IRS Updates 941 Form for 2012 Payroll Taxes
Make sure you use the revised Form 941, the Employer's Quarterly Federal Tax Return, when you file your quarterly payroll tax returns for 2012. The first quarter filing deadline for Form 941 is April 30.
The Internal Revenue Service revised this form several times last year due to the Social Security tax cut. The president has now signed the tax cut into law for all of 2012.
Employees now contribute 4.2% toward funding their Social Security for the rest of 2012, while employers contribute a 6.2% share.
Note that the 941 form for 2012 does not mention the payroll tax cut, so make sure your payroll system is properly calculating your employee payroll tax liabilities at 4.2%. (And, in case you're wondering, a shaded box that was previously marked "for future use" on the 2011 form is also not found on the updated 2012 form.)
The IRS no longer mails out Form 941, as well as most other business tax forms. However, you can download a fillable pdf of the 2012 Form 941 and instructions. You can also choose to e-file this form.
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This content has been provided by Patriot Software, Inc., developer of online payroll software, hiring software, and other software solutions for small business, as well as a payroll tax filing service. For more information, visit www.PatriotSoftware.com.