Hello, thanks for joining us today!
Is this question related to estimated tax payments that are paid quarterly? If so, individuals, including sole proprietors, partners and S corporation shareholders, may need to make estimated tax payments if:
- they expect to owe at least $1,000 when they file their tax return.
- they owed tax in the prior year.
Taxpayers who may need to make estimated tax payments include someone who:
- receives income that isn’t from an employer, such as interest, dividends, alimony, capital gains, prizes and awards.
- has tax withheld from their salary or pension but it’s not enough.
- has more than one job but doesn’t have each employer withhold taxes.
- is self-employed.
- is a representative of a direct-sales or in-home-sales company.
- participates in sharing economy activities where they are not working as employees.
Reference link: https://www.irs.gov/newsroom/basics-of-estimated-taxes-for-individuals#:~:text=For%20estimated%20tax....
If you are referring to Form 941, Employer's Quarterly Federal Tax Return, use this form to:
- Report income taxes, Social Security tax, or Medicare tax withheld from employee's paychecks.
- Pay the employer's portion of Social Security or Medicare tax.
Reference link: https://www.irs.gov/forms-pubs/about-form-941
