IRS Form 941 is a tax form that businesses file quarterly to report income taxes, Social Security taxes, and Medicare taxes they withheld from employee paychecks. Employers also use Form 941 to report their portion of Social Security and Medicare taxes. An employer that paid employees wages that were subject to federal income taxes, Medicare taxes, and Social Security taxes must file Form 941.
At the top of Form 941, you will need to provide various business information. This information includes your employer identification number (EIN), business name, trade name (if applicable), business address, and quarter you are filing the return for. When completing Form 941 you will also need to provide information regarding your deposit schedule and tax liability for the quarter. You will also need to answer various questions about your business and provide information regarding wages you’ve paid to your employees, taxes withheld, tax credits, etc.
Step 2: Sign Form 941
Once you’ve completed all of the information on Form 941, you must sign the form. The following people are authorized to sign the return:
Sole proprietorship – the individual who owns the business
Corporation (including LLCs treated as a corporation) – the president, vice president, or other principal officer duly authorized to sign
Partnership (including LLCs treated as a partnership) – a responsible and duly authorized partner, member, or officer having knowledge of its affairs
Single-member LLC treated as a disregarded entity for federal income tax purposes – the owner of the LLC or a principal officer fully authorized to sign
Trust or estate – the fiduciary
Step 3: Review and transmit Form 941
Before submitting your return to the IRS, you should review it for any missing or incorrect information. 123PayStubs’s internal audit will also review your form for any IRS instructions errors that need to be fixed. If your form does have errors, you can quickly fix them.
The IRS-preferred method of submitting Form 941 is e-filing. E-filing is faster, easier, and more accurate than filing a paper return. Once you’ve filed your return, 123PayStubs’ will send you frequent notifications regarding the status of your return.
With 123PayStubs, e-filing Form 941 is a breeze! The filing fee is only $5.99 per form. Not only can you e-file your Form 941 with 123PayStubs, but we also provide valuable features and resources that will make your filing as simple as possible. If you need any assistance while filing, you can contact 123PayStubs’ support team via email or live chat! Don’t wait any longer to file, get started now!