Get IRS Instructions 941 2021

Form 941-X is filed separately from Form 941. For more information see the Instructions for Form Cat. No. 14625L visit the IRS website at IRS.gov/payments and click on Same-day wire. Purpose of Form 941 These instructions give you some background information about Form 941. They tell you who must file Form 941 how to complete it line by line and when and where to file it. See the Instructions for Schedule D Form 941 to determine whether you should file After you file your first Form 941 you must file a return for filed a final return or one of the exceptions listed next applies. If none of the above exceptions applies and you TIP haven t filed a final return you must file Form 941 each quarter even if you didn t pay wages during the quarter. Use IRS e-file if possible. General Instructions What if You Reorganize or Close Your Business If You Sell or Transfer Your Business. See the General Instructions for Forms W-2 and W-3 for information about earlier dates for the expedited furnishing and filing of Forms W-2 Wage and Tax Statement when a final Form 941 is filed. Don t use Form 941 to report backup withholding or income tax withholding on nonpayroll payments such as pensions annuities and gambling winnings. Instructions for Form 941 Department of the Treasury Internal Revenue Service Rev. January 2017 Employer s QUARTERLY Federal Tax Return Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Form 941 and its instructions such as legislation enacted after they were published go to IRS.gov/form941. For details visit the SSA s Employer W-2 Filing Instructions Information website at SSA. gov/employer or call the SSA at 1-800-772-6270. Avoiding Penalties and Interest You can avoid paying penalties and interest if you do all of the following. Deposit or pay your taxes when they are due. File your fully completed Form 941 on time. Report your tax liability accurately. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST 1-800-843-5678 if you recognize a child. If none of the above exceptions applies and you TIP haven t filed a final return you must file Form 941 each quarter even if you didn t pay wages during the quarter. What s New Social security and Medicare tax for 2017. The social security tax rate is 6. 2 each for the employee and employer unchanged from 2016. The social security wage base limit is 127 200. The Medicare tax rate is 1. 45 each for the employee and employer unchanged from 2016. There is no wage base limit for Medicare tax. household workers you pay 2 000 or more in cash wages in 2017. Social security and Medicare taxes apply to election workers who are paid 1 800 or more in cash or an equivalent form of compensation in 2017. Qualified small business payroll tax credit for increas ing research activities. For tax years beginning after December 31 2015 a qualified small business may elect to claim up to 250 000 of its credit for increasing research activities as a payroll tax credit against the employer s share of social security tax.