This StepbyStep instruction on completing Form 941 (Quarterly Payroll Tax Return) for an S corporation with one shareholder employee.

Employers file Form 941 to report company payroll, which includes wages, social security taxes, Medicare taxes, federal income tax withholding, and any available payroll tax credits and payments.

In this example, we look at a Form 941 filing for the third quarter ending September 30, 2024. The company already filed its 1st & 2nd Quarter Forms 941. The company is a Florida S corporation with one shareholderemployee. His wages must also include the amount of his shareholder health insurance paid by the S corporation. The shareholder decides to temporarily reduce his paycheck because of slow business, so we adjust the payroll tax calculation for Q3.

1st Quarter Form 941:    • How to Fill Out IRS Form 941  Simple...  
2nd Quarter Form 941:    • How to Fill Out IRS Form 941  S Corp...  

How to Deduct Shareholder Health Insurance:    • How to Deduct Health Insurance for S ...  
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