AK Form 941 (PR) 2023-2025

AK Form 941 (PR): What You Should Know

When you received wages from an employee on a wages-paid basis. Example use: When an employee's wages are subject to section 39 percent tax, which is imposed on incomes over 9,350. The employee earns 17,000. The employee's withholding rate is 4.2 percent (employees with a regular rate of pay) and the tax is due by April 15th. Note that wage income is not included in income. When the employee is paid on an hourly basis. Example use: When an employee's wages are subject to section 49 percent tax. The employee earns 28,000. The employer withholds 5.4 percent and the tax is due by December 15th. Note that hourly wage income is included in income. When the employee has a contract employment agreement with an employer. Note that wage income is included in income. When the employee receives a cash payment. Example use: The employee's wages are subject to section 2673-A tax and the tax is due by December 15th. Form 2106: Report Your Business Income in Puerto Rico Business Income Tax Return Filing your tax return on form 2106 should be your first step if you are having more than one business. You must make sure all the businesses you have are required to file income taxes. If you have the following businesses, you may need to file forms 2106 or 2106c Your only business is a sole proprietorship. If you have an LLC, C corporation, or partnership: A business you were involved in on March 15, 2017, for which you had no gross income on that date. Your sole proprietorship(s) had at least one independent contractor at the beginning of the tax year and earned at least 100,000 in gross income. The gross income must include from the independent contractor's compensation: The employee's wages and tips, and From other compensation such as commissions, payments made in an amount equal to at least 75 percent of the gross amount of the gross compensation, and Any other payment on account of the independent contractor's services for your business. If you had an LLC, C corporation, partnership, or S corporation as of March 15, 2017: A business you have sole or joint control of. Your sole proprietorship(s) had at least one independent contractor at the beginning of the tax year and earned at least 100,000 in gross income.

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