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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, or click the Process Payroll Forms icon on the Employee Navigator.

Select Federal Form.

Click OK.

Select Quarterly Form 941/Schedule B.

Verify that the filing quarter is correct.

Verify that the date of the payroll quarter is correct.

Click OK.

You might see a dialog box explaining why the form on your screen differs from the form that will print. Click OK to close this window.

Check the appropriate box to indicate whether you are required to prepare Schedule B.

Enter a state code if the state in which you paid taxes is different from the state of your company's address.

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.

On the next screens, verify that the numbers calculated by QuickBooks are correct. Right-click a number and select Override to change calculated amounts on the form.

If there is an overpayment, check the appropriate box to indicate whether you want the overpayment credited to the next return or refunded.

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

Click Next.

Verify the amounts on Schedule B if you are required to prepare this form.

Click the appropriate box to perform one of these tasks:

  • Check Form— Verifies that all the necessary information is on the form.

  • Print— Sends your form to the printer.

  • Save As PDF— Saves your form and protects it in a PDF format. The form can then be viewed in Adobe Reader.

  • Finish Later— Saves your work and lets you return to the form to complete it later.

Click Done when you are finished with the form.


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