Instructions For Form 941-Ss - Employer'S Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2006 Page 5
ADVERTISEMENT
1
2
3
4
5
6
7If you are a semiweekly depositor, you must
depositor unless the $100,000 Next-Day Deposit Rule
!
complete Schedule B (Form 941). If you fail to
discussed in section 8 of Pub. 80 (Circular SS) applies.
complete and submit Schedule B (Form 941), IRS
Check the appropriate box on line 15 and fill out your tax
CAUTION
will assert deposit penalties based on available information.
liability for each month in the quarter.
11. Total deposits for this quarter...
+ Month 1
+ Month 2
Enter your deposits for this quarter, including any deposits
+ Month 3
that you were required to make to cover prior period
Total tax liability for quarter
liabilities resulting from adjustments shown on line 7. Also
include in the amount shown any overpayment from a
Note that your total tax liability for the quarter must equal
previous period that you applied to this return.
your total taxes shown on line 8. If it does not, your tax
deposits and payments may not be counted as timely.
12. Balance Due
You are a monthly schedule depositor for the calendar
If line 8 is more than line 11, write the difference in line 12.
year if the amount of your Form 941-SS taxes reported for
Otherwise, see Overpayment below.
the lookback period is $50,000 or less. The lookback
You do not have to pay if line 12 is under $1. Generally,
period is the four consecutive quarters ending on June 30
you should have a balance due only if your total taxes for
of the prior year. For 2006, the lookback period begins July
the quarter (line 8) are less than $2,500. (However, see
1, 2004, and ends June 30, 2005. For details on the deposit
section 8 of Pub. 80 (Circular SS) for information about
rules, see section 8 of Pub. 80 (Circular SS).
payments made under the accuracy of deposits rule.)
This is a summary of your monthly tax liability, not a
You may pay the amount shown on line 12 using EFTPS
!
summary of deposits you made. If you do not
or credit card. Do not use a credit card to pay taxes that
properly report your liabilities when required or if you
CAUTION
were required to be deposited. For more information on
are a semiweekly schedule depositor and report your
paying your taxes with a credit card, visit the IRS website at
liabilities on line 15 instead of on Schedule B (Form 941),
and type “e-pay” in the Search box.
you may be assessed an “averaged” failure-to-deposit (FTD)
If you pay by EFTPS or credit card, file your return using
penalty. See Deposit Penalties in section 8 of Pub. 80
the “Without a payment” address on page 2 under Where
(Circular SS) for more information.
•
Should You File? and do not file Form 941-V(SS), Payment
If you reported more than $50,000 of taxes for the
Voucher.
lookback period (see above), you are a semiweekly
If line 8 is $2,500 or more and you have deposited all
schedule depositor. Check the appropriate box on line 15.
taxes when due, line 12 (“Balance due”) should be zero.
You must complete the Schedule B (Form 941) and
submit it with your Form 941-SS. Do not use Schedule B
If you do not deposit as required and, instead, pay
(Form 941) if you are a monthly schedule depositor.
!
the taxes with Form 941-SS, you may be subject to a
penalty.
Reporting adjustments on line 15. If your tax liability for
CAUTION
any month is negative (for example, if you are adjusting an
13. Overpayment
overreported liability in a prior period), do not enter a
negative amount for the month. Instead, enter zero for the
If line 11 is more than line 8, write the amount in line 13.
month and subtract that negative amount from your tax
Never make an entry in both lines 12 and 13.
liability for the next month.
If you deposited more than the correct amount for a
quarter, you can choose to have us either refund the
Here’s an example:
overpayment or apply it to your next return. Check the
appropriate box in line 13. If you do not check either box, we
Pine Co. discovered on February 6, 2006, that it
will automatically refund the overpayment. We may apply
overreported social security tax on a prior quarter return by
your overpayment to any past due tax account that is shown
$2,500. Its Form 941-SS taxes for the first quarter of 2006
in our records under your EIN.
were:
If line 13 is under $1, we will send a refund or apply it to
January =
$2,000
your next return only if you ask us in writing to do so.
February =
$2,000
March =
$2,000
Fill out both pages.
You must fill out both pages of Form 941-SS and sign it on
Pine Co. reports liabilities on line 15 as follows:
the second page. Failure to do so may delay processing of
Month 1 =
$2,000
your return.
Month 2 =
0
Month 3 =
+$1,500
Total
$3,500
Part 2: Tell us about your deposit
schedule and tax liability for this
The prior period adjustment ($2,500) offsets the $2,000
quarter.
liability for February and the excess $500 must be used to
offset March liabilities. Since the error was not discovered
until February, it does not affect January liabilities reported
15. Check one:
in Month 1 of line 15.
•
If line 8 is less than $2,500, check the appropriate box in
Using the above example, if the overreported social
line 15 and go to Part 3.
security tax on a prior quarter return had been $10,000, Pine
•
If you reported $50,000 or less in taxes during the
Co. could carry the excess negative adjustment of $6,000
($10,000 − $2,000 − $2,000) to the next quarter. Pine Co.
lookback period (see below), you are a monthly schedule
-5-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2006
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2017
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2012
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2009
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2011
Financial
Related Categories
Parent category: Financial