Get the free dept of the treasury irs form 941 2019-2020

Video instructions and help with filling out and completing online dept of the treasury irs form 941

in this presentation we will take a look at form 941 employers quarterly federal tax return for more accounting information and accounting courses visit our website at accounting instruction dot info here's a copy of form 941 this is the 2018 form you can find this on the IRS website at irsgov these are going to be the components of the form we're gonna focus here on the calculation of the form we note that up top we're gonna have the ein number the name and then the address then we want to know which quarter we are talking about so remember that when we think about the quarters of course three months and a quarter there's 12 months in the year divided by for three months per quarter we will indicate what quarter we are talking about here remember that this is a quarterly form which is different from the yearly form and there is a yearly payroll tax form called 940 and we don't want to get those two mixed up they can seem similar but they're gonna be different the 941 is really the main form and it's going to be calculating the FI t federal income tax for the employees the Social Security both employer and employee and Medicare both employer and employee because these are larger amounts or this is my guess as to why we need a quarterly form rather than a yearly form because they're larger amounts and important then we have to have an added level of reporting meaning for example if we take a look at our 1040 for individual tax returns that we report at the end of the year for an individual reporting we do that on a yearly basis for the 940 ones for the FI T for the payroll taxes the Social Security Medicare we have to do that on a quarterly basis so that's what we're doing here the 940 then similar form to what we're working with here but will be for futa which is a much smaller tax so it's actually it's actually still a federal tax but it'll be a much smaller one when filling out this form we can pick up this information this is part one of the form line one says number of employees who received wages tips or other compensation so whatever the number of employees are in our case we have four employees at this quarter then we're gonna and note that the day's so this is the actual day within the quarter that we can pick up the number of employees and then we have the wages tips and other compensation this cell we got to be careful on because when we look at the wages total wages then in our case this is coming from our register numbers up here was 96 973 but this wages here is really trying to pick up the FI T wages note that line under it has to deal with federal income tax so really this line to it where we want the FI T wages which can be reduced by things such as an insurance or a retirement plan so this number is ninety one for twenty five ten in this case calculated as the total earnings ninety six nine seventy three point five minus those items that could be reduced and you can...