Form 943 2022 Printable, Fillable PDF – Farm workers’ pay must be withheld from their earnings by a variety of different sorts of employers, including those that hire them. For agricultural employers, withholding taxes from your workers’ paychecks is almost certainly standard practice. Additionally, you are responsible for filing IRS Form 943 to record your earnings. So what exactly is Form 943?
What Exactly Is Form 943?
Employer’s Annual Federal Tax Return for Agricultural Employees: is a form used by agricultural employers to report the taxes withheld from their employees’ pay on an annual basis. In addition to reporting federal income tax, Social Security tax, and Medicare tax, Form 943 also records other taxes.
Harvesters, soil surveyors, and farm managers are examples of the many types of farm personnel.
Form 943 Criteria Must Be Met
If you withheld taxes from the pay of one or more agricultural laborers, you must submit Form 943 to the IRS.
If any of the following conditions are met, agricultural businesses are required to withhold taxes from their workers’ wages:
- During the tax year, you pay an employee cash remuneration of $150 or more for agricultural labor performed by him or her.
- You must pay at least $2,500 in total wages (cash and noncash) to all agricultural employees throughout the course of the year.
If your company does not fulfill any of these standards, you should refrain from filing Form 943. Visit the Department of Labor’s website for additional information on the rules and legislation that agricultural employers must adhere to.
Form 943 Must Be completed
A variety of pieces of information are required on your Form 943. Information such as the following should be gathered:
- Personal contact information, such as a postal address and a telephone number,
- The Federal Employer Identification Number (FEIN) of your company (FEIN)
- Your company’s financial records for the tax year are available for review (e.g., employee wages and taxes withheld).
Form 943, in contrast to several other tax forms, does not require the submission of any supporting papers or information, such as receipts. If the Internal Revenue Service requires extra information in addition to Form 943, they will contact you by mail.
Form 943 Must Be Completed And Submitted
If you are required to file Form 943, you must be aware of the frequency with which you must file, the day on which you must file, and the location where you must file your business’s form.
Form 943 must be filed on a yearly basis. Following the submission of your first Form 943, you are required to file a return every year, even if you have no taxes to file. Form 943 must be filed on an annual basis until you no longer employ or pay farm laborers.
Every year, on the 31st of January, Form 943 is due. If, on the other hand, you make your deposits on time and in full for the tax year, you will be able to submit your return by February 11.
Form 943 may be submitted by mail or electronically over the Internet. If you opt to mail Form 943, be sure to address it to the Internal Revenue Service. The IRS website provides an electronic filing option for the form.
Form 943: Instructions On How To Fill It Out (Step By Step)
In order to complete a Form 943, you will need to supply the information listed below:
- The identifying number of the employer (EIN)
- A company’s trade name
- If the return address is different from the previous one, it is indicated.
- If you will not be required to submit returns in the future, this will be indicated.
- In the pay period, the number of agricultural workers employed was calculated.
- Salary and earnings subject to social security taxes rolled into one
- Withholding for Medicare Taxes in addition
- Withholding of federal income tax
- Before any changes, the total amount of taxes is calculated.
- Adjustments for the current year
- After modifications, the total amount of taxes is calculated.
- Increased research efforts are eligible for a qualified small company payroll tax credit.
- After adjustments and credits, the total amount of taxes owed is known.
- Form 943-X and the total deposits for 2018 (including any overpayments from the previous year)
- The remaining balance is payable.
- Total taxes after adjustments and credits less than $2,500 (do not complete Form 943-A or monthly summary of federal tax liability), semi-weekly depositor (complete Form 943-A), or monthly depositor (do not complete Form 943-A or monthly summary of federal tax liability)
- Information about a third-party designee
- Information on a compensated preparer
- A voucher for making a payment
- The amount of the payment
- The company’s name