How to Prepare Your First Quarter 941 Form 2018


Business owner planning out his second quarter after filing his first quarter 941 form 2018

It seems like we were just discussing your year-end filing for 2017 and now suddenly it’s the end of the first quarter. Now is a very important time for business owners to reflect on their achievements, struggles, and discuss any adjustments that need to be made. In addition to all this, it is time to prepare your first quarter 941 Form 2018.

 

How to Prepare Your First Quarter 941 Form 2018

Let’s review before we get into preparing your first quarter 941 Form for 2018.

 

Overview of Quarterly Tax Forms

If you own and operate a business with employees, you must file Form 941, the Employer’s Quarterly Federal Tax Return, each quarter. However, certain employers with less than $1,000 annual tax and withholding liabilities might be approved for filing Form 944, the annual version of Form 941.

 

As an employer, you are responsible for withholding payroll taxes like withholding federal income tax from each employee’s paychecks. Form 941 reports the amount of taxes you withheld during that quarter. The first quarterly report will cover January 31 to Match 31.

 

Who Must File Quarterly Report Form 941?

Business owner preparing his first quarter 941 form 2018Typically, any business that pays salaries or wages to an employee must file a Form 941 quarterly. They must continue to do so even if no one is employed during certain quarters.

 

The only exception for filing requirements is for seasonal employers who do not pay employee wages or salaries during one or more quarters, agricultural employees, and household employers.

 

What You Will Need To File?

  • Payroll Period (Weekly, bi-weekly, semi-monthly, or monthly)
  • Gross pay for the period
  • Employee’s marital status
  • Number of exemptions claimed by the employee
  • Employee Social Security and Medicare Tax Withholdings
  • Additional withholding amounts

 

Once you have the required information, you are ready to begin the e-filing process.

 

How To File Your First Quarter 941 Form 2018?

Step 1:

  • Create or sign into your TaxBandits account
  • Select “Create New 941 Form”
  • Enter your EIN (Employer Identification Number)

 

Step 2:

  • Choose your Tax Year and Quarter
  • Select 2017 and Second Quarter

 

Step 3:

  • Enter Financial Data
  • Follow step-by-step process
  • (If your pay scale is Semi-Weekly, you will need to complete addendum Schedule B)

 

Step 4:

  • E-Sign Form 941
  • Enter your 10-digit Online Signature PIN for the IRS
  • Or Complete Form 8453-EMP to sign Form 941

 

Step 5:

  • Review your completed Form 941
  • Submit completed form with the IRS
  • Directly pay the IRS any taxes owed

 

File First Quarter 941 Form For 2018 With Confidence

We understand that all of the payroll tax information can be confusing, especially under pressure. Our sister product, TaxBandits takes pride in being IRS-authorized to provide you with a safe, secure, and accurate e-filing process that will save you time and money.

 

File Form 941

 


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