013