As a righteous business owner, you must comply with the U.S. IRS's Federal and State taxes. With QuickBooks accounting software, the hefty process of calculating, processing, paying and filling the payroll taxes eases up. Both the desktop and online versions offer the feature of QuickBooks Form 941 in the payroll services, which can be easily set up for automatic tax processing payments. If you are looking for a quick guide to assist you through the procedure, then you can walkthrough this article to understand and file the Form 941 through QuickBooks.
Confused about how to keep up with your business’s payroll taxes? Get complete assistance with filing the QuickBooks Form 941 to comply with the U.S. Government's rules and regulations. Call our QuickBooks ProAdvisors at +1(844) 580-0110 so that they can take matters into their own hands and release you from your tension.
Understand what QuickBooks Form 941 is
Form 941, critically known as Employer’s Quarterly Federal Tax Return, is an important responsibility for every non-agriculture business owner who owes more than $1000 in taxes. Employers file this form to pay their income taxes, Medicare taxes, and social security to the IRS (Internal Revenue Service), which they forfeit from their employees' salaries. The tasks seem quite puzzling and laborious. However, QB simplifies the employer’s tasks by providing QuickBooks Form 941 to automate the process and ensure its timely processing and filing.
Depending on the threshold for each deposit schedule, you must pay your monthly or semiweekly taxes.
• If your enterprise reported above $50,000 in taxes during the lookback period, you are a SEMIWEEKLY DEPOSITOR.
• If your enterprise reported less than $50,000 in taxes during the same period, you will be a MONTHLY DEPOSITOR.
Managing Electronic Filling and Payment of Form 941 in QuickBooks Desktop Payroll
First of all, you have to keep up with the Payroll updates to date for accuracy. Complete your payroll tax tables to the most recent date, and then only you can proceed to process your QuickBooks Form 941.
Step 1: Setup QuickBooks Form 941 for E-filing and E-Payments
• Completing your payroll tax tables and updating them to the latest is extremely important before filing QuickBooks Form 941. Therefore, make sure you finish this step first.
Enrolling in IRS:
In addition, register in the IRS Electronic Federal Tax Payment System (EFTPS). Enrollment is a one-time process, and you don’t need to do it again and again.
• After registering, you receive a 4-digit EFTPS PIN and Enrollment Number.
• When you obtain the PIN, you can log in to your account on EFTPS.gov.
• Information required to enter-
◦ Employee Identification Number (EIN),
◦ EFTPS PIN of 4 digits,
◦ Bank account and
◦ Enrollment Number’s last eight digits.
Schedule Tax Payments to E-Pay
• Select Payroll Taxes & Liabilities > Edit Payment Due Dates/Methods > Schedule Payments > Federal 941 in the Employees menu.
• Now, change your previous payment mode from the Edit Payment Schedule Window to E-pay.
• After that, set your Payment Frequency.
• Next, choose E-Pay Accounts and the account type.
• Later in this step, verify your bank info.
• Finally, tap Finish.
Step 2: E-Pay the Federal Taxes
For making e-payments in the QuickBooks Desktop, follow the given prompts:
• In the Employees section, open the Payroll Center.
• Now, proceed to click the Pay Taxes and Other Liabilities button.
• In this section, choose the liability to pay and then the View/Pay tab.
• Next, review the liability info for precision.
• Then, click on E-Pay.
• Further, enter the 4-digit EFTPS PIN and other required details on the E-Pay Login page.
Note: If you changed the bank account for making e-payment lately, use the new PIN generated.
• After that, hit on Submit.
• Later, you will receive a confirmation notice informing you that Intuit has received your request. They will ensure that your e-payment is submitted to the respective agency.
• You may take a print of this confirmation message and then press Close.
• A confirmation email will be sent to you. You can also check the status of the e-file or e-pay.
Step 3: E-Filing Federal Forms
• Hit the following prompts: Employees > Payroll Tax Forms and W-2s > Process Payroll Forms > Federal Form 941.
• Click on Create Form, select the form filing period, and press OK.
• Carefully review every part of the form to detect any discrepancies.
• You may select the option to Check for Errors, and then you can make the corrections if errors are found.
• Finally, choose Submit Form and then E-File.
• After that, feed your 10-digit IRS E-file PIN you are provided with.
• At last, complete the form filing by applying the given screen instructions.
Note: You are not asked to enter a PIN when e-filing a W-2 form.
Once you have successfully filed QuickBooks Form 941, you will receive an email confirming the task within 24 to 48 hours. You can also check the live status of your e-file and e-pay using the QuickBooks application.
Step 4: Printing the Federal Form 941
You must responsibly print out the QuickBooks Form 941 you pay and file for your records and documentation purposes.
• Navigate to the Payroll Center in the QB application
• Tap on File Forms > Filing History.
• Click Save Filings/E-filings.
• Finally, choose the Print option or icon for the federal form, whichever is available on your desktop window.
Wrapping Up!
QuickBooks Form 941 is a very useful feature of the accounting application that saves employers and business owners from the tension of filing and processing it routinely. With the added service of automatic payment setup and e-filing, it saves a considerate amount of time. This article helped you make your process even simpler. However, if any doubts are revolving around your mind, pick up you cellphone and connect with our QuickBooks Payroll Support Team at +1(844) 580-0110. They will be delighted to counsel you.
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