The first thing to know about this 941 (PR ) form is that it is only used by employers in Puerto Rico. If you are not running your business out of Puerto Rico, look at the standardized form 941 and see if that applies to you.
Why Would You Use It?
- Report income taxes, social security and Medicare tax that have been withheld from your employee’s paychecks
- Pay the portion of social security that is due from employers
Who Should Use This 941 (PR)?
You should file 941 if your business:
- Pays wages
- Has employees collect and report tips
- Withholds federal income taxes
- Withholds employer and employee Medicare taxes
- Has small business payroll tax credit
- Has a pension
- Has annuities
Important Dates For 941 (PR)
File 941 (PR) by the last day of each month in the quarter
- March 31st for 1st quarter
- June 30th for the 2nd quarter
- September 30th for the 3rd quarter
- December 31st for the 4th quarter
These dates will change to the next day if this date falls on a holiday.