Line 6: Total line 3, 5e and 5 f
Adjustments Line 7 to Line 9
Line 7: Fraction of cents
Line 8 Social security and Medicare withheld and paid by a third party on an employee sick pay. Enter a negative number with minus sign and make that deduction from employee side of social security and Medicare tax withheld.
Line 9 Uncollected social security and Medicare tax on tips. Enter a negative number with minus sign instead of parentheses.
Enter a negative number for any uncollected group term insurance on former employees
Line 10 Total taxes after adjustments: Total line 6 to line 9
More on Adjustments on IRS Instructions for Form 941 Page 11: https://www.irs.gov/pub/irs-pdf/i941.pdf
Line 11: If you have a credit to claim, fill out Form 8974 and attach to Form 941 when you submit to IRS. Enter the amount of credit from Form 8974 Line 12 here on Line 11 of Form 941.
Line 12: Total tax after adjustments and credits: line 10 minus line 11.
Who must make deposit?
- If line 12 is more than $2,500 and the prior quarter Line 12 was more than $2,500, make deposit using EFTPS based on your deposit schedule.
- If line 12 is less than $2,500 and the prior quarter line 12 was less than $2,500, you could make your tax payment along with your Form 941 or make a deposit but make sure you do that on time.
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At Nina’s Soap, we thrive to live a quality life within our budget and increase our net worth. We share many aspects of our lifestyle including personal finance, investment, business management, cooking from scratch and growing some vegetables and fruit to save money and eat healthy.
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