According to the IRS instructions of form 941 (Employers QUARTERLY Federal Tax Return), if you are an employer then you need to use this payroll form to report the following amounts: Wages you have paid; Tips your employees have received; Federal income tax you withheld; Both the employers and the employees share of social security and Medicare taxes. Current quarters adjustments to social security and Medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance; Advance earned income tax credit (EIC) payments and Credit for COBRA premium assistance payments.
Form 941 is due by the last day of the month that follows the end of the quarter. For quarter one (January, February, March) Form 941 is due April 30. For quarter two (April, May, June) Form 941 is due July 31. For quarter three (July, August, September) Form 941 is due October 31. For quarter four (October, November, December) Form 941 is due January 31 of the following year. For tax year 2009, Form 941 Due Date for the first quarter is April 30, 2009.
Using a payroll software can save employers long tedious hours trying to prepare form 941. Its estimated that business owners who use manual methods to prepare payroll can save up to 20 hours of their valuable time each quarter, when using an automated payroll solution to create form 941 for them. Form 941 is only one of the many payroll forms that a business owner or an employer needs to prepare to be in compliance with government regulations.
Payroll Mate is a very easy to use and affordable payroll package that fits the needs of accountants and small to medium size businesses. Payroll Mate makes doing payroll easy, smooth, predictable, and of course affordable through a set powerful and flexible payroll management capabilities that allow small businesses to operate smarter and save money.
A thirty-day free evaluation for Payroll Mate can be installed from the Payroll Software Download page located on the products website.
