941 Form 2022 Printable, Fillable PDF – You will most likely need to submit IRS 941 Form, Employer’s Quarterly Federal Tax Return, four times each year if you own and run a company with workers who are employed by you. As an employer, you are responsible for deducting federal income tax and other payroll taxes from each employee’s paycheck and remitting the money to the Internal Revenue Service (IRS). Each 941 Form you submit indicates the total amount of tax you withheld from your paychecks for the quarter in question.
Who Is Required To Submit Form 941?
In general, every person or corporation that pays wages to an employee is required to submit a 941 Form once a quarter, and this need must be met even if there are no workers during part of the quarter in question. The only exceptions to this filing requirement are seasonal businesses that do not pay employee salaries for a period of one or more quarters, employers of domestic workers, and employers of agricultural employees, all of whom are exempt from this requirement.
Form 941 Must Be Completed
Every time you complete 941 Form for the quarter, you must submit a report to the IRS.
- If you have a certain quantity of staff,
- The entire amount of pay you received and
- The amount of taxes withheld from your paycheck to calculate the amount owed to the Internal Revenue Service.
You’ll need your payroll records, as well as evidence of any taxable tips that your workers disclose to you, before you can begin filing your return.
In addition to federal income tax, when calculating the amount to send to the IRS, the payment must include the following items:
- Social Security insurance will cost 6.2 percent of each employee’s salary, up to a maximum of $142,800 in 2021.
- The Medicare tax is calculated at 1.45% of all taxable wages.
As an employer, you are responsible for making an extra payment to the Internal Revenue Service equal to the amount of Medicare and Social Security taxes deducted from employees’ paychecks. Additionally, starting in 2015, an employer will be required to withhold an additional Medicare Tax on earnings earned in excess of $200,000 for the year, in addition to any other taxes that are being deducted.
Deadlines For Submitting Form 941
Because you must submit a new form each quarter, the Internal Revenue Service (IRS) establishes four filing deadlines that you must meet. Each year, the following deadlines must be met:
- The 30th of April
- The 31st of July is a national holiday in the United States.
- On October 31st,
- On January 31st,
Just keep in mind that the filing date is always the last day of the month after the end of the quarter in which the report is due. This provides you with one month to complete the form before submitting it to the Internal Revenue Service.
Staying Out Of Trouble
If you fail to submit 941 Form on time, you may be subject to a penalty equal to 5% of the tax owed on that return for each month or part of a month that the return is late.The fine is limited to a maximum of 25% of the total.There is a distinct penalty for making tax payments late or for paying less than you owe in taxes. Depending on how many days you are late in making the correct payment, the Internal Revenue Service will charge you a penalty ranging from 2 to 15% of your underpayment.
Towards the end of the year, the total amount reported on the four 941 Form must equal the sum of all of the amounts reported on the W-2 forms that you deliver to workers, as well as the Form W-3 that you submit to the IRS. If anything doesn’t add up, you will almost certainly get a letter from the Internal Revenue Service.
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