940, 941 and TWC Reporting in Houston, TX - Molen & Associates

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940, 941 and TWC Reporting in Houston, TX

As a small business owner in Houston, TX, you are required to file various reports with the government for payroll purposes. These reports include your quarterly 940 and 941 tax reports, as well as your TWC (Texas Workforce Commission) report. While it may seem like a lot of paperwork, these reports are essential in ensuring that your business is compliant with state and federal laws. Not only that, but by filing these reports on time and accurately, you can avoid costly penalties and interest charges.

So why are these reports so important? Let’s take a look at each one in turn.

The 940 Report

The 940 report is your quarterly federal unemployment tax return. This report is used to calculate the amount of taxes you owe to the federal government for unemployment benefits. To accurately fill out this report, you will need to have detailed records of your employee wages for the quarter. You will also need to know your company’s federal unemployment tax rate, which can be found on your most recent tax return.

The 941 Report

The 941 report is your quarterly federal payroll tax return. This report is used to calculate the amount of taxes you owe to the federal government for Social Security and Medicare. To accurately fill out this report, you will need to have detailed records of your employee wages for the quarter. You will also need to know your company’s payroll tax rates, which can be found on your most recent tax return.

The TWC Report 

The TWC (Texas Workforce Commission) report is your annual report detailing the number of employees at your company and their job classification. This report is used by the state of Texas to calculate your unemployment insurance taxes. To accurately fill out this report, you will need to have detailed records of all current and previous employees at your company, as well as their job classification. You can find more information about how to fill out this report on the TWC website. 

Filing 940, 941, and TWC reports

As a small business owner in Houston, TX, it’s important that you understand the importance of filing accurate and timely 940, 941 and TWC reports. Not only will this help you avoid costly penalties, but it will also ensure that your business remains compliant with state and federal laws. If you have any questions about how to correctly fill out these reports, please don’t hesitate to reach out to us for assistance.

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S-Corp & Partnership Filing Deadline

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Individual, Estate, Trust, & C-Corp Filing Deadlines

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Dates to Remember

Needs Analysis

Free One Hour Consultation for any new business owner looking for an advisor to help them with their taxes or financials.

S-Corp & Partnership Filing Deadline

TX - June 15th, 2021

Non-TX - March 15th, 2021

Individual, Estate, Trust, & C-Corp Filing Deadlines

TX - June 15th, 2021

Non-TX - April 15th, 2021

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