Instructions For Form 941-M - Employer'S Monthly Federal Tax Return - 2005 Page 2
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4wages, social security tips, Medicare wages and tips, and the
Line 5c — Taxable Medicare wages and tips. Report all
advance earned income credit (EIC).
wages and tips subject to Medicare tax. Also include any sick
pay and taxable fringe benefits subject to Medicare tax. See
If the totals do not agree, the IRS may require you to explain
section 5 in Pub. 15 (Circular E) for information on types of
the differences and correct any errors. See section 12 of
wages subject to Medicare tax. If none of the payments are
Pub. 15 (Circular E) for details.
subject to Medicare tax, enter “-0-.”
Include all tips that your employees reported during the
Specific Instructions
month, even if you were not able to withhold the employee tax
(1.45%). Report the uncollected employee’s share of Medicare
tax on line 7c. Also see section 6 of Pub. 15 (Circular E).
Part 1: Answer these questions for this
Line 7 — Tax adjustments. See the Instructions for Form 941
for more information.
month
Current period adjustments. In certain cases, amounts
Line 1 — Number of employees. For March, June,
reported as social security and Medicare taxes on lines 5a – 5c
September, and December, report the number of employees
must be adjusted to arrive at your correct tax liability. See
you paid for the pay period that includes the 12th of the month.
section 13 of Pub. 15 (Circular E) for information on the
Leave line 1 blank for all other months. Do not include
following adjustments:
household employees, employees who received no pay during
•
Fractions-of-cents adjustment.
the pay period, pensioners, or active members of the Armed
•
Adjustment for the employee share of social security and
Forces. An entry of 250 or more on line 1 indicates that you
Medicare taxes withheld by a third-party sick pay payer.
must file Forms W-2 electronically or on magnetic diskette. Call
•
Adjustment for the uncollected employee share of social
the SSA at 1-800-772-6270 or access the SSA website at
security and Medicare taxes on tips.
for more information on
•
Adjustment for the employee share of social security and
electronic or magnetic diskette filing of Forms W-2.
Medicare taxes on group-term life insurance premiums paid for
Line 2 — Wages, tips, and other compensation. Enter
former employees.
amounts on line 2 that would also be included in box 1 of your
employees’ Form W-2. See the Instructions for Forms W-2 and
Prior period adjustments. Use lines 7d – 7g to correct
W-3 for details.
errors in taxes reported on an earlier return, including errors
from a previous month of the current quarter. For example, if
If you get timely notice from your insurance carrier
you are correcting an error in social security and Medicare
concerning the amount of third-party sick pay that it paid to your
taxes reported on your July 2005 Form 941-M and you found
employees, include the sick pay on line 2.
the error in September 2005, report the adjustment using line
Line 3 — Total income tax withheld from wages, tips, and
7e of your September 2005 Form 941-M.
other compensation. Enter the income tax that you withheld
(or were required to withhold) on wages, tips, taxable fringe
If you report both an underpayment and an overpayment,
benefits, sick pay, other compensation, and supplemental
show only the net difference.
unemployment compensation benefits. Also include here any
Explain any prior period adjustments on an attached Form
excise taxes that you were required to withhold on golden
941c, Supporting Statement To Correct Information.
parachute payments (section 4999).
Line 4 — If no wages, tips, or other compensation are
Line 9 — Advance earned income credit (EIC) payments
subject to social security or Medicare tax. If no wages, tips,
made to employees. Enter advance EIC payments made to
or compensation on line 2 are subject to social security or
employees. Your eligible employees may elect to receive part of
Medicare tax, check the box on line 4. If this question does not
the EIC as an advance payment. Eligible employees who have
apply to you, leave the box blank. For more information about
a qualifying child must give you a completed Form W-5 stating
exempt wages, see section 15 of Pub. 15 (Circular E) and
that they qualify for the EIC. Once the employee gives you a
section 4 of Pub. 15-A, Employer’s Supplemental Tax Guide.
signed and completed Form W-5, you must make the advance
EIC payments. Advance EIC payments are generally made
Line 5a — Taxable social security wages. Enter the total
from withheld income tax and employee and employer social
wages subject to social security taxes that you paid to your
security and Medicare taxes. See section 10 of Pub. 15
employees during the month. Also include any sick pay and
(Circular E) and Pub. 596 for more information on advance EIC
taxable fringe benefits subject to social security taxes. Enter the
payments and eligibility requirements.
amount before deductions. Do not include tips on this line. Stop
reporting for any employee whose wages (including tips) reach
If the amount of your advance EIC payments exceeds your
$90,000 for 2005. However, continue to withhold income tax
total taxes (line 8) for the month, you may claim a refund of the
for the whole year on wages and tips even when the limit of
overpayment or elect to have the credit applied to your return
$90,000 is reached. See the Line 5c instructions for Medicare
for the following month. Provide a statement with your return
wages and tips.
identifying the amount of excess payment(s) and the pay
Line 5b — Taxable social security tips. Enter all tips that your
period(s) in which it was paid. See section 10 of Pub. 15
employees reported during the month until tips and wages for
(Circular E).
an employee reach $90,000 in 2005. Do this even if you were
Line 12 — Undeposited taxes due. You do not have to pay if
not able to withhold the employee tax (6.2%). Report the
line 15 is under $1.
uncollected employee’s share of social security tax on line 7c.
Also see section 6 of Pub. 15 (Circular E).
If you fail to make deposits as required and instead pay
An employee must report to you cash tips, including tips you
!
the taxes with Form 941-M, you may be subject to a
paid the employee for charge customers, totaling $20 or more
penalty.
CAUTION
in a month by the 10th day of the next month. The employee
may use Form 4070, Employee’s Report of Tips to Employer, or
Line 13 — Overpayment. If you deposited more than the
give you a written statement.
correct amount for a month, you can have the overpayment
Do not include allocated tips on this line. Instead, report
refunded (applies only to March, June, September, and
them on Form 8027, Employer’s Annual Information Return of
December Forms 941-M) or applied to your next return. Show
Tip Income and Allocated Tips. Allocated tips are not reportable
any amount applied in the Record of Federal Tax Liability and
on Form 941-M and are not subject to withholding of income,
Deposits on your next return. If line 13 is under $1, we will send
social security, or Medicare tax.
a refund or apply it to your next return only on written request
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