Being a business owner is a step into freedom
And paperwork land.
Forms are tedious and time consuming when owners try to do it themselves. This is another great reason why hiring your own business accountant is a huge step in the right direction of time management.
Form 941 is filed quarterly reporting wages paid to employees and the withholding made by employers. The form includes employers and employees information for:
- Federal Tax withholding
- Federal Unemployment
- FICA (social security and medicare)
This information must be mailed or e-filed quarterly to the IRS. This form is used for reporting income taxes, social security tax and medicare tax. Employers have an obligation to pay a portion of the social security tax and FICA.
What the IRS wants to know:
Depending if your employment taxes are more or less than $1,000 for the calendar year will determine if your business qualifies for to fill out a Form 941 or 944. You're helpful accountant will be able to process all of these forms for you hassle free. What is better than peace of mind with the IRS? Not owing the IRS.