What Information Do You Need to Fill Out IRS Form 941?

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As an employer, your many IRS responsibilities include not only withholding taxes on behalf of your employees, but also, reporting on those withholdings via Form 941. Filed on a quarterly basis, this essential document can initially feel overwhelming. You’ll find it far easier to handle if you begin the process prepared with the proper information, as outlined below:

Basic Business Information

From the name of your business to its address, you’ll need to include a variety of simple, but specific details on Form 941. Keep track of your Employer Identification Number (EIN), as this is also required.

Number of Employees And Amount Paid

How many people were employed by your business during the quarter in question? How were they compensated for their work? Be sure to mention both the number of employees and how much they were paid during this time.

Taxable Wages

Form 941 exists primarily for the purpose of determining the extent to which the wages you pay your employees are taxable. Specifically, this document should highlight the full amount of taxable Social Security and Medicare wages for the past quarter, as well as the amount withheld from wages.

Additional Information

While the details outlined above should be included in all filed documents, additional information is sometimes required. For some businesses, this may be a consistent necessity. In other cases, the need for additional information may vary from one quarter to the next. Common details include:

  • Qualified sick and family leave wages
  • Taxable tips
  • Taxable wages subject to withholding for Additional Medicare Tax
  • Adjustments for sick pay or life insurance
  • Qualified payroll tax credits as a small business with increased research activities

Do you need help preparing or reviewing important IRS documents? Look to the team at the Highland Tax Group for guidance and support. Give us a call or reach out online to learn more about our tax services.