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Businesses need to fill out Form 941 to report federal withholdings from employees, including: Wages paid to employees. All federal income tax withholdings. All reported employee tips. Employer and employee shares of Social Security and Medicare taxes, along with any additional Medicare tax withholdings.
The Form 941 for 2023 has a few minor changes. First, the IRS revised Form 8974, Qualified Small Business Payroll Tax Credit for Expanding Research Activities. Small businesses can now use this form to claim a tax credit of up to $250,000. Line 12 of Form 8974 has been modified to reflect this.
Enter your refundable share of the Employee Retention Credit on Page 3, Part 3, Line 26a. Combine amounts on lines 23 26c of column 4, and enter the total on Page 3, Part 3, Line 27. On Page 3, Part 3, Line 30, enter your qualified wages/revenue for the Employee Retention Credit. Leave Page 4 of Form 941-X blank.
Form 941 instructions Employer Identification Number (EIN): Enter your EIN. If you dont have an EIN, you must apply for one. Name: Enter your businesss legal name here. Address: Enter your businesss address. Report for this quarter of: Check the box of the quarter that youre filing.
How to fill out 941 Form Basic business information, such as your businesss name, address, and Employer Identification Number (EIN) Number of employees you compensated during the quarter. Total wages you paid to employees in the quarter. Taxable Social Security and Medicare wages for the quarter.
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If you are a semi-weekly schedule depositor, you are required to file a Form 941 along with Schedule B.
The IRS Form 941 Schedule B for 2023 is used by semiweekly schedule depositors that report more than $50,000 in employment taxes. Businesses that acquire more than $100,000 in liabilities during a single day in the tax year are also required to begin filing this Schedule.
Part 1 of Form 941 - Lines 1 to 15 will be marked as zero. Part 2 of Form 941 - Deposit schedule will be set to minimum tax liability since there are no taxes to report. Part 3 of Form 941 - Lines 19 to 25 will be marked as zero.

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