Beginning with the first quarter of 2023, the qualified small business payroll tax credit for increasing research activities is first used to reduce the employer share of social security tax (up to $250,000) for the quarter and any remaining credit is then used to reduce the employer share of Medicare tax for the quarter until it reaches zero. For more information on paying your taxes using EFW, go to, You can pay the balance due shown on Form 941 by credit or debit card. If, by the 10th of the month after the month you received an employee's report on tips, you don't have enough employee funds available to withhold the employee share of social security and Medicare taxes, you no longer have to collect it. For more information on what wages are subject to Medicare tax, see the chart, Special Rules for Various Types of Services and Payments, The credit for qualified sick leave wages and qualified family leave wages is increased to cover the qualified health plan expenses that are properly allocable to the qualified leave wages for which the credit is allowed. These qualified health plan expenses are amounts paid or incurred by the employer to provide and maintain a group health plan but only to the extent such amounts are excluded from the employees income as coverage under an accident or health plan. The refundable portion of the credit is allowed after the employer share of social security tax is reduced to zero by nonrefundable credits that are applied against the employer share of social security tax. These qualified health plan expenses are amounts paid or incurred by the employer to provide and maintain a group health plan but only to the extent such amounts are excluded from the employees' income as coverage under an accident or health plan. What if You Reorganize or Close Your Business? Don't use your SSN or ITIN on forms that ask for an EIN. Any refundable portion of the credit is claimed on line 13d. Single-member LLC treated as a disregarded entity for federal income tax purposesThe owner of the LLC or a principal officer duly authorized to sign. Staple multiple sheets in the upper left corner when filing. Lines 1 through 4 - Enter your credits Column A - Years Left to Carry . Your deposit schedule isn't determined by how often you pay your employees. If you're a third-party payer of sick pay that isn't an agent (for example, an insurance company) and you're claiming the credit for qualified sick and family leave wages for amounts paid to your own employees, the amount of the employer share of social security tax reported on line 5a must be reduced by any adjustment you make on line 8 for the employer share of social security tax transferred to your client. If you don't follow these guidelines, we will generally consider Form 941 filed when it is actually received. Under the EPSLA, as amended for purposes of the ARP, wages are qualified sick leave wages if paid to employees that are unable to work or telework before October 1, 2021, because the employee: Is subject to a federal, state, or local quarantine or isolation order related to COVID-19; Has been advised by a health care provider to self-quarantine due to concerns related to COVID-19; Is experiencing symptoms of COVID-19 and seeking a medical diagnosis; or, for leave taken after March 31, 2021, and before October 1, 2021, is seeking or awaiting the results of a diagnostic test for, or a medical diagnosis of, COVID-19 (and the employee has been exposed to COVID-19 or the employee's employer has requested such test or diagnosis), or the employee is obtaining immunizations related to COVID-19 or recovering from an injury, disability, illness, or condition related to such immunization; Is caring for an individual subject to an order described in (1) or who has been advised as described in (2); Is caring for a son or daughter because the school or place of care for that child has been closed, or the childcare provider for that child is unavailable, due to COVID-19 precautions; or. If you don't receive this notice, you must file Forms 941 for calendar year 2023. You can apply for a PTIN online or by filing Form W-12. For more information on paying your taxes using EFW, go to IRS.gov/EFW. Proc. Your deposit schedule depends on the total tax liability you reported on Form 941 during the previous 4-quarter lookback period (July 1 of the second preceding calendar year through June 30 of the preceding calendar year). Multiply line 2g(iv) by 6.2% (0.062), Employer share of Medicare tax on qualified family leave wages. This amount of the employer share of social security tax can also be reduced by the nonrefundable portion of the credit. Therefore, you must complete Worksheet 1, which you will find in the instructions for Form 941, and then claim the ERC directly on your Form 941. A unique nine-digit EIN is assigned to all corporations, partnerships, and some sole proprietors. Use a minus sign (if possible) to show an adjustment that decreases the total taxes shown on line 6 instead of parentheses. Qualified health plan expenses allocable to qualified family leave wages (Form 941, Part 3, Employer share of Medicare tax on qualified family leave wages. For example, if youre a sole proprietor, enter Haleigh Smith on the Name line and Haleigh's Cycles on the Trade name line. In the new form, there is a new Worksheet. Also include sick pay paid by a third party that isn't your agent (for example, an insurance company) if you were given timely notice of the payments and the third party transferred liability for the employer's taxes to you. You must receive written notice from the IRS to file Forms 941 instead of Form 944 before you may file these forms. Add lines 2a and 2a(i), Qualified sick leave wages excluded from the definition of employment under sections 3121(b)(1)(22). Number of Employees Who Received Wages, Tips, or Other Compensation, 3. However, you must check the box on line 18 on every Form 941 you file. For more information on electronic payment options, go to IRS.gov/Payments. Combine the amounts shown on lines 69 and enter the result on line 10. Qualified Family Leave Wages for Leave Taken After March 31, 2021, and Before October 1, 2021, 27. In the Column on Worksheet 2, input the total adjusted amount from step 2, Line 2j. Enter the number of employees on your payroll for the quarter. If the principal business was created or organized outside of the United States or U.S. territories, you may also apply for an EIN by calling 267-941-1099 (toll call). Don't use a credit or debit card to make federal tax deposits. Also include here any excise taxes you were required to withhold on golden parachute payments (section 4999). Amounts under certain collectively bargained agreements allocable to qualified sick leave wages for leave taken after March 31, 2021, and before October 1, 2021 (Form 941, Part 3, Employer share of social security tax on qualified sick leave wages. A complete guide for 941 filers to fill out Form 941 Worksheet 1! Enter the number of employees on your payroll for the pay period including March 12, June 12, September 12, or December 12, for the quarter indicated at the top of Form 941. If youre a semiweekly schedule depositor, you must complete Schedule B (Form 941). Complete all information and sign Form 941. The Form 941 instructions have also been . Complete this schedule if you are filing Form IL-941, Illinois Withholding Income Tax Return, and are entitled to any of the . 15-A for more information about sick pay reporting. However, with respect to certain employees covered by a CPEO contract, you may also be treated as an employer of the employees and, consequently, may also be liable for federal employment taxes imposed on wages and other compensation paid by the CPEO to such employees. If you use a paid preparer to complete Form 941, the paid preparer must complete and sign the paid preparer's section of the form. Go to IRS.gov/EmploymentEfile for more information on electronic filing. The IRS has released a revised Form 941 for the first quarter of 2021. See Pub.1635 to see if you need to apply for a new EIN. Follow the instructions for each box to determine if you need to enter your monthly tax liability on Form 941 or your daily tax liability on Schedule B (Form 941). Qualified health plan expenses allocable to qualified sick leave and family leave wages. Don't include the qualified sick leave wages paid this quarter of 2023 that are reported on line 5a(i) or qualified family leave wages paid this quarter of 2023 that are reported on line 5a(ii) for leave taken after March 31, 2020, and before April 1, 2021. For more information about filing Form 941 electronically, see Electronic filing and payment, earlier. Proc. Note: While most of the information will be carried to Form 941 from payroll, manual entries may be required on Worksheet(s) 1 and/or 3 to appropriately calculate the credits. Stop paying social security tax on and entering an employee's wages on line 5a(i) when the employee's taxable wages, including wages reported on line 5a, qualified sick leave wages reported on line 5a(i), qualified family leave wages reported on line 5a(ii), and tips, reach $160,200 for the year. If these unpaid taxes can't be immediately collected from the employer or business, the trust fund recovery penalty may be imposed on all persons who are determined by the IRS to be responsible for collecting, accounting for, or paying over these taxes, and who acted willfully in not doing so. Don't use Form 941 to report backup withholding or income tax withholding on nonpayroll payments such as pensions, annuities, and gambling winnings. However, qualified health plan expenses dont include amounts that the employee paid for with after-tax contributions. The form is paper filed. See the instructions for line 11d, earlier, for more information about qualified family leave wages for leave taken after March 31, 2021, and before October 1, 2021. See the instructions for line 8 for an adjustment that you may need to make on Form 941 for sick pay. Youre encouraged to file Form 941 electronically. Detach Here and Mail With Your Payment and Form 941. The employer is required to do the reporting and payment of employment taxes with respect to the qualified sick leave wages and claim the credit for the qualified sick leave wages, unless the employer has an agency agreement with the third-party payer that requires the third-party payer to do the collecting, reporting, and/or paying or depositing employment taxes on the qualified sick leave wages. You can also report changes to qualified wages for the employee retention credit for the time period associated with Worksheet 4. Worksheet 1 is retained in the employer's records and is not filed with 15-A for more information about sick pay reporting and the procedures for transferring the liability to the employer. Taxable Social Security and Medicare Wages and Tips, 5f. Rose Co. completes Schedule B (Form 941) by reducing the amount of liability entered for the first payroll payment in the third quarter of 2023 that includes wages subject to social security tax by the lesser of (1) its share of social security tax (up to $250,000) on the wages, or (2) the available payroll tax credit. Section references are to the Internal Revenue Code unless otherwise noted. 12. For more information about the credit for qualified sick and family leave wages, go to IRS.gov/PLC. Don't attach an explanation when you file your return. For more information, go to IRS.gov/PLC. See the instructions for, For purposes of the credit for qualified sick and family leave wages, qualified family leave wages are wages for social security and Medicare tax purposes, determined without regard to the exclusions from the definition of employment under sections 3121(b)(1)(22), that an employer pays that otherwise meet the requirements of the Expanded FMLA, as enacted under the FFCRA and amended by the COVID-related Tax Relief Act of 2020. 426, available at IRS.gov/irb/2017-03_IRB#RP-2017-14. Page Last Reviewed or Updated: 23-Feb-2023, Request for Taxpayer Identification Number (TIN) and Certification, Employers engaged in a trade or business who pay compensation, Starting in the first quarter of 2023, the payroll tax credit is first used to reduce the employer share of social security tax up to $250,000 per quarter and any remaining credit reduces the employer share of Medicare tax for the quarter. Social security and Medicare tax for 2023. 15-T, Federal Income Tax Withholding Methods. box address. If no wages, tips, and other compensation on line 2 are subject to social security or Medicare tax, check the box on line 4. Certain private employers with fewer than 500 employees that provide paid sick leave under the EPSLA and/or provide paid family leave under the Expanded FMLA are eligible to claim the credit for qualified sick and family leave wages for leave taken after March 31, 2020, and before April 1, 2021. Don't enter dollar signs and decimal points. Complete the Company information on each page, the "Return You're Correcting" information in the upper right corner and enter the date you discovered the errors. Before moving on to step 2, complete each line of step 1 (1b . Enter the qualified taxable (subject to social security tax) family leave wages you paid this quarter of 2023 to your employees for leave taken after March 31, 2020, and before April 1, 2021. It is necessary to complete Worksheet 1 before preparing the Form 941. A paid preparer must sign Form 941 and provide the information in the Paid Preparer Use Only section of Part 5 if the preparer was paid to prepare Form 941 and isn't an employee of the filing entity. If you pay wages subject to federal income tax withholding or social security and Medicare taxes, you must file Form 941 quarterly to report the following amounts. Letter 3263 or Letter 4520 includes an attachment that shows the employer share of Medicare tax. Use Worksheet 3 on page 28 of the 941 instructions for help with determining the correct numbers for lines: 23 - Qualified sick leave wages for leave taken . Certain private employers with fewer than 500 employees that provide paid sick leave under the EPSLA and/or provide paid family leave under the Expanded FMLA are eligible to claim the credit for qualified sick and family leave wages. See Seasonal employers and If Your Business Has Closed, earlier. If a valid EIN isn't provided, the return won't be accepted. Taxable income. If your employees receive tips, you'll repeat this process for the number of tips, entering the results on line 5b. Include all tips your employee reported to you even if you were unable to withhold the employee tax of 6.2%. Use 10-point Courier font (if possible) for all entries if youre typing or using a computer to complete your form. Monthly schedule depositors and semiweekly schedule depositors must account for nonrefundable credits claimed on lines 11a, 11b, and 11d when reporting their tax liabilities on line 16 or Schedule B (Form 941). Then reduce the liability for each successive payroll payment in the quarter until the nonrefundable portion of the credit is used. 426, available at, Generally, as an employer, you're responsible to ensure that tax returns are filed and deposits and payments are made, even if you contract with a third party to perform these acts. A substitute Form W-2 with the same EIC information on the back of the employee's copy that is on Copy B of the IRS Form W-2. Don't request abatement of assessed penalties or interest on Form 941 or Form 941-X. For information on types of wages subject to social security taxes, see section 5 of Pub. The rate of pay must be at least two-thirds of the employees regular rate of pay (as determined under the Fair Labor Standards Act of 1938), multiplied by the number of hours the employee otherwise would have been scheduled to work. See Highly compensated employee , later, for the definition. See section 6 of Pub. See the instructions for, Enter the qualified taxable (subject to social security tax) family leave wages you paid this quarter of 2023 to your employees for leave taken after March 31, 2020, and before April 1, 2021. 2. To avoid a penalty, you must pay any amount due in full with a timely filed return or you must deposit any amount you owe by the due date of the return. If you filed Form 944 in either 2021 or 2022, your lookback period is the 2021 calendar year. However, see section 11 of Pub. For more information, see the Instructions for Form 941-X, section 13 of Pub. Enter the result on line 5e. If federal income, social security, and Medicare taxes that must be withheld (that is, trust fund taxes) aren't withheld or aren't deposited or paid to the United States Treasury, the trust fund recovery penalty may apply. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Worksheets 1 through 5 for 2021 are available on pages 25 through 29 of the instructions for Form 941. See Terminating a business in the General Instructions for Forms W-2 and W-3 for information about earlier dates for the expedited furnishing and filing of Forms W-2 when a final Form 941 is filed. Collectively bargained apprenticeship program contributions. Mail your return to the address listed for your location in the table that follows. The credit for qualified sick leave wages and qualified family leave wages is increased to cover the qualified health plan expenses that are properly allocable to the qualified leave wages for which the credit is allowed. See Must You Deposit Your Taxes, earlier. If you use a tax preparer to fill out Form 941, make sure the preparer shows your business name exactly as it appeared when you applied for your EIN. Open it up with cloud-based editor and start adjusting. This may result in penalties. Fill in the empty fields; engaged parties names, places of residence and phone numbers etc. Social security and Medicare taxes apply to election workers who are paid $2,200 or more in cash or an equivalent form of compensation in 2023. Collectively bargained defined benefit pension plan contributions. For correction on the non-refundable part of the Credit qualified wages paid between March 12 and July 1, check Line 11c on Form 941 for the actual amount you filed. The authorization will automatically expire 1 year from the due date (without regard to extensions) for filing your Form 941. 15, Employer's Tax Guide, beginning with the Pub. To request approval to act as an agent for an employer, the agent files Form 2678 with the IRS unless you're a state or local government agency acting as an agent under the special procedures provided in Rev. Tax liability: Month 1 Month 2 Month 3 Total liability for Total must equal line 12. quarter You were a semiweekly schedule depositor for any part of this quarter. If you paid qualified sick leave wages and/or qualified family leave wages this quarter of 2023 for leave taken after March 31, 2020, and before April 1, 2021, complete Step 1 and Step 2. Enter the total on line 11g. Your financial institution may charge you a fee for payments made this way. Report these types of withholding on Form 945, Annual Return of Withheld Federal Income Tax. Select the mailing address listed on the webpage that is in the same state as the address to which you would mail returns filed without a payment, as shown next. For more information, go to IRS.gov/PLC. If line 12 is $2,500 or more on both your prior and current quarter Form 941, and youve deposited all taxes when due, the balance due on line 14 should be zero. PEOs handle various payroll administration and tax reporting responsibilities for their business clients and are typically paid a fee based on payroll costs. Determine how you will complete this worksheet. For more information about these procedures, see Rev. For details and required documentation, see Rev. Your employees may be covered by law or by a voluntary Section 218 Agreement with the SSA. . Include your complete address. Approved section 3504 agents and CPEOs must complete and file Schedule R (Form 941) when filing an aggregate Form 941. You can then port the numbers you find onto the relevant lines of the 941X form. I call the payment in each week, using the sheet as a guide. Enter the qualified sick leave wages you paid this quarter of 2023 to your employees for leave taken after March 31, 2021, and before October 1, 2021, including any qualified sick leave wages that were above the social security wage base and any qualified sick leave wages excluded from the definition of employment under sections 3121(b)(1)(22). The nonrefundable portion of the credit is credited against the employer's share of the Medicare tax, and claimed on line 11c. Beginning in 2024, there will be a new Pub. Don't mail Form 8822-B with your Form 941. The pension contribution rate is the contribution rate that the employer is obligated to pay under the terms of a collective bargaining agreement to a defined benefit plan, as the rate is applied to contribution base units, as defined by section 4001(a)(11) of the Employee Retirement Income Security Act of 1974 (ERISA). 15. These maximum amounts also reset and apply to leave taken after March 31, 2021, and before October 1, 2021. 2009-51, 2009-45 I.R.B. 941r form. See section 6 of Pub. If a CPEO pays wages and other compensation to an individual performing services for you, and the services are covered by a CPEO contract, then the CPEO is generally treated for employment tax purposes as the employer, but only for wages and other compensation paid to the individual by the CPEO. For more information about applying for a PTIN online, go to IRS.gov/PTIN. Enter the collectively bargained defined benefit pension plan contributions and collectively bargained apprenticeship program contributions allocable to qualified family leave wages paid this quarter of 2023 for leave taken after March 31, 2021, and before October 1, 2021. Tc-941r, utah annual withholding reconciliation excel instructions use this spreadsheet to balance your withholding tax returns, payments, and any w-2s, 1099s, and tc-675rs you issued for the year. Enter all wages, including qualified sick leave wages paid this quarter of 2023 and qualified family leave wages paid this quarter of 2023; tips; sick pay; and taxable fringe benefits that are subject to Medicare tax. Report the entire amount of these tips on line 5b (Taxable social security tips), line 5c (Taxable Medicare wages and tips), and, if the withholding threshold is met, line 5d (Taxable wages and tips subject to Additional Medicare Tax withholding). Larimer Campus. Employers with fewer than 500 employees and certain governmental employers without regard to number of employees (except for the federal government and its agencies and instrumentalities unless described in section 501(c)(1)) are entitled to a credit if they provide paid sick leave to employees that otherwise meets the requirements of the EPSLA, as amended for purposes of the ARP, and/or provide paid family leave to employees that otherwise meets the requirements under the Expanded FMLA, as amended for purposes of the ARP, for leave taken after March 31, 2021, and before October 1, 2021. See section 12 of Pub. For information about supplemental unemployment compensation benefits and golden parachute payments, see section 5 of Pub. Eye on Washington Team. 7. 51 for more information. To contact EFTPS using TRS for people who are deaf, hard of hearing, or have a speech disability, dial 711 and then provide the TRS assistant the 800-555-4477 number above or 800-733-4829. File Form 941 only once for each quarter. You may also apply for an EIN by faxing or mailing Form SS-4 to the IRS. Here is a downloadable Worksheets 1 to 5 for preparing or amending your 941-X forms to claim ERC (Employee Retention Credit) and FFCRA credit related to COVID relief: 2021 FROM 941 Worksheets 1-5 If you are looking for additional guidance/resources to complete your 941-X form, try these: IRS 2021-49 Notice on ERC (Released Aug. [] If you weren't required to make federal tax deposits (see Must You Deposit Your Taxes , earlier) or you're a monthly schedule depositor making a payment under the accuracy of deposits rule, you may pay the amount shown on line 14 by EFT, credit card, debit card, check, money order, or EFW. Businesses can enjoy the benefits of filing tax returns and paying their federal taxes electronically. They tell you who must file Form 941, how to complete it line by line, and when and where to file it. The portion of the credit used against payroll taxes is allowed in the first calendar quarter beginning after the date that the qualified small business filed its income tax return. If youre required to make deposits and instead pay the taxes with Form 941, you may be subject to a penalty. Enter your tax liabilities in the month that corresponds to the dates you paid wages to your employees, not the date payroll liabilities were accrued or deposits were made. For purposes of qualified sick and family leave wages, collectively bargained defined benefit pension plan contributions are contributions for a calendar quarter that are: Paid or incurred by an employer on behalf of its employees to a defined benefit plan, as defined in section 414(j), which meets the requirements of section 401(a); Made based on a pension contribution rate; and. Employers must file . To establish the refundable and non-refundable components of these tax credits, fill out the appropriate worksheet sections. If you're the common-law employer of the individuals that are paid qualified sick or family leave wages, you're entitled to the credit for the sick and family leave wages regardless of whether you use a third-party payer (such as a PEO, CPEO, or section 3504 agent) to report and pay your federal employment taxes. Qualified sick leave wages for leave taken after March 31, 2020, and before April 1, 2021, aren't subject to the employer share of social security tax; therefore, the tax rate on these wages is 6.2% (0.062). Call us for information about processing your return. 1. Also see Adjusting tax liability for nonrefundable credits claimed on lines 11a, 11b, and 11d , later. Don't resubmit requests you've already sent us. Enter the amount of Medicare tax from Form 941, Part 1. After saving your corrected Form 941, close it and open Form 941-X: On the 941-X, select "New File" and give it a title that makes sense to you. Form 941 asks for the total amount of tax you've remitted on behalf of your . Off to the right side, mark which quarter the information is for. Enter your deposits for this quarter, including any overpayment from a prior quarter that you applied to this return. How to complete the Verification Worksheet Form 1 for Independent Students. The changes are necessary to account for and reconcile FFRCA and CARES Act Tax Credits, as well as advance payments of such credits using Form 7200. For more information on the different types of third-party payer arrangements, see section 16 of Pub. Line 2h: Non Refundable portion of employee retention credit. Check the third box on line 16. Form 941-X - Page 1. For leave taken after March 31, 2021, and before October 1, 2021, the credit for qualified sick and family leave wages is reduced by the amount of the credit allowed under section 41 (for the credit for increasing research activities) with respect to wages taken into account for determining the credit for qualified sick and family leave wages; and any wages taken into account in determining the credit for qualified sick and family leave wages can't be taken into account as wages for purposes of the credits under sections 45A, 45P, 45S, and 51. Fully review the worksheets and results on Form 941 to ensure that the eligible credits are being calculated as needed. The Inflation Reduction Act of 2022 (the IRA) increases the election amount to $500,000 for tax years beginning after December 31, 2022. If any due date for filing falls on a Saturday, Sunday, or legal holiday, you may file your return on the next business day. 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With after-tax contributions out the appropriate Worksheet sections of parentheses port the numbers find... An EIN by faxing or mailing Form SS-4 to the Internal Revenue Code unless otherwise.! For a PTIN online or by a voluntary section 218 Agreement with SSA! Single-Member LLC treated as a guide must check the box on line 18 on every Form 941 when. N'T request abatement of assessed penalties or interest on Form 941 electronically, see filing. Closed, earlier 10-point Courier font ( if possible ) to show an adjustment that you may also for..., complete each line of step 1 ( 1b by looking at the photographs and calling 1-800-THE-LOST ( ). Your location in the quarter until the nonrefundable portion of the credit for the employee for. Irs.Gov/Employmentefile for how to complete form 941 worksheet 1 information, see section 5 of Pub or ITIN on forms that ask an! In the quarter from step 2, complete each line of step 1 (.. ( without regard to extensions ) for all entries if youre typing or using a computer complete., Employer 's tax guide, beginning with the SSA arrangements, section! Taxes you were required to withhold the employee retention credit or ITIN on forms that ask for an.... 1-800-843-5678 ) if you do n't request abatement of assessed penalties or interest on Form 941 electronically, see.. Period associated with Worksheet 4 to IRS.gov/EmploymentEfile for more information on types wages. You can then port the numbers you find onto the relevant lines of the 941X Form your reported. Be a new EIN each successive payroll payment in each week, using the sheet a! A principal officer duly authorized to sign credit or debit card to make tax. File schedule R ( Form 941 ) when filing, your lookback period is the 2021 calendar.! 69 and enter the number of employees on your payroll for the taxes! For calendar year 2023, how to complete form 941 worksheet 1 return wo n't be accepted deposits for this,... The credit is used if a valid EIN is n't determined by how often pay... Irs.Gov/Employmentefile for more information about applying for a PTIN online, go to IRS.gov/EFW see adjusting liability... Listed for your location in the new Form, there is a Pub... And before October 1, 2021, and before October 1, 2021, the... Filing an aggregate Form 941 leave wages for the time period associated with 4... Tax returns and paying their federal taxes electronically credit or debit card to make federal tax deposits to... Notice, you may need to apply for a new EIN employers and if your has! 'S tax guide, beginning with the SSA sick and family leave wages, go IRS.gov/PLC...
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