What are the changes in Form 941 for the first quarter (Q1) of 2021?
238 views | Last modified 3/9/2021 1:02:51 AM EST

Applicable To
94X 1099 W-2 ACA W-4

The IRS has revised Form 941 for the first quarter of 2021. The changes are listed below:

  • Line 13b and Line 24 are earmarked for future use. Previously, it was used to enter the deferrals of employee and employer share of social security taxes. For Q1 2021, employers are no longer allowed to defer either share of social security taxes.
  • Withholding tables have been updated. To see details, click here.
  • Social Security and Medicare taxes are applicable to the wages paid to household workers if you have paid $2300 or more in cash during 2021. Social Security and Medicare taxes are applicable to the wages paid to election workers if you have paid $2000 or more in cash or an equivalent form of compensation during 2021.
  • The Social Security Wage Base Limit is $142,800 for 2021. It was $137,700 for 2020.

TaxBandits has incorporated the changes in 941 for the first quarter of 2021, and employers & tax professionals can begin to e-file Form 941 in a few simple steps.

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