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