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File 941 Form: What You Should Know

Schedule C (Form 941) to report gross profits. For Quarterly filers: Schedule B (Form 941) to report wages paid. Use Form 941. Use Form 941-V to report employer's share. For Monthly filers: Schedule C (Form 941) to report amounts withheld and gross profits reported. Use Form 941-V to report employer's share. For Taxpayers who have no income tax withheld and gross profits are 0, Schedule B has to be completed. IL Illinois Withholding Income Tax Return : Employer's share: Employer may report gross profits on IL. Form 941, Payment of Tax by Employer: Employers must file Form 941 to report the gross profits they have received from employees; the amount withheld as tax; and any tax the employer is liable to pay to the IRS. Quarterly Form 941: Employer's share: Employers must report their gross wages directly to employees or, for businesses with less than three full-time employees, to their credit unions. (2012) — Federal Tax Forms: Fax:. Form 941 (Rev. January 2014) — IRS Form 941 (Rev. January 2014) — IRS  Report all wages paid. Employer's share. You may use either Form 941 (and then Schedule B to show your share) or Schedule C to show the amount withheld. Also, if the employer has received Form 941-V and the Forms 941-V you must complete Schedule D. However, if the employer has received Form 941-V it does not need to complete Schedule D: Employer-share of Federal tax withheld: Employer must withhold and pay federal income tax. The employer's share is reported as wages and is deducted when the amount is withheld from the wages. Employees share : Use Schedule C, if all the wages on Schedule B and C are paid with Form 941-V and the employer has withholding for the federal income tax. Then you may use Schedule D, Form 941, with or without withholding, if the employer has received the Forms 941-V. However, you must pay federal income tax, and you will be responsible for paying state and local income tax as well.

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