Form 941-X vs. Form 941 2024

I want to quickly give you IRS Form 941 instructions line by line. You're going to love this conversation, I guarantee it. Welcome back, folks, to another edition of the awesome circus show. How are you today? I hope you are doing fantastic. I'm doing marvelous. If you ever ask me if you are doing as great as I am, go grab a cup of coffee, tea, or vodka and let's roll. In today's conversation, I want to give you IRS Form 941 instructions line by line. If you're here and you're just interested in the step-by-step, please feel free to fast forward to about 10 minutes. But if you really want to understand all the information that you need about IRS Form 941, please listen right now. It's very important because we have received so many questions about IRS Form 941 that we feel like, you know what, we need to clarify things a little better. So, what is Form 941 and when do you have to file it? This is a tax form that businesses file quarterly to report income taxes, social security taxes, and Medicare taxes they withheld from employee paychecks. Alright, simple as that. Form 941 also reports employer social security and Medicare taxes. So filing deadlines are the last day of January, April, July, and October. Completing Form 941 includes reporting wages that you paid, tips your employees reported to you, federal income tax you withheld from your employees' paychecks, employer and employee shares of social security and Medicare taxes, additional Medicare tax withheld from employee paychecks. You also have current quarter's adjustments to social security and Medicare taxes for fractions of cents, sick pay tips, and group term life insurance. Qualified small business payroll tax credit for increasing research activities. So, this is actually a non-exhaustive list...