Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!
What are your particular questions with the Form 941 and Form 940?
The Form 941 is used to report quarterly wages that employees earn. They are due on the last day of the month following the end of the quarter. The third quarter ended September 30, so the 941 for this quarter is due October 31.
Line 1 is simple - How many employees you had on the date specified for the quarter - March 12 for 1st Qtr, June 12 for 2nd Qtr, September 12 for the 3rd Qtr, or December 12 for the 4th Qtr. Line 2 asks for the total compensation that you paid to your employees for the quarter. Line 3 asks for the Federal income tax that you withheld from the employees for the quarter.
Line 5 is where it gets complex, as the Social Security/Medicare wages can be different from the taxable wages. Things like 401(k) deductions are not included in the Line 2 wages but are in the Line 5 wages. Line 5a column 1 is your Social Security Wages, column 2 is those wages times 12.4%, which is the employee plus the employer amounts. Line 5b applies only if you are a restaurant. Line 5c column 1 is the Medicare wages, which are the same as the Social Security wages, at least up to the FICA max ($113,700 this year). Column 2 is those wages times 2.9%.
The rest is simply reconciliation. I can help you actually complete the form if you give me the data - Gross wages, let me know if you have any 401(k) contributions, the amounts of Federal , Social Security and Medicare withholding, I can complete the Form for you.
The Form 940 is prepared annually. However, the deposits have to be made quarterly. In order to know the correct percentage to pay, I need to know if your employees are covered by a State unemployment plan, and what state you are in.
It is important to remember that there may also be a State 941 to complete as well.
I look forward to your reply. Then I can give you a completed sample Form 941.