Quote:
Originally Posted by CJ
In laymans terms what are these forms used for specifically? If you are a one man show, single member LLC do these apply to you? I just fired my accountant and I am trying to learned as much as I can about that side of my business.
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What.... so you fired your accountant and now your'e asking an accountant for free advice.
To amplify what Brian posted,
Form 940 is an annual filing with IRS to report federal unemployment tax liability and payment. It is assessed on the first 7,000 of wages and is generally capped at $56.00 per employee.
Form 941 is a calendar quarterly filing which is used to report wages & tips, Soc. Sec. & medicare taxes and employee federal income tax witholdings.
If you have employees, when you have to pay these taxes during each quarter depends on several factors.
You don't say whether you have employees working for you or not. If you do, you will need to file these forms. If you don't, you won't.
Check out the IRS website. Look up a publication called Circular E. It has everything you never wanted to know about employment taxes.
Find a new accountant!
