What is worksheet 1 in Form 941, and why is it used for?
143 views |
Last modified 10/26/2020 5:45:57 AM EST |
Added by ExpressEfile Team
Worksheet 1 is a newly included part in Form 941 to determine the COVID-19 tax credits announced by the government. It is being used from the second quarter of 2020 while filing Form 941. It is used to calculate the refundable and nonrefundable portion of qualified sick and family leave credit and employee retention credit.
Worksheet 1 has three steps and employers have to complete the necessary steps based on how they paid their employees.
Step 2 - Figure the sick and family leave credit.
Step 3 - Figure the employee retention credit.
After completing the worksheet, both refundable and nonrefundable credits can be calculated.
If you e-file Form 941 with ExpressEfile, Worksheet 1 values will be auto-populated.