Example Of 941 Worksheet 1. Based on the draft form 941 issued on april 30 2020 the employee retention credit erc will be calculated on the new worksheet 1 that will need to be attached to any 941 using payroll tax related credits. For example if the form is for the third quarter put an x in the box next to july august september.
If you paid qualified sick leave family leave and have qualified wages for the employee retention program you will fill out all three parts of this worksheet. All you need to know about form 941 worksheet 1 2020 updated on january 20 2021 10 30 am by admin taxbandits employers who file form 941 employer s quarterly federal tax return must file the revised form with covid 19 changes from quarter 2. This penalty caps at twenty five percent 25.
For example if the form is for the third quarter put an x in the box next to july august september.
For example you could be penalized five percent 5 of the tax due with each form 941 for each month or partial month for a late form. You will find this worksheet in the form 941 instructions. X your w 2 1099 nec 1099 misc 940 and 941 forms are due by february 01 2021. Checkout this video to know how to complete the 941 worksheet 1.