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| Name | IRS Form 941 - Basic Overview for New Employers |
| Video Uploader | Video From AdvaPay Systems |
| Upload Date | This Video Uploaded At 06-09-2017 19:54:48 |
| Video Discription | Are you paying employees for the very first time? If so, you may have questions about filing your Employers Quarterly Federal Tax Return or Form 941. A form 941 provides the IRS with a report of the taxable wages your company has paid to its employees. They use this form to compare the tax deposits you make and your employee’s year-end W-2 forms. So be careful - the form and all of the information that goes on it has to be exactly right. Here are some things you need to know: Most employers, even small ones, are required to file a 941. Keep an eye on your calendar, the IRS has strict deadlines. Form 941 must be filed by the last day of the month following the end of a quarter. Employers are also required to make tax deposits. Your deposit schedule is based on your company’s payroll frequency and the amount of the tax liability. Meeting the IRS’s deadlines is very important because late filings and deposits can result in huge penalties. The deposits you make to the IRS will include both the employee paid taxes (the ones you withheld from your employee’s check) as well as employer paid taxes. Social Security and Medicare makes up the bulk of the payroll taxes you must pay as an employer: • For social security, you must pay 6.2% of employee salary/wages, up to the currently wage limit. • For Medicare, you must pay 1.45% of employee salary/wages; unlike social security, there is no wage limit. To complete your 941 filing you will need a copy of the 941 form along with the instructions, your company’s federal tax id number (EIN) and the payroll information for the quarter. You can download a 941 form from our website or directly from www.IRS.gov. Keep the instructions handy to help you fill out each of the required lines on the 941. Also make sure to have your payroll reports for the quarter ready. You will need the wage and tax totals to complete the 941 form. With this information you can then follow the line by line instructions to complete the form. When your form is complete sign it and mail it to the IRS office for your region. Remember! When mailing your Form 941 that the postmark is considered the official date you filed the return. And after all of that...you’re done until the next quarter! Great job! You may have a bunch of other questions like: What are the penalties of failing to pay payroll taxes? Where can I see an example of a completed 941? Is there an easier way, without mailing all the forms and remembering a bunch of deadlines? To get the answer to these questions or if you just want to learn more about payroll processing and tax filing connect with us: AdvaPay ► https://advapaysystems.com Google+ ► http://goo.gl/Jjnefx Facebook ► http://facebook.com/advapay Twitter ► https://twitter.com/advapay/ Linkedin ► https://www.linkedin.com/company/advapay-systems AdvaPay Systems 1678 Montgomery Hwy Ste 104 Birmingham, AL 35216 Phone: (205) 588-2618 WW5NuxcCBAw |
| Category | Education |
| Tags | IRS Form 941 | Employers Quarterly Federal Tax Return | AdvaPay Systems | new employers | small business | payroll taxes |
