Monday, March 30, 2009

1st Quarter 941 Form

The time has already come to be thinking about the Employer's Quarterly Federal Tax Return (Form 941). Employer's are required to report wages paid, tips received by employees, federal income tax you have withheld, both the employer's and employee's Medicare and Social Security taxes withheld, your current quarter's adjustments to social security and Medicare taxes for fraction of cents, sick pay, tips, group-term life insurance, advanced earned income tax credit payments and credit for COBRA premium assitance payments. The COBRA premium assistance payments box is new to the 941 this quarter. The 941 form is due April 30, 2009 and includes payroll from Jan, February and March.

Employers whom are still calculating withholding taxes and generating their federal forms manually could save vast amounts of time and energy by using a Payroll Software. The IRS has changed the federal income tax tables due to the The American Recovery and Reinvestment Act of 2009 (The Stimulus Package) and ,as stated above, the 941 form. This may be the perfect time for employers to invest in a Payroll Program that could make this transition painless.

I am a small business owner and have been using this particular payroll software for almost a year now. I am continually impressed by this software and the support I get from the company.Payroll Mate has been completely updated (tax tables and 941 form) and frequently sends new updates, for the year, at no additional cost.

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