If you're a small business owner, you'll likely file a Form 941, the Employer's Quarterly Federal Tax Return. This small business video minute fills explains this important tax form.
IRS Form 941 reports your federal income tax and the Social Security taxes and Medicare taxes you and your employees have paid. You'll file Form 941 each quarter and make payroll tax deposits on a schedule determined by the IRS.
Welcome to the SurePayroll minute.
I’m Michael Alter.
As a small business owner, you’ll likely file IRS Form 941, the Employer’s Quarterly Federal Tax Return.
Almost every business is required to file Form 941. You’re only exempt if you’re a household or agricultural employer, or if your business has an annual tax liability of less than $1,000 a year.
Form 941 is used to report the federal income you’ve paid, as well as the Social Security and Medicare taxes both you and your employees’ havepaid.
You’re required to file Form 941 four times a year, and make regular payroll tax deposits if your tax liability is more than $2,500 per year.
Most businesses follow a monthly or semi-weekly tax deposit schedule. If you deposit funds semi-monthly, you’ll be required to file Schedule B with your Form 941.
For the simple answer to small business issues, I’m Michael Alter with your SurePayroll Minute.
