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Chapter 2. Setting Up and Using Payroll ... > Paying Payroll Taxes with Form 941

Paying Payroll Taxes with Form 941

Form 941 is a quarterly payroll tax form on which you report federal income tax withheld, as well as Social Security and Medicare tax. Because these taxes are based on the total wages you paid your employees, and because all this information is already available if you use QuickBooks for processing your payroll, the creation of this form is easy.

Pay Payroll Taxes with Form 941

Select Process Payroll Forms from the Employees menu.

Select Form 941 and Schedule B.

Click OK.

Verify that the state in which you make your tax deposits is correct.

Verify that the date of the payroll quarter is correct.

Click Next.

Chances are good that these options won't apply to you, but check the box and enter the date of your last tax return if you no longer plan to pay payroll taxes.

Check the box if you are a seasonal employer.

Click Next.

Enter the number of employees on your payroll on March 12 of the current year. It doesn't matter in which quarter you're filing this tax return; the March 12 date is the same on every Form 941.

Click Next.

On the next screens, verify that the numbers calculated by QuickBooks are correct. Click the Yes button on any screen to make adjustments to the calculated amounts. Click Next to proceed to each screen.

On the screen for lines 15 and 16, check the appropriate box to indicate how you want an overpayment treated.

Check the appropriate box to show how frequently your company makes payroll tax deposits.

Click Next.

Click the option to preview Form 941 before printing.

When satisfied, click the Print button to print the form.


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