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Federal law requires you, as an employer, to withhold certain taxes from your employees' pay. Each time you pay wages, you must withhold—or take out of your employees' pay—certain amounts for federal income tax, social security tax, and Medicare tax.
Social security and Medicare taxes apply to the wages of household workers you pay $2,400 or more in cash wages in 2022. Social security and Medicare taxes apply to election workers who are paid $2,000 or more in cash or an equivalent form of compensation in 2022.
11 Οκτ 2024 · This guide provides the basics of the 941 form, instructions to help you fill it out, and where you can get help meeting all your payroll tax obligations. Form 941, Employer's Quarterly Federal Tax Return, reports wage withholding to the IRS for income taxes, the employees' share of Social Security and Medicare (FICA) taxes, and the employer's ...
If you pay wages to an employee (remember: there’s a difference between employees and independent contractors) you have to withhold or ‘hold onto’ some of their pay to cover things like income taxes, social security and Medicare. And you have to file Form 941.
11 Οκτ 2024 · If you’re an employer that withholds more than $1,000 in Social Security, Medicare, and federal income taxes from your employees’ wages, you’ll need to fill out and submit Form 941, the Employer’s Quarterly Federal Tax Return.
11 Μαρ 2024 · Learn More About Patriot Payroll. What is Form 941? IRS Form 941, Employer’s Quarterly Federal Tax Return, reports payroll taxes and employee wages to the IRS. Form 941 reports federal income and FICA taxes each quarter. You must file Form 941 unless you: Filed a final return. Are a seasonal employer. Employ a household employee (e.g., nanny)
Employers who pay wages to their employees and withhold federal taxes from their earnings are typically required to file Form 941, also known as the Employer’s Quarterly Federal Tax Return. This form is used to report the income taxes and payroll taxes that have been withheld from employees’ wages.
