If you have Employee's you need to file a 941 Employer Quarterly Tax Return

A 941 Quarterly Tax Return file should be lodged if you are the owner of a business and consider yourself to be an Employer, that is someone with employees. This means filing even if you have no taxes to report (unless you are a seasonal employer or filing a return). One of the requirements for the 941 is filing a report every three months. The dates for filing these forms are as follows:

The first Quarter includes the following months: January, February, March (Quarter ending March 31st, return due by April 30th.)
Second Quarter: April, May, June: Quarter ending June 30th, return due by July 31st.
Third Quarter: July, August, September: Quarter ending September 30th, return due by October 31st.
Fourth Quarter: October, November, December: Quarter ending December 31st, return due by January 31st.

As an Employer, you would submit the 941 form to report:
1. Paid wages
2. Tips any of your employees have received.
3. Federal Income Tax withheld by you.
4. Shares of Social Security and Medicare from both the employee and employer
5. Advance Earned Income Credit if any.

Once your first form ha been filed, is your responsibility to file quarterly subsequently. No exceptions unless you are filing your final 941 tax return or are eligible for one of the following exemptions listed below:

1. Seasonal Employers
2. Household Employees
3. Farm Employees

Under the Federal law, an employer is required to withhold taxes from his employee’s paychecks each time they are paid. You are responsible for withholding the federal income tax, social security, and also their Medicare. These taxes will then be credited to your employees in payment of their tax liabilities. You are also responsible for paying any liability of the employer’s part of social security and Medicare.

To avoid any penalties, it is recommended that you keep up on the filing of your Quarterly Tax Returns.

Fortunately, with technology, business owners can now file their 941 Quarterly Tax Return file electronically. Whether you prepare your taxes yourself or rely on a professional, e-file services are available to you. You can also set up an automatic payment schedule with the IRS in order to avoid any penalties. It also helps to take the hassle out of trying to remember when your payments are due.

If you have any queries regarding your 941 Quarterly Tax Return file, you can always access the frequently asked questions section on the Internal Revenue online website.

Copyright 2006 Sam Kern- All Rights Reserved

Technorati Tags: Tax Return, If you have Employee's you need to file a 941 Employer Quarterly Tax Return, 941 Employer Quarterly Tax Return

• Tax Return
• 941 Employer Quarterly Tax Return
• Delinquent Tax Returns
• Estimated Tax Return
• Federal Tax Return
• Online Tax Returns
• State Income Tax Return
• Tax Return Calculator
• Tax Return Filing Preparation
• Tax Return Preparation
• Tax Return Software
• Social Bookmark This
• 
• 
• 
• 
• 
• 
• 
• Privacy Policy
• Sitemap
• Resources
• Add URL