Form 941-SS is a tax form used by employers in U.S. territories to report payroll taxes, including Social Security, Medicare, and income tax withholding. Specifically, it’s used by employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, the U.S. Virgin Islands, and Puerto Rico (but only for Puerto Rican employers who are exempt from withholding U.S. federal income tax).
Key points about Form 941-SS:
- Quarterly Filing: Employers must file Form 941-SS every quarter to report wages paid, Social Security and Medicare taxes withheld, and any other tax liability.
- No Federal Income Tax Withholding: Form 941-SS is used where federal income tax withholding is not required, unlike Form 941, which is used in the 50 states and Washington, D.C.
- Purpose: It ensures that the correct amounts of Social Security and Medicare taxes are reported and paid to the IRS.
Employers should make sure to file the form on time for each quarter to avoid penalties.
Posted in Announcement