Have a Tax Question? Ask a Tax Expert
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.
I work for a body shop in Maine and we thought that our bookkeeper was do and come to find out he has not. If I do them and forward them to you can you check them for me
Unfortunately I cannot contact you directly or receive emails from you, but if you can upload the information, or the form, on this website (block out identifying information) I will be happy to review it for you. Alternatively, if you give me the payroll information I can complete the form for you.
awesome I will do that in about 20 mins if that is ok
2013-07-14 -- 3493.07 WAS LATE
I seem to be having a problem getting the form on here. I have it on my laptop but can't get it to upload. Can you try. Had to talk to a mechanic and he was able to when I could not
Are these the amounts of gross pay? Or are these the Federal Tax Deposits for each month? I am guessing that these are your Federal Tax Deposits (FTD) because you mention late on one.
In order to complete the Form 941, I need the 1) Gross Wages, 2) Federal income tax withheld from the checks, and 3) FICA and Medicare withheld from the checks. There would also have been state income tax withheld, but I am not worried about state here! I want to help you calculate the Federal first.
How many employees do you have?
What are you using for computing payroll? QuickBooks? or something similar?
The good news is that if you have been making the FTDs on time, and just not filing the returns, your penalty exposure is much less. The big penalties are for failure to make the timely deposits!
Thanks! I want to get this resolved for you in the easiest way possible. It looks like you have at least two Forms 941 missing, I can do them both. If you have the deposit you would make on 10/15 I can do the third quarter one too.
Employ /GROSS/FED/SSORMED/ STATE =NET
PAUL-- 6656.00 / 722.00 / 412.68 / 119.68 / 254.75 = 5146.89
MATT --1032.00 / 12.00 / 65.74 / 14.92 = 939.34
WANDA-- 9048.75 / 839.00 / 561.04 / 131.24 =7197.47
JOHN --8918.00 / 580.81 / 552.93 / 129.34 / 171.00=7483.92
TRACY --4160.00 / 442.00 / 245.16 / 60.32 / 180.44 = 3232.12
CODY --1488.00 / 115.00 / 92.45 / 21.78 / 17.00=1241.77
GARY --9425.00 / 923.00 / 555.35 / 136.63 / 377.00 =7433.02
COREY --9503.5 / 1300.00 / 589.20 / 172.28 =6896.32
PETER 3510.00 / 371.00 / 217.62 / 50.90 / 117.94=2752.54
ON THE SS
WHICH ONE IS THE MED AND FICA
GROSS X .145
GROSS X .062
ALL IS BEING DONE BY HAND
BOSS IS OLD SCHOOL WOULD LOVE TO DO IT ON COMPUTER
YES I HAVE BEEN PAYING THEM
PAUL -- 8625.75 /916.00 / 534.26 / 125.11 / 394.00=6656.38
MATT -- 1008.00 / 14.00 / 64.43 / 14.57 =915.00
WANDA -- 8981.25 / 840.00 / 556.84 / 130.28 / 321.00 =7133.13
JOHN --8172.5 / 460.00 468.01 / 117.39 / 143.73 =6983.37
TRACY --4160.00 / 442.00 / 257.92 / 60.32 / 180.44 =3219.32
CODY --2245.00 / 96.00 / 138.65 / 33.11 / 23.75 =1953.49
GARY --9425.00 / 923.00 / 584.35 / 136.63 / 377.00 =7404.02
COREY --9144.00 / 1202.00 / 566.96 / 149.69 / 512.00 =6713.38
MATT DID NOT HAVE ANY MAINE STATE TAXES TAKEN OUT
OK. Give me a few minutes, I will complete and upload the completed forms. I am about to take my son out for dinner. I will do this as soon as I get back, if that is OK.
YES omg thank you probably about an hour or so
I have the two quarters, but I can't upload them yet. They will only accept a jpg or tiff file, not a pdf. So I need to run up to the office and scan the files into a jpg.
Since federal tax deposits are made in the month following the month of the liability, I assumed that the January 16 deposit was for December 2012, and the February 14 deposit was for January 2013.
Several of your numbers did not add across, and some of the Social Security calculations were not 6.2% and some of the Medicare amounts were not 1.45%. I adjusted the amounts so that the numbers worked.
I will scan it and attach it to another page.
awesome thank you
OK. Attached please find the Page 1 of both first and second quarter Forms 941, based on the numbers you gave me.
Please let me know if you have any questions.
THANX ----- YOU ARE AWESOME
Thank you again .... what about the second page. I would really like to know how you figured it out
i WILL SEND THE INFO WHEN I GET HOME TONIGHT SO THAT IT IS ALL CORRECT. THANK YOU SO SO MUCH
I will be sending he stuff today. I have been sick. thank you again for helping me
No problem! I will be on and off today. My son is sick, and missed school Thursday and Friday. I hope you feel better!
Are you around. I am finally well now..... man bronchitis is horrible.
I hope you can read this and it has the whole year for all of the employees
I am trying and not sure as to why it is not working. It may be a few minutes
NOT REALLY SURE WHAT YOU GOT.
THERE SHOULD BE 11
CODY, COREY, GARY, GERALD, JOHN, MATTHEW, NICHOLAS, PAUL, PETER, RICKIE, TRACY, WANDA
THANK YOU THANK YOU.
AND MOST OF ALL I WAS REALLY SORRY TO HEAR ABOUT YOUR WIFE, SHE SOUNDS ALOT LIKE MY MOM AND ME. THE ONLY DIFFERENCE I DO NOT HAVE THE COPD
YOU REALLY ARE AWESOME
hope all is well with you
did you get the last ones I sent you
YES ONLY THOSE
The 941's what else can you do?
JAN -- $3713.22
FEB -- $4365.32
MARCH -- $4507.53
APRIL -- $3976.83
MAY -- $4363.76
JUNE -- $4729.84
JULY -- $3493.07
AUG -- $3759.47
SEPT -- $4582.18
OCT -- $3551.13
NOV -- $4306.98
YES I BELIEVE SOOO
DID YOU GET MY REPLY
You have large overpayments for each of the three quarters. I am not sure why, but there are. What did you use to calculate the deposit amounts?After you look at the Forms, contact me and we can talk about them.Thanks!Roger