941 Form 2021, the Employer’s Quarterly Federal Tax Return is out for employers to report income paid to employees and tax withheld for the 2021 tax year. As an employer, you will file three Forms 941 in 2021 and one in January 2022. This is because the deadline to file the last quarter’s 941 falls to January 30 the following year.
Although Form 941 can be filed electronically, you also have the option to fill out the 941 online and print out a paper copy. The 941 Form 2021 can be filled out online and once you’re done, you can save it as a PDF file to keep for your own records or print out a paper copy, right off of your browser to mail to the Internal Revenue Service.
Important things to know about 2021 Form 941
Employers who are filing Form 941 for the first time can be quite confused but let us explain the purpose of Form 941 2021.
First and foremost, the Social Security and Medicare tax you withhold from employees’ income, also known as FICA taxes are reported using Form 941. This is how you’re going to report these tax withheld from employees’ income when processing payroll.
Since this is the sole purpose of Form 941, don’t overcomplicate it when you look at it. Form 941 is actually a lot simpler than it looks. Upon filling out 941 Form 2021 from the link above, you can download the one you filed online as a PDF file and/or print out a paper copy.
The only thing that is left to do from here is to mail it to the Internal Revenue Service. The mailing address in which you will use for 941 Form 2021 depends on your principal place of business or state of residence.
Take note that if you enter incorrect money amounts, you will need to correct them with Form 941-X and claim a refund if you overpay employment taxes or pay off the amount you didn’t pay.