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Form FT 941 1 Tax Ny

Form FT 941 1 Tax Ny

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there have been several minor changes and updates to form 941 for the first quarter of 2023. here's what you need to know before filing this quarter first the Social Security wage base limit for the 2023 tax year is now one hundred sixty thousand two hundred dollars number two the most notable changes this quarter can be found on form 8974 this form is used by small businesses to claim a tax credit formerly up to 250 000. but for tax years beginning after December 31st 2022 the inflation reduction Act of 2022 increases this amount up to five hundred thousand beginning in 2023 the credit Will first reduce the employer's share of Social Security up to 250 000 per quarter and any remaining credit will be applied to the Medicare tax to reflect this line 12 of form 8974 has been updated in previous quarters it has been credit it is now credit against employer share of social security tax additionally lines 13 through 17 have been introduced to the Forum for the first quarter

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