A. Form 941 is the Employer's Quarterly Federal Tax Return. It is used by employers to report payroll taxes withheld from employees' wages and the employer's portion of Social Security and Medicare taxes.
A. All employers who pay wages subject to Social Security and Medicare taxes or withhold federal income tax must file Form 941. This includes employers with employees, household employers, and agricultural employers.
A. Form 941 is filed quarterly, which means you must file it four times a year. The deadlines are April 30, July 31, October 31, and January 31 of the following year. If any due date for filing falls on a Saturday, Sunday, or legal holiday, you may file your return on the next business day.
A. You will need to report the total wages paid to employees, the amount of federal income tax withheld, the amount of Social Security and Medicare taxes withheld, and the employer's share of Social Security and Medicare taxes.
A. The penalty rate ranges from 2% to 15% of the unpaid tax, depending on the number of days the payment is late. If the tax deposit is less than two days late, the penalty is 2% of the unpaid tax amount. Failure to Deposit Penalty.
A. You should keep copies of filed Forms 941 and supporting documentation for at least four years from the date the tax was due or paid, whichever is later.
A. You can view, download, or print most of the forms, instructions, and publications you may need at IRS.gov/Forms. Otherwise, you can go to IRS.gov/Order Forms to place an order and have them mailed to you.
A. Notify the IRS immediately if you change your business name. Write to the IRS office where you file your returns, using the without a payment address provided in the instructions for your employment tax return, to notify the IRS of any business name change.
A. If you accidentally over-deposit your payroll taxes, you can request a refund of the overpayment from the IRS.
A. If you underpay your payroll taxes, you may be subject to penalties and interest charges on the unpaid balance.
A. Yes, you can change your deposit schedule. However, you must notify the IRS before the start of the quarter in which you want to change your deposit schedule.
A. To be considered a monthly depositor for Form 941, a business must have a payroll tax liability (Form 941, Line 12) of less than $50,000 for the lookback period. The lookback period is a four-quarter period that ends on June 30th of the previous year. Under the monthly deposit schedule, deposit employment taxes on payments made during a month by the 15th day of the following month.
A. Businesses are considered semi-weekly depositors for Form 941 if they have a payroll tax liability (Form 941, Line 12) of $50,000 or more during the lookback period. The lookback period is a four-quarter period that ends on June 30th of the previous year. Under the semi-weekly deposit schedule, deposit employment taxes for payments made on Wednesday, Thursday, and/or Friday by the following Wednesday. Deposit taxes for payments made on Saturday, Sunday, Monday, and/or Tuesday by the following Friday .The deposit due date is based on the date the wages were paid, not when they were earned.
A. Form 941 Schedule B is used to report the employer's tax liability for semi-weekly payroll periods.
A. Employers who are considered semi-weekly depositors for payroll taxes must file Form 941 Schedule B to report their payroll tax liability.
A. File Schedule B (Form 941) with your Form941 or Form 941-SS every quarter when Form 941 or Form941-SS is due.
A. Form CT-1 is the annual Employer's Railroad Retirement Tax Return, used to report Railroad Retirement Taxes (RRTA) under the Railroad Retirement Tax Act.
A. Employers who are liable for Railroad Retirement Taxes must file Form CT-1 annually.
A. You will need the following details:
A. Yes, you can file an amended CT-1 if you need to correct errors or update information.
A. If you are filing a paper version of Form CT-1, please send it to the following address:
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A. The RRB Number is a unique identification number assigned by the Railroad Retirement Board (RRB) to employers subject to Railroad Retirement Taxes. You will need to provide this number when filling out Form CT-1.
If you are unsure of your RRB Number, you can find it on official correspondence from the Railroad Retirement Board or by contacting them directly.
A. Employers who paid wages to agricultural workers and withheld federal income tax, Social Security, or Medicare taxes must file Form 943.
A. Form 943 is due by January 31 of the following year. For example, the 2024 form is due by January 31, 2025.
A. Typically, no. Agricultural wages are reported on Form 943, while non-agricultural wages are reported on Form 941. If you have both types of employees, you may need to file both forms.
A. Form 944 is designed for small employers whose annual federal employment tax liability is $1,000 or less. The IRS must notify you if you're required to file Form 944 instead of Form 941.
A. Form 944 is due January 31 of the following year. For example, the 2024 return is due January 31, 2025.
A. Only if the IRS notifies you. You can request to file Form 944, but approval from the IRS is required.
