Employers must complete Form 941 for each quarter’s earnings. It is also known as the quarterly federal tax return. The form details the wages, tips, and any other compensation paid to employees along with total taxes withheld for that quarter.
The due date for filing each quarter’s Form 941 is before the quarter ends. So the deadline for filing the first quarter’s Form 941 is March 31, second quarter’s Form 941 is June 30 and so on. Although Form 941 is fairly easy to complete, there are a few calculations that you need to make. The examples taken from the form is below.
Taxable Social Security Wages x 0.124 = (enter the amount on Column 2 of 5a)
Taxable Social Security Tips x 0.124 = (enter the amount on Column 2 of 5b)
Taxable Medicare Wages & Tips x 0.29 = (enter the amount on Column 2 of 5c)
Taxable Wages & Tips subject to Additional Medicare Tax withholding x 0.29 = (enter the amount on Column 2 of 5d)
Since the Form 941 is fillable through IRS.gov, you can make these calculations easily and enter the right amounts on the accurate places. Given the multiplying amount is right in front of the columns, you can fill out Form 941 with ease by using only a calculator.
Even though there are calculators that you can use online, you cannot import the calculated amounts to Form 941. So it is best to complete Form 941 on IRS.gov. Besides filling out Form 941 on IRS.gov, you’ll have the most recently issued quarterly tax return form.
Start filling out Form 941 by clicking here.
Once you open the Form 941 on a new tab on your browser, you can click on the boxes to enter the amounts and additional information needed to complete your quarterly tax return.