Irs Schedule R Form 940 2017-2023

Instructions and Help about Irs Schedule R Form 940

Hi welcome to easy payroll guide my name is Karen Hutchinson and in this video I'm going to be showing you how to complete the IRS 941 form this is the employers quarterly federal tax return this form is due at the end of each quarter so for example quarter one ends on March 31st this would be due by April 30th so April 30th July 31st October 31st and January 31st are the due date for the IRS 941 form this form is going to detail all of the tax liabilities for that quarter this is how the IRS reconciles your w3 forms so you want to make sure that the information on this form is correct what I'm going to do is I'm going to give you a scenario of a small business who had three employees and I've taken the information from their paychecks and I've put them into an Excel spreadsheet and this is something that you could do as well for your record-keeping in order to help you to complete or just to check the 941 form so I have three employees and I've included their gross pay for each employee and then in the last column I've totaled the gross pay so my total four gross pay is twenty five thousand four hundred sixty five dollars and twenty seven cents I've also included in the spreadsheet the taxes that were withheld from each employees paycheck now this is just the employee portion of the taxes so I've included the federal withholding that I've included from each paycheck the employee Medicare portion the employer employee Social Security portion and I've included the state withholding the state withholding we're not going to need to use or the 941 but I wanted to point that out this...