What is the last date Ashe may file Form 941 without incurring a penalty if deposits were made on time?

What is the last date Ashe may file Form 941 without incurring a penalty if deposits were made on time?

• A. May 1
• B. April 10
• C. April 30
• D. May 10

Answer: (D)

The correct answer is May 10 because Form 941, which is used for reporting income taxes, Social Security tax, and Medicare tax withheld from employee paychecks, must be filed quarterly. For the first quarter ending on March 31, the filing deadline is typically April 30. However, if the deadline falls on a weekend or holiday, the due date is extended. Since April 30 is also close to the deadline for deposits for that quarter, filing by May 10 ensures that employers can submit the form without incurring a penalty, provided any required deposits were made on time. This latter date accommodates for any processing time that might be necessary for timely filings, thus preventing late penalties.

The correct answer is May 10 because Form 941, which is used for reporting income taxes, Social Security tax, and Medicare tax withheld from employee paychecks, must be filed quarterly. For the first quarter ending on March 31, the filing deadline is typically April 30. However, if the deadline falls on a weekend or holiday, the due date is extended. Since April 30 is also close to the deadline for deposits for that quarter, filing by May 10 ensures that employers can submit the form without incurring a penalty, provided any required deposits were made on time. This latter date accommodates for any processing time that might be necessary for timely filings, thus preventing late penalties.