To fill out Form 941, provide the tax identification number of the business filing the taxes, the name of the business and the amount of wages paid during that quarter, according to the Internal Revenue Service. You also need to provide the amount of taxes paid.Continue Reading
Form 941 is filed quarterly, explains the IRS. Businesses file this return to advise the IRS of how many employees they paid during the reporting quarter, the amount of wages paid and the amount of tax deposits paid. When filling out Form 941, answer all of the questions that apply to your business and calculate how much of a balance is remaining at the end of the quarter. All tax payments must be made by electronic funds transfer.
You must file Form 941 and pay the amount due on time to avoid a penalty. If your total tax liability for the current quarter is less than $2,500 and the preceding quarter's liability was less than $2,500, you do not have to make semiweekly or monthly deposits. If your liability is over the $2,500 threshold, you must make deposits using the semiweekly or monthly rules. Otherwise, you are subject to failure to deposit penalties, states the IRS.Learn more about Taxes