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Video instructions and help with filling out and completing Fill 940 Schedule Return

Instructions and Help about Fill 940 Schedule Return

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 2023 form you can find this on the IRS website at irs.gov 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...