The Ohio IT 942 form is a crucial document used for reporting and reconciling quarterly withholding tax information in the state of Ohio. Designed for employers, this form ensures that the correct amount of state income tax is withheld from employee wages and reported to the Ohio Department of Taxation. Understanding its components and instructions is essential for compliance and accurate tax management.
The Ohio IT 942 form plays a crucial role in the state’s tax system, particularly for businesses that need to manage their withholding accounts effectively. This form is primarily used to report and reconcile quarterly withholding tax information, ensuring that employers meet their tax obligations. The IT 942 includes various sections that guide users through the process of adding or deleting accounts, as well as maintaining existing account information. It also offers detailed instructions on how to navigate the form, making it easier for users to understand their responsibilities. The form encompasses the quarterly information required for accurate reporting, balance due calculations, and a thorough review process to confirm that all data is correct. Additionally, the IT 942 provides a user-friendly wizard that simplifies the account setup and maintenance tasks, enhancing the overall experience for businesses. Understanding the components of this form is essential for employers to ensure compliance and avoid potential penalties.
Table of Contents
WITHHOLDING ACCOUNT MAINTENANCE
.......................3
Field Descriptions
3
Instructions
4
ADDING AN ACCOUNT
5
Rules for Adding Accounts
.............. 5
DELETE AN ACCOUNT
8
OHIO IT ‐ 501 WIZARD
10
IT ‐ 501
11
12
IT ‐ 501 REVIEW FILING INFORAMTION PAGE
13
14
OHIO IT–941 WIZARD
15
16
IT – 941 MONTHLY INFORMATION
17
18
IT – 941 BALANCE DUE
... 19
20
IT – 941 REVIEW
21
22
23
OHIO IT‐942 WIZARD
24
25
IT‐942 QUARTERLY INFORMATION
26
27
IT‐942 BALANCE DUE
28
29
IT‐942 REVIEW
30
31
IT‐942 4TH QUARTERLY/ANNUAL RECONCILIATION
33
34
User Guide
Withholding
6/20/2007
IT‐942 4TH QUARTER INFORMATION
35
...................... 36
IT‐942 4TH QUARTER BALANCE DUE
...................... 37
...................... 38
IT‐942 4TH QUARTER REVIEW
...................... 40
...................... 41
............ 42
OHIO SD‐101 WIZARD
..................... 44
...................... 44
...................... 45
SD‐101 WITHHOLDING INFORMATION
...................... 46
...................... 47
...................... 48
SD‐101 REVIEW
...................... 49
...................... 50
...................... 51
ADDING/REMOVING SCHOOL DISTRICTS
..................... 52
...................... 52
............ 53
OHIO SD‐141 WIZARD
..................... 56
...................... 56
...................... 57
SD‐141 WITHHOLDING INFORMATION
...................... 59
...................... 60
...................... 61
SD‐141 REVIEW
...................... 63
...................... 64
...................... 66
MAKING PAYMENTS
..................... 67
BILLING NOTICE PAYMENT
...................... 67
68
ASSESSMENT PAYMENT
69
70
PAYMENT ONLY
71
72
Page 2
Withholding Account Maintenance
Use the Withholding Account Maintenance page to:
•Review existing withholding account information
•Associate a withholding account number to a specific Company/FEIN
•Update School District information
Field Name
Description
Company Name
The name of the company.
FEIN
Federal Employer Identification
Number associated with the
company name.
Opens the Withholding Account Set
Up Wizard.
Account #
A list of account numbers
currently associated with the
Page 3
User GuideWithholding6/20/2007
Company Name.
Created
The date on which the account
number was created.
Opens the Update School District
page.
Delete
When selected, this link removes
the account number from the
Company profile.
Returns to the Ohio Withholding
Progress Page without updating any
information.
Saves the information on the page
and returns to the Ohio
Withholding Progress Page.
•
Select to display the Withholding Account Set-up Wizard.
Select to display the Update School Districts page (see page 52 for instructions).
Select the Delete link to remove an account from the list. The system displays the Confirm Delete Account page.
•When you are finished making changes to your company profile click . The system saves the information and returns to the Ohio Withholding Progress Page.
Page 4
Adding an Account
Use the Withholding Account Set-up Wizard to associate a withholding account number with a specific Company Name/FEIN (dipslayed at the top of the web page). Only the Ohio Department of Taxation can issue a new account number. Contact ODT to obtain a new withholding account number.
Every account must be at least 8 characters in length.
Every Company/FEIN must have at least one account associated with it to file withholding reports.
•Select “Maintain Withholding Account Number” from the drop down list
on the Ohio Withholding Progress Page and click . The system displays the Withholding Account Maintenance page.
•Click . The system displays the Withholding Account Setup page.
Page 5
Enter the Withholding Account Number you want to add.
Click . The system asks you to verify that you want to add this account number to your profile.
Click to verify that you want to add this account number to your profile. The system returns to the Withholding Account Maintenance page and displays the added account number in your list of profile accounts.
Page 6
Verify that the account number displayed on the page is the account number you want to add to the Company Name/ FEIN shown at the top of the page.
Click to return to the Ohio Withholding Progress Page.
Page 7
Delete an Account
You may remove a withholding account from your Company profile using the Withholding Account Maintenance page. Removing the account from your profile does not delete the account completely, it only removes it from your filings with the OBG. You may only delete/cancel an account permanently during the final withholding filing process.
•Click the Delete link on the Withholding Account Maintenance page. The system displays the Confirm Delete Account page.
•Verify that the information displayed on the Confirm Delete Account page is correct.
Page 8
Action
Result
The system removes the account from the Withholding
Account Maintenance page.
The system does not remove the account and returns
to the Withholding Account Maintenance page.
Page 9
Ohio IT - 501 Wizard
The OBG system uses a “Wizard” process to make the IT - 501 form eaier to complete. This Wizrd steps you through the process of answering a few simple questions and filling in the blanks provided. The Wizard follows the following process:
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