IRS Form 941 is for Employer’s Quarterly Tax Return. It is used to report Medicare tax, Social security tax, and Federal income tax withholdings. The QuickBooks form 941 has been used to report the coronavirus pandemic tax credits. Form 941 is used to report taxes quarterly. In short, businesses can also file form 941 electronically with the help of online tax filing software like QuickBooks.
The QuickBooks Form 941 is used to report the employment taxes. You also need to pay the Medicare tax and Social Security tax liability. In short, form 941: Employer’s Quarterly Tax Return is used to report payroll taxes and employee wages by businesses. You can also use the form to report:
- Additional withhold tax
- Tips Received
- PICA taxes like Medicare & Social Security
- Federal income taxes
- Employees Wages.
Who Needs To File QuickBooks Form 941?
Businesses that pay wages to their employees must file the QuickBooks form 941 every quarter. There are also some exceptions. If you are the employer of the following businesses, you do not have to file IRS form 941.
- Farm employees
- Household employees
- Seasonal business employees.
But, if you receive a notification to file it, you must file the form annually.
Basic Information To Be Reported On Form 941
You need to provide this information on IRS form 941:
- Business Name & Address
- Number of Employees
- Online Pin
- Social Security & Medicare Taxes
- Signing Authority Info
- IRS Deposits
- Tax Liability & Schedules.
The Latest Changes To The QuickBooks Form 941
There are some changes in the Form 941 for Q1 of 2022. These changes are related to the advanced payment of COVID-19 credits and employee retention credits. The base limit for the Social Security Wages is also changed to $147,000.
Here is the list of changes in IRS form 941:
- Employee Retention Credit lines 11c, 13d, 21, and 22 are now reserved for future use.
- Total Advances line 13h & 13i are reserved for future use.
- Line 18 includes the option to select the Seasonal Employer option. As a result, you do not need to file the quarterly returns.
How To Access Form 941 On QuickBooks Software
Here are the steps to access the QuickBooks form 941 in your QuickBooks Online accounting software:
- Firstly, launch the QuickBooks online accounting software.
- After that, tap on the Taxes option and go to the left Navigation menu.
- Then, choose the Payroll Tax tab from your screen.
- Moreover, click on the Quarterly Forms option.
- Then, tap on the Filter options and choose 941 & Quarterly Tax Forms as your filter.
- After that, select the View option.
- Finally, click on the Print option to save Form 941 on your device.
Find Out The QuickBooks Form 941 Report
You will need a copy of your QuickBooks form 941 for future references. Here are the steps to find out the 941 reports.
- Firstly, select the Taxes menu and click on the Payroll Tax option.
- Secondly, go to the Forms section and scroll down to the Quarterly Forms section.
- After that, click on the View & Print Archived Forms.
- Then, select the Archived Forms option from the menu.
- Moreover, select the drop-down icon and choose Quarterly Tax Forms & 941 from the list.
- Then, tap the 941 option from the menu and tap the View More Information option.
- After that, click on the View option to launch the PDF file.
- Finally, tap Print to get the QuickBooks 941 report.
Deadline For The Form 941 QuickBooks
You must file the Quarterly QuickBooks form 941 to report the paid wages, tips, withheld taxes, and Medicare taxes. Due dates for the IRS form 941 are given below:
|January 1st to March 31st||April 30|
|April 1st to June 30th||July 31|
|July 1st to September 30th||October 31|
|October 1st to December 31st||January 31|
If the due dates fall on a legal holiday, Sunday, or Saturday, then you are allowed to file a return on the next business day.
QuickBooks form 941 reports an employer’s quarterly federal tax return. In simple words, you can report FICA taxes like medicare taxes & social security taxes and federal income taxes. If you are stuck on any process and want expert help, you can consult our experts. Our experts will help you out with the issue.
Wire IT Solutions also offers professional accounting services like Bookkeeping, Tax Preparation, Tax Filing, and Year-end Finalization Services.
Frequently Asked Questions
Go through these steps to file form 941:
- Firstly, click on the Employees option and go to the Payroll Center tab.
- After that, select the File Forms option from the main menu.
- Moreover, tap on the View or Print forms option.
- Then, type your Payroll pin in the text field and tap OK.
- Moreover, select the Filed Forms option from the Payroll Tax Center window.
Finally, choose your form from the list and tap Open or Save.
Follow these steps to print QuickBooks form 941 in QuickBooks:
- Firstly, open the QuickBooks accounting software.
- After that, go to the Payroll Center and click the Payroll tab.
- Moreover, scroll down and go to the File Tax Forms section.
- Then, tap on the Process Payroll Forms button.
- Moreover, click OK and choose your form.
- After that, choose your calendar year and complete the form.
Finally, use the print option to print your QuickBooks form 941.
Yes, you can file IRS form 941 in QuickBooks accounting software. You will need the existing 10-digits pin. Firstly, you need to go to the Employees tab and select the Payroll Center option. After that, select your form from the list and tap the Edit option. Finally, select the e-file method and click on the Finish option.