Form 941 - Payment Voucher - 2003 (Page 5 of 7) in pdf

Your filing or payment address may have

notify certain employees about the EIC can be met by

changed from prior years. If you are using an

giving each eligible employee Notice 797, Possible

IRS-provided envelope, use only the labels and

Federal Tax Refund Due to the Earned Income Credit

CAUTION

envelope provided with this tax package.

(EIC). See Circular E (Pub. 15) and Pub. 596, Earned

Income Credit, for more information.

Depositing Taxes

Employer Identification Number

If your net taxes (line 13) are $2,500 or more for the

quarter, you must deposit your tax liabilities at an

If you do not have an EIN, apply for one on Form SS-4,

authorized financial institution with Form 8109, Federal

Application for Employer Identification Number. Get this

Tax Deposit Coupon, or by using the Electronic Federal

form from the IRS or the SSA. If you do not have an EIN

Tax Payment System (EFTPS). You may pay the taxes

by the time your return is due, write “Applied For” and the

with Form 941 instead of depositing if your total taxes for

date you applied in the space shown for the number.

the quarter (line 13) are less than $2,500 and you pay in

Form SS-4 has information on how to apply for an EIN by

full with a timely filed return. See section 11 of Circular E

mail, fax, or by telephone. You may also apply for an EIN

(Pub. 15) for information and rules concerning Federal

online by visiting the IRS website at

tax deposits and to determine your status as a monthly

smallbiz.

or semiweekly schedule depositor.

Note: Always be sure that the EIN on the form you file

matches the EIN assigned to your business by the IRS.

Reconciliation of Forms 941 and W-3

Do not show your social security number on forms calling

Certain amounts reported on your four quarterly Forms

for an EIN. Filing a Form 941 with an incorrect EIN or

941 for 2003 should agree with your Form W-2, Wage

using the EIN of another business may result in penalties

and Tax Statement, totals reported on Form W-3,

and delays in processing your return.

Transmittal of Wage and Tax Statements, or equivalent

Preprinted Name and Address Information

magnetic media reports (Form 6559) filed with the SSA.

The amounts that should agree are: income tax

If your preprinted name, EIN, or address information on

withholding, social security wages, social security tips,

Form 941 is not correct, cross it out and type or print the

Medicare wages and tips, and the advance earned

correct information. However, do not change any of the

income credit payment. If the totals do not agree, the IRS

preprinted information on your Form 941-V Payment

may require you to explain any differences and correct

Voucher.

any errors. For more information, see section 12 of

Circular E (Pub. 15).

Specific Instructions

Penalties and Interest

There are penalties for filing a return late and paying or

depositing taxes late, unless there is reasonable cause. If

State Code

you file late, please attach an explanation to your return.

There are also penalties for failure to: (a) furnish Forms

If you made your deposits by FTD coupon or by using

EFTPS in a state other than that shown in your address

W-2 to employees and file copies with the SSA or (b)

deposit taxes when required. (Do not attach an

on Form 941, enter the state code for the state where

explanation of why the return is late to Forms W-2 sent to

you made deposits in the box provided in the upper left

the SSA.) In addition, there are penalties for willful failure

corner of the form. Use the Postal Service two-letter state

to file returns and pay taxes when due and for filing false

abbreviation as the state code. Enter the code “MU” in

returns or submitting bad checks. Interest is charged on

the state code box if you deposit in more than one other

taxes paid late at the rate set by law.

state. If you deposit in the same state as shown in your

address, do not make an entry in this box.

A trust fund recovery penalty may apply if

income, social security, and Medicare taxes that

Line A—Final Return

must be withheld are not withheld or are not paid.

CAUTION

Check the box and enter the date final wages were paid

The penalty is the full amount of the unpaid trust fund tax.

in the space provided if you do not have to file Form 941

This penalty may apply when these unpaid taxes cannot

in the future. See also Final Return on page 1.

be immediately collected from the employer or business.

Line B—Seasonal Employer

The trust fund recovery penalty may be imposed on all

persons who are determined by the IRS to be

Check this box if you are a seasonal employer

responsible for collecting, accounting for, and paying

described on page 1.

over these taxes, and who acted willfully in not doing so.

Line 1—Number of employees

See section 11 in Circ. E (Pub. 15) for more information.

Enter the number of employees on your payroll during

Ordering Forms and Publications

the pay period including March 12 (on the

IRS forms and publications are available by calling

January-March calendar quarter return only). Do not

1-800-829-3676 or by accessing the IRS website at

include household employees, persons who received no

See Circular E (Pub. 15) for additional

pay during the pay period, pensioners, or members of the

methods of obtaining forms and publications.

Armed Forces. An entry of 250 or more on line 1

indicates that you must file Forms W-2 electronically or

Forms W-4

on magnetic media. Call the SSA at 1-800-772-6270 or

Each quarter, send with Form 941 copies of any Forms

access the SSA website at

W-4, Employee’s Withholding Allowance Certificate,

employer for more information on electronic or magnetic

received during the quarter from employees claiming: (a)

media filing requirements.

more than 10 withholding allowances or (b) exemption

from income tax withholding if their wages will normally

Line 2—Total wages and tips, plus other

be more than $200 a week. For details, see section 9 of

compensation

Circular E (Pub. 15).

Enter the total of all wages paid, tips reported, taxable

Forms W-5

fringe benefits provided, and other compensation paid to

your employees, even if you do not have to withhold

Each eligible employee wishing to receive any advance

income or social security and Medicare taxes on it.

earned income credit (EIC) payments must give you a

completed Form W-5, Earned Income Credit Advance

Do not include supplemental unemployment

Payment Certificate. The employer’s requirement to

compensation benefits, even if you withheld income tax

-2-

Form 941 - Payment Voucher - 2003 Page 5

Related Articles

Related forms

Related Categories