Tax form 941, also known as the Employer's Quarterly Federal Tax Return, is typically used by most small businesses. This video (or series of videos) will show you how to fill out the quarterly federal tax return. - The first step is to fill in your personal information, which includes your Employer Identification Number (EIN). Your EIN is a nine-digit number used by the federal government to identify you as an employer subject to tax withholding and reporting. It also ensures that your business receives proper credit for tax payments withheld. If you don't have an EIN, you can easily obtain one by applying on the IRS website using the EIN form SS-4. We will provide a link to the form in the description of this video. - After filling in your EIN, you will need to provide your name, trade name (or business name), and business address. In the example shown on the screen, we have already filled in this personal information. - Next, you will need to select the appropriate reporting period or calendar quarter for which you are filing. In this case, we have checked quarter number three, which corresponds to the months of July, August, and September. - The rest of this video will guide you through the five parts and 18 steps on the federal form. We will show you how to fill out each section. Let's get started with the other parts in a moment. Please note that this text has been divided into sentences and some grammar errors have been corrected.
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941 (PR) Form: What You Should Know
Form 941-PR? The 2024 tax year began on October 2, 2017. Taxable income for 2024 was determined on or about October 2, 2017, based on information on the tax returns filed in early October 2017. You will receive a Form 941-PR if the IRS determined a tax year-end tax calculation to be incorrect as of October 1, 2017. In such a case, we would file an amended return prior to November 1, 2017. When filing the Form 941-PR, please remember to use full address, street address, ZIP Code, and/or street number, as shown on the return, rather than the street number provided as a footnote and/or in the Form 941-PR. The 2024 tax year ended December 31, 2017, at 9.4% of the amount of the tax year ending October 2, 2017. As shown on 2024 941-PR, the return shows that: Businesses paid taxes for: Wages, tips, and social security (FICA) Federal income tax withholding payments Medical, dental, insurance, and other self-employment taxes. This also includes a state or local income tax. When you file the Form 941-PR, please use full address, street address, ZIP Code, and/or street number, as shown on the return, rather than the street number provided as a footnote and/or in the Form 941-PR. Form 941-PR (Rev. 7-2022) was released on May 9, 2018. The next-generation 941-PR filing system is a significant enhancement to the current Form 941 system. The new system introduces new fields for the employer (the employer's reporting business), a new form, and the ability to file Form 941-PR online with just a few mouse clicks to your local IRS office. In 2017, an estimated 11% of taxpayers used the Form 941-PR to report both wages and tips. Form 941-PR includes the following: Employment tax forms (W-2, W-2EZ, W-9, and W-4) including Form W-2GS, W-2F, W-2G, and Form W-2GSE. W-2 forms issued by the U.S. Department of Labor must be filed on Form 1099-MISC. Unemployment insurance claims and tax withholding information.
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Video instructions and help with filling out and completing Form 941 (PR)
