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941x explanation examples Form: What You Should Know

The purpose of this form is to indicate that you are adjusting your income tax with respect to the period of taxable employment starting in the month or quarter ending in June 2024 and ending in the month or quarter ending in June 2022. You can claim the ERC as an itemized deduction if you did not claim a credit or refund for the previous taxable period. Part 2. • You can also calculate your net employment tax paid by adding on any adjustments you are making to your wages. You can choose a quarter-to-quarter basis for the adjustment of wages. However, if the wages for the month did not change, you may choose to treat that quarter as your baseline basis for this calculation. If you choose this method, you must add the difference between the amount of employment taxes paid for the previous year in the quarter you chose and your taxes due for the current year. The first column shows the number of weeks of employment that must be used in this calculation, including any applicable holiday weeks. This must include all weeks of employment between Jan 1, 2018, and June 2018, whether holiday weeks were in effect, which must be taken into account in any calculation relating to wages paid for those weeks. The first column shows the amount of wages that are used in the calculation. The dollar amount of wages includes any change of amounts due to taxes and the amount of taxes due on those amounts. If the ERC is a change in method of accounting, you may adjust the value of the method to adjust the amount of taxes due from any adjustments to your wages. In addition, the amount of wages you calculate depends on your taxable income. The second column shows the amount of employment taxes for the current tax period. This includes the income tax you owe on wages. It also includes any employment taxes due but not yet paid because you submitted an incorrect return. If you do not provide a statement showing you calculated and are paying all your employment taxes, you must submit a completed Form 941-X and the statement provided by the IRS and file it separately. This second column shows the amount of ERC. In addition to the amount of ERC paid on wages (the amount shown in the first column), you must report all credits or refunds. See Pub. 524. If your net employment tax for the current tax period is lower than your tax due, you must subtract any net employment tax paid on wages from your net employment tax payable.

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