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Video instructions and help with filling out and completing how to fill 2021 IRS 941
In this video presentation I'm going to show you how to fill out a form 941 so the form 941 is used to report all FICA taxes and our federal income taxes to the IRS so that's our social security our Medicare and our federal income taxes so what I'm going to do is I'm going to use this exercise that's actually available for to you and Angel and we're gonna use this to demonstrate how to fill out a form 941 so in here we've got John Granatelli Granatelli motors pays his employees monthly the following payroll information is for the first quarter of the year so for January February and March assume that the company is a monthly depositor ok so here I've already calculated their wages for January February and March notice that no one has already met the cap ok for oasdi and then we've got I've already given you calculated the OASDI the age I and the federal income tax these are all the employees withholdings and then I've also got the employers portion of oasdi and H I here calculated I've given you the address and telephone number for the company I've given you their AI in number and I've told you that the number of employees on March 12th was 26 so the first thing we're going to do is complete the form 941 for the first quarter of the year alright so let's go back to our 941 and if you have that sheet of paper beside you I'd probably print it out well while I go through this so that you'll see where I'm pulling these numbers from so the first thing we're going to do of course is put in our iin number so it goes here and then we're going to put in the name so here they want the actual name of the owner of the company so this would be John Granatelli and then the trade name would be the business name so Granatelli motors in this case and then you're going to put in the address so that would be 3709 Fifth Avenue and that's in Chicago Illinois six oh six or five all right one thing you have to do on a form 941 is pick which quarter you're talking about so in this case we're doing the first quarter so we're going to come check the January February March alright so now let's go back to go down to the line so part one theyjust is where you're actually going to calculate the tax that you owed okay so the number of employees who receive wages tips rather compensation for the pay period March twelfth four quarter one that's why I gave you that information here that the number of employees on March 12th was twenty six so we go back here to line one will just put twenty six there and then they want to know your total wages tips and other.