Form 941 reports federal income and FICA taxes each quarter. You must file Form 941 unless you: Filed a final return Are a seasonal employer Employ a household employee (e.g., nanny) Have farm employees (e.g., Form 943) Are told by the IRS to file Form 944 instead Information you ...
If you’re an employer starting to hire workers for your small business, you’re likely already familiar with Social Security and Medicare payroll taxes. But, there’s another tax that you may be responsible for: the Federal Unemployment Tax Act, or FUTA. Unlike Social Security and Medicare,...
If you pay wages to an employee (remember: there's a difference between staff and independent contractors), you must withhold or 'hold onto' portion of an employee's compensation to cover items like income taxes, social security, and Medicare. And you should also file Form 941. If you're...