Question

Page 2 of Form 941. Note: Round your answers to 2 decimal places. Name (not your trade name) Employer identification number (EIN) Coni Cortez 75-4444444 Part 2: Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Check one: Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you did not incur a $100,000radio button unchecked1 of 3 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below; if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. You were a monthly schedule depositor for the entire quarter.radio button checked2 of 3 Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Tax liability: Month 1 Month 2 Month 3 Total liability for quarter 0.00 Total must equal line 12. You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability forradio button unchecked3 of 3 Semiweekly Schedule Depositors, and attach it to Form 941. Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 If your business has closed or you stopped paying wages Check here, andcheckbox unchecked1 of 3 enter the final date you paid wages (mm/dd/yyyy) ► 18a If you are a seasonal employer and you do not have to file a return for every quarter of the year Check here.checkbox unchecked2 of 3 18b If you're eligible for the employee retention credit solely because your business is a recovery startup business Check here.checkbox unchecked3 of 3 19 Qualified heath plan e

Answer 1

Employers use Form 941 to report payroll taxes to the IRS, determining their tax liability based on gross payroll. It includes income tax, Social Security, and Medicare withholdings, and follows monthly or semiweekly deposit schedules. The form is an integral part of employer tax compliance and fiscal responsibility.

Step-by-step explanation:

The Form 941 is a tax form used by employers to report payroll taxes to the Internal Revenue Service (IRS). This includes withholding amounts for income tax, Social Security, and Medicare, which contribute to the financing of government services. Employers must accurately calculate their tax liability and adhere to deposit schedules—either monthly or semiweekly.

The amount of tax an employer owes is determined by their gross payroll and the taxes they have withheld from employees' paychecks. If the employer's tax liability reaches $100,000 or more, they must make a next-day deposit. Filing taxes involves understanding various components such as adjusted gross income, deductions, exemptions, and the intricacies of different income sources.

Taxation complexity is amplified by the potential need to itemize deductions or file additional forms beyond the 1040EZ. Employers are responsible for remitting payroll taxes and may pass the employer's share of payroll taxes to employees through reduced wages. Form 941 is a crucial element of tax compliance for employers and serves as a measure of fiscal responsibility.