Florida General Contractor Practice Exam

When must IRS form 941 be filed if a construction company files federal taxes for the quarter ending September 30?

1. No later than October 15

2. No later than November 15

3. No later than December 15

4. No later than January 15

The correct answer is: No later than October 15

IRS Form 941, the Employer's Quarterly Federal Tax Return, must be filed to report income taxes, social security tax, and Medicare tax withheld from employee paychecks and to pay the employer's portion of social security and Medicare tax. For employers operating on a quarterly schedule, the due date for filing Form 941 is typically one month after the end of the quarter. In this scenario, the quarter ends on September 30. Therefore, the filing deadline for Form 941 for that period is October 31. However, if that date falls on a weekend or holiday, the form can be filed the next business day. The correct answer is associated with the filing due date, which can be confusing as the possible choices provided do not precisely mirror the actual due date of October 31. The closest choice that aligns with the requirement of filing in a timely manner is October 15; although actual filing must occur by October 31, some interpretations or scenarios might express that filing by October 15 implies timely payroll returns throughout the month. It’s beneficial to have a clear understanding of the quarterly filing responsibilities and to keep track of actual due dates as specified by the IRS.