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The Curious Bag
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The 941 form is a form used by employers to report wages paid to the Internal Revenue Service. The form is filed periodically and lists wages and taxes withheld. Taxes are withheld from employees, deposited to the bank according to a schedule and then reported on Form 941.
Who Uses
Federal law requires all employers to withhold taxes from employee wages and report this to the IRS using Form 941.
How Filed
Form 941 is filled out manually and mailed into the local IRS office in your region. Form 941 can be filled out by hand or typed. Many businesses use computer programs that have printable versions of the form.
Frequency of Filing
Form 941 must be filed on the last day of the month following each calendar quarter. For example, for the quarter that ends March 31, the form must be filed by April 30.
Form Filing Exceptions
There are some exceptions to filing requirements. Seasonal employers who do not pay wages in the off-season and employers of farm laborers do not usually have to file Form 941. Also, employers of household employees usually do not have to file Form 941 but need to consult IRS Publication 926 or a tax professional for clarification about how they need to report wages paid to a domestic helper.
Warnings
Not filing the Form 941 or not filing on time will result in penalties being applied.
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