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IRS Form 941 for 2015, 2016

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IRS Form 941What is IRS Form 941?

Form 941 is the Employer’s Quarterly Federal Tax Return. As an employer you know you must withhold federal taxes from the paychecks of your employees.

IRS Form 941 can be filled out using online payroll software by QuickBooks.

Employers are responsible to prepare and send tax forms to the Internal Revenue Service

Form 941 pdf from IRS

Employers do not need to hire bookkeepers and face the expensive costs for their services. Employers can prepare and file tax forms by themselves using online payroll software. You can even try the payroll software for 30 days for free.

The taxes which are withheld consist of federal income tax, Medicare tax and Social Security tax. The employee is taxed at 4.2% and the employer is taxes at 6.2% for Social Security. They both pay 1.45% for Medicare tax. The limit of taxation for Social Security tax is $110,100 for each employee for the year. Medicare taxation does not have a limit on wages earned which are subject to the tax.

Form 941 is used to report the following information:

  • Wages paid to your employees
  • Tips paid to your employees
  • The federal income tax you took out of employee checks
  • The amount of employer’s and employee’s portions of money paid for Social Security and the Medicare tax paid
  • Current quarter’s adjustments to Social Security and Medicare taxes for fractions of cents, group-term life insurance, tips, and sick pay
  • Credit for COBRA premium assistance payments
  • Advanced earned income tax credit (eic) payments

Of course there are certain types of payments that should not be reported on form 941 for example, income tax withholding on non-payroll payments. Some of the non-payroll payments would include gambling winnings, pensions and annuities. Form 945 is used to report these amounts which is not a quarterly form, it is an annual form used to report to the federal government.

When is the Employer’s Quarterly Federal Tax Return Filed?

Form 941 is filed every three months. Every employer is on the same quarterly payment schedule. If you’re new in business you must file your first form at the end of the first quarter in which you paid employees wages. This form is due on the last day of the month following the end of the quarter.

Here is the Employer’s Quarterly Federal Tax Return Schedule:

  • First quarter ends on March 31st – you must file by April 30th
  • Second quarter ends on June 30th – you must file by July 31st
  • Third quarter ends on September 30th – you must file by October 31st
  • Fourth quarter ends on December 31st – you must file by January 31st

If you need help when it comes to the Employer’s Quarterly Federal Tax Return you should use online payroll software by QuickBooks. You will be amazed at how easy it is to plug in the numbers and let the payroll software program do all of the hard work for you.
QuickBooks payroll software
can allow you to get back to running your business.