This is John McGuire McLaren Lauper, and I'm going to talk a little bit about the 941 tax return. This issue came to mind when I was meeting with a young gentleman the other day. He's looking at starting a business, and we're talking about whether he would have employees or independent contractors, and so forth. He is looking at hiring people, so I brought up the matter that he would be responsible for withholding Medicare, Social Security, and federal income tax, and reporting this on a Form 941. Of course, he asked, "What is the 941?" In short, the 941 is where you report the total wages paid, social security and medicare tax withheld, tip income (if you're a restaurant or bar), and federal income tax withheld. Then, you pay over those taxes to the IRS or the Department of Treasury via federal tax deposits. If you have any questions regarding this type of return, please feel free to give our law firm a call. We give all potential clients a free consultation. Thank you very much.
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Video instructions and help with filling out and completing Where Form 8655 Payroll
