Step-by-step Guide To E-filing Of Form 941: Simplified Solution For Employers

By Author: John Mathew
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What is Form 941?

The Form 941 is an Employer's Quarterly Tax Return. Employers use Tax Form 941 to report:
Federal income tax
Social security tax
Medicare tax
withheld from each employee's paycheck.

Who Must File Form 941?
Employers or business owners who pay wages to an employee must file Form 941 every quarter.
There are a few exceptions. Employers of the below-mentioned category aren’t required to File Form 941:
Seasonal business employers
Employers of household employees
Employers of farm employees

What are the Changes in Form 941 for 2024?

The Social Security percentage is 6.2% for both employer and employee respectively. Social Security wage base limit has now been updated to $168,600.
From 2024, Social Security and Medicare taxes apply to the wages of household workers who are paid $2,700 or more. Similarly, Election workers who receive $2,300 or more in cash or its equivalent form of compensation.
Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941.
...
... Form 941-SS and 941-PR are discontinued after 2023. Instead, employers in those U.S territories have the option to file using Form 941 or if they prefer a Form in Spanish, they can file using the new Form 941(sp).

When is the Due Date to File 941?
Generally, the Form 941 due date is the last day of the month, following the end of the quarter.

Quarter 1 (Jan, Feb, and Mar) - Due Date: April 30

Quarter 2 (Apr, May, and Jun) - Due Date: July 31

Quarter 3 (Jul, Aug, and Sep) - Due Date: October 31

Quarter 4 (Oct, Nov, and Dec) - Due Date: January 31

Information required before Filing Form 941:
Employer information: Name, EIN, Address.
Employee Details: Number of Employees, Pay for Employees.
Taxes and Deposits: Federal Taxes, Medicare and Social Security Taxes, Deposit Made with the IRS, Tax liability for the respective quarter.
Signing Form 941: Signing authority details, Online Signature PIN.

What If you are a Semi-weekly depositor?
Form 941 Schedule B is accompanied by Form 941, used by the Semiweekly schedule depositors to report the federal income tax withheld from the employees as well the employer’s share of social security and Medicare taxes for the period. Employers who fall under these tax liability categories should use Form 941 Schedule B:
Reported more than $50,000 of employment taxes in the lookback period.
Accumulated a tax liability of $100,000 or more on any given day in the current or prior calendar year.

IRS recommends taxpayers to e-file 941 over paper filing for a quicker and more secure filing experience.
However, if you prefer to paper file and have to mail your paper copies of Form 941 to the IRS, Make sure that you have the correct 941 mailing address.

TaxBandits, an IRS-authorised e-file provider is the best solution to File 941 online.
Secure Filing and Get Instant IRS Updates
Supports 941-PR, 941-SS, and 941 Schedule R
Bulk Upload Templates to import Form data
Supports Prior year tax filings
API Solution for Service Providers

Visit https://www.taxbandits.com/payroll-forms/e-file-form-941-online/ to know more about how to E-File Form 941 effortlessly using TaxBandits.