How to Fill Out IRS Form 941 - Simple Example for S Corporation

Simple example and instructions on completing Form 941 (Quarterly Payroll Tax Return) for an S corporation with one shareholder-employee.
Employers file Form 941 to report company payroll, which includes wages, social security taxes, Medicare taxes, federal income tax withholding, and any available payroll tax credits and payments.
In this example, we look at a Form 941 filing for the first quarter ending March 31, 2024. The company is a Florida S corporation with one shareholder-employee. His wages must also include the amount of his shareholder health insurance paid by the S corporation.
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#Form941 #PayrollTax #payroll

[@LuisGarcia-qn3tc]

Very helpful Thanks

[@user-kh5ig4tr9y]

😊❤

[@magdelinrosario8098]

I know is a very different thing but I follow you for the great and clear job you do. I am hearing about the Medicaid waiver payments when you take care of relative is not taxable. Can you please make a video explaining this? Thank you very much! Hope you see this message. I also know they can qualify you for the EITC this I know how to do but how can you subtract all income from being taxable?

[@1025rwilliams]

Great Job! Correct me if I'm wrong but the second box 5 under box 4 in your example would be box 6 on the W2?

[@Mendeville]

Im trying to wrap my head around as to why the IRS is using shareholder's wage as a basis for deducting health insurance. It appears that IRS wants you to pay yourself at least same amount of your health insurance. Why is that?

[@AravindBappanadu]

Hi Jason, Do you provide these tax filing services? How do I reach you?