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What Is the Purpose of a Form 941 Tax Return?

What Is the Purpose of a Form 941 Tax Return? thumbnail
Form 941 is required by employers who pay wages which are subject to Social Security or Medicare tax.

In the United States, informational tax returns are filed to calculate tax. The type of forms which are filed vary depending on whether the filer is a corporation, individual, trust or estate. Form 941 is a required form for businesses and is used to report certain categories of payments and withholdings.

  1. Significance

    • Form 941 is used by employers to report wages, tips, federal withholding, Medicare and Social Security tax, advanced Earned Income Credit payments, and Cobra payments.

    Exclusions

    • Form 941 is not used to report certain non-payroll payments such as pensions, 401ks and annuities.

    Exceptions

    • Seasonal employers do not need to file form 941 for periods in which they paid no wages, nor do employers of farmers or household employees.

    Transfer

    • If you sell or transfer your business, then both you and the new owner must file a Form 941.

    Time Frame

    • File one form 941 for each quarter in which you paid wages. The quarterly form is due on April 30, July 31, October 31 and January 31.

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