Tax Form 941 - Employer's Quarterly Federal Tax Return

Tax Form 941 - Employer's Quarterly Federal Tax Return This article 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... More

Tax Form 941 - Employer's Quarterly Federal Tax Return This article 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. The IRS warns Joe not to use form 941 to report withholdings on non payroll 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 q Less