What is an IL-941 payment?

What is an IL-941 payment?

• Amounts paid to purchase rights to Illinois lottery winnings reported on a Form 1099-MISC. Note: Form IL-941 is the only form used to report Illinois income tax withholding with the exception of household employee withholding, which can be reported on Form IL-1040, Individual Income Tax return.

What is the difference between IL 501 and IL-941?

Form IL-501 is used to deposit Illinois income tax withheld. If the amount due is: Less than $500 a quarter – the employer may report and pay the tax using the IL-941. $500 or more a quarter – the employer must deposit the taxes with the Illinois Department of Revenue using Form IL-501 to transmit the deposit.

How do I pay payroll taxes in Illinois?

Log in to MyTax Illinois to electronically pay the Illinois Income Tax you withheld or the Unemployment Insurance Tax due. You also may use MyTax Illinois to electronically file your tax returns or unemployment insurance reports, and manage your tax accounts.

How do I file an Illinois 941 electronically?

MyTax Illinois is a free online application for electronically filing your Form IL-941 Illinois Withholding Tax Return and Form UI-3/40, Contribution and Wage Report. Follow the instructions on the MyTax Illinois screens and enter your tax information.

Is there a new 941 for 4th quarter 2021?

Is there any change to the 4th quarter Form 941 for 2021? For the fourth quarter, there are no changes to Form 941. The process for reporting the taxes, calculating the sick leave wages, family leave wages and employee retention credit remains the same as it was for the 3rd quarter of 2021 Form 941.

Is there a new 941 Form for 2020?

The IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, and its instructions to be used beginning with the second quarter of 2020 (due July 31, 2020). The form has been updated to accommodate reporting of COVID-19-related employment tax credits and other relief.

How do I pay my Illinois payroll taxes?

How much are Illinois payroll taxes?

4.95 percent
Generally, the rate for withholding Illinois Income Tax is 4.95 percent. For wages and other compensation, subtract any exemptions from the wages paid and multiply the result by 4.95 percent.

Does Illinois have local payroll taxes?

There are no local income taxes in Illinois. How do I register as an employer? Illinois employees need to register with both of the following agencies: The Illinois Department of Revenue for withholding state income taxes from wages.

Is there a new Form 941 for 2020?

Can I file 941 Form online?

You can e-file any of the following employment tax forms: 940, 941, 943, 944 and 945. Benefits to e-filing: It saves you time. It is secure and accurate.

What are the due dates for form 941?

Form 941 is generally due by the last day of the month following the end of the quarter. For example, you’re required to file Form 941 by April 30 for wages you pay during the first quarter, January through March.