Every quarter, employers are required to file Form 941, also known as the Employer's Quarterly Federal Tax Return. This form covers a variety of topics, including income tax withheld and Social Security and Medicare taxes. In order to ensure that your return is filed correctly, it's important to understand the basics of Form 941. In this post, we'll provide an overview of the form and its contents. We'll also discuss when and how to file it, and explain penalties for late or incorrect filings. By understanding these basics, you can prepare yourself for filing Form 941 accurately and on time every quarter.
| Question | Answer |
|---|---|
| Form Name | Form 941 Vi |
| Form Length | 2 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 30 sec |
| Other names | what form 941 virgin islands, schedule b 941 vi, 941vi, form 941 vi |
FORM 941 V.I.
(REV. 05/2012)
Government of the U. S. Virgin Islands |
Employer’s Quarterly Virgin Islands Tax Return |
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BUREAU OF INTERNAL REVENUE |
(Refer to Publication 15 or the Circular E for filing Requirements - see reverse for instructions) |
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Employer Identification Number (EIN) |
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20 |
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Name (as distinguished from tradename) |
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D/B/A |
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Mailing Address |
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City |
State |
Zip Code |
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A. Indicate your principal business activity code (SEE REVERSE): |
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B. If you do not have to file returns in the future, check here |
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and enter date final wages were paid (mm dd yy) |
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C. If you are a seasonal employer, check here |
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1.) Number of Employees (except household) employed during the quarter.
2.) |
Total Wages, Tips, plus other compensation………... …....……… |
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3.) |
Total income tax withheld from wages, tips, & sick pay…...…….. |
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…. |
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4.) |
Adjustment of withheld income tax for preceding quarters of |
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calendar year………………………………………….………….. |
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5.) |
Adjusted total of income tax withheld (line 3 adjusted by line 4)... |
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6.) |
Advanced earned income credit (EIC) payments made to |
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employees, if any |
………………...…………………..……..… |
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7.) |
NET TAXES (subtract line 6 from line 5) THIS SHOULD |
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EQUAL LINE 11 COLUMN(D) BELOW……........…..…….. |
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8.) |
Total deposits for the quarter, including overpayment applied |
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from prior quarter…………………………………………...… … |
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9.) Balance Due to be paid with this return (7 - 8)………....…… |
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10.) Overpayment, if line 8 is more than line 7, enter excess $ here ... |
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And check if to be: |
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Applied to next return or |
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Refunded. |
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11.) |
MONTHLY SUMMARY OF TAX LIABILITY |
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(a) 1st month liability |
(b) 2nd month liability |
(c) 3rd month liability |
(d) Total Liability for |
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Quarter |
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TAX PERIOD
Check only one quarter
1st QTR. |
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3RD QTR. |
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Ends: MAR. 31 |
Ends: SEPT. 30 |
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Due: APR. 30 |
Due: OCT. 31 |
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2ND QTR. |
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4TH QTR. |
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JUN) |
DEC) |
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Ends: JUN. 30 |
Ends: DEC. 31 |
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Due: JUL. 31 |
Due: JAN 31 |
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Indicate Firm Type:
Sole Proprietor
Partnership
Corporation
SEE BACK OF FORM FOR SPECIAL INSTRUCTIONS REGARDING LINES 11 & 12
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12.) Check if you are a semiweekly depositor. |
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Complete and attach Schedule B (Form 941VI). |
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I declare under penalties of perjury that I have examined this return (including the accompanying schedules and statements) and to the best of my knowledge and belief is true, correct, and complete.
NAME:___________________________________________________________________________ TITLE: _______________________________________________
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(PRESIDENT, OWNER, ETC.) |
SIGNATURE: _______________________________________________________ DATE: __________________ |
Telephone: ________________________ |
FORM 941VI (05/2012)
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I N STRUCTI ON S FOR TAX PAYERS- FORM 9 4 1 V . I . |
LI N E 1 . |
En t e r t h e n u m be r of e m ploy e e s on y ou r pa y r oll du r in g t h e qu a r t e r . D o n ot in clu de h ou se h old e m ploy e e s a n d pe r son s n ot com pe n sa t e d du r in g t h e |
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Qu a r t e r . |
LI N E 2 . |
En t e r t h e t ot a l of a ll w a ge s pa id, t ips r e por t e d, t a x a ble fr in ge be n e fit s pr ov ide d a n d ot h e r com pe n sa t ion pa id t o e m ploy e e s, e ve n if y ou do n ot h a v e t o |
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w it h h old in com e t a x e s on it . |
LI N E 3 . |
En t e r t h e in com e t a x y ou w it h h e ld on w a ge s, t ips, a n d t a x a ble fr in ge be n e fit s. |
LI N E 4 . |
Use t h is lin e t o cor r e ct e r r or s in in com e t a x w it h h e ld fr om w a ge s pa id in e a r lie r qu a r t e r s for t h e sa m e ca le n da r y e a r . D o n ot u se t h is lin e t o a dj u st or t o |
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cla im a r e fu n d or cr e dit for a n y ov e r pa y m e n t of in com e t a x t h a t y ou w it h h e ld or de du ct e d fr om a n e m ploy e e in a pr ior y e a r . Be ca u se a n y a m ou n t sh ow n |
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on t h is lin e in cr e a se s or de cr e a se s y ou r t a x lia bilit y , t h e a dj u st m e n t m u st be t a k e n in t o a ccou n t on lin e 1 1 M on t h ly Su m m a r y of Ta x Lia bilit y . You a r e |
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r e qu ir e d t o pr ov ide ba ck gr ou n d in for m a t ion a n d docu m e n t a t ion su ppor t in g pr ior qu a r t e r a dj u st m e n t s or a t t a ch a st a t e m e n t t h a t sh ow s: ( 1 ) W h a t t h e |
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e r r or w a s, ( 2 ) Qu a r t e r in w h ich t h e e r r or w a s m a de , ( 3 ) Th e a m ou n t of t h e e r r or e a ch qu a r t e r a n d ( 4 ) D a t e in w h ich y ou fou n d t h e e r r or . |
LI N E 5 . |
Add lin e 4 t o lin e 3 if y ou a r e r e por t in g a ddit ion a l in com e t a x w it h h e ld for a n e a r lie r qu a r t e r . Su bt r a ct lin e 4 fr om lin e 3 if y ou a r e r e du cin g t h e a m ou n t of |
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in com e t a x w it h h e ld . I f t h e r e is n o e n t r y on lin e 4 , e n t e r a m ou n t fr om lin e 3 . |
LI N E 6 . |
En t e r a dv a n ce EI C pa y m e n t s m a de t o e m ploy e e s. Eligible e m ploy e e s m a y e le ct t o r e ce iv e pa r t of t h e EI C a s a n a dv a n ce pa y m e n t . |
LI N E 7 . |
Su bt r a ct lin e 6 fr om lin e 5 . |
LI N E 8 . |
En t e r t h e t ot a l de posit s m a de du r in g t h e qu a r t e r a n d a n y ov e r pa y m e n t s fr om pr e ce din g qu a r t e r s. |
LI N E 9 . |
You sh ou ld h a v e a ba la n ce du e on ly if y ou r n e t t a x lia bilit y for t h e qu a r t e r ( lin e 7 ) is le ss t h a n $ 2 ,5 0 0 . ( H ow e v e r , se e Pu blica t ion 1 5 or t h e Cir cu la r E |
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r e ga r din g pa y m e n t s m a de u n de r t h e a ccu r a cy of de posit s r u le ) I f lin e 7 is $ 2 ,5 0 0 or m or e a n d y ou h a v e de posit e d a ll t a x e s w h e n du e , t h e a m ou n t on lin e |
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9 ( ba la n ce du e ) sh ou ld be z e r o . |
LI N E 1 0 . |
I f y ou de posit e d m or e t h a n t h e cor r e ct a m ou n t for t h e qu a r t e r , in dica t e t h a t a m ou n t in t h e spa ce pr ov ide d . Th is ov e r pa y m e n t ca n be r e fu n de d or a pplie d |
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t o y ou r n e x t r e t u r n by ch e ck in g t h e a ppr opr ia t e box . I f y ou do n ot ch e ck e it h e r box , y ou r ov e r pa y m e n t w ill be a pplie d t o y ou r n e x t r e t u r n . Th e V I BI R |
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m a y a pply y ou r ov e r pa y m e n t s t o a n y pa st du e t a x a ccou n t s. |
LI N E 1 1 . |
Th is sh ou ld be a su m m a r y of y ou r t a x lia bilit y , n ot a su m m a r y of de posit s m a de . I f lin e 7 is le ss t h a n $ 2 ,5 0 0 , do n ot com ple t e lin e 1 1 . Com ple t e lin e 1 1 if |
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y ou a r e a m on t h ly sch e du le de posit or ( se e Cir cu la r E for de t a ils on de posit r u le s) . Sk ip lin e 1 2 a n d com ple t e lin e 1 3 . |
LI N E 1 2 . |
Com ple t e lin e 1 2 if y ou a r e a Se m i- W e e k ly Sch e du le D e posit or . ( Se e Cir cu la r E for de t a ils on de posit r u le s) . I n dica t e t h e da y w a ge s w e r e pa id du r in g t h e |
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w e e k of t h e qu a r t e r by pla cin g a ch e ck m a r k in t h e a ppr opr ia t e box . |
V . I . Bu r e a u of I n t e r n a l Re v e n u e Code s for Pr in cipa l Bu sin e ss Act iv it y a n d Pr in cipa l Pr odu ct s or Se r v ice s
( se le ct on ly on e a n d e n t e r on f r on t of f or m ) .
Agr icu lt u r e , For e st r y , a n d Fish in g Code s |
Tr a n spor t a t ion , Com m u n ica t ion , Ele ct r ic, |
Fin a n ce , I n su r a n ce , a n d Re a l Est a t e Code s con t . |
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1 1 1 0 0 0 |
Cr ops ( in clu din g v e ge t a ble s |
Ga s, a n d Sa n it a r y Se r v ice s Code s |
5 2 3 9 0 0 |
Other Financial I nvestment Activities |
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& fr u it s) |
2 2 1 1 0 0 |
Ut ilit ie s |
5 2 4 2 0 0 |
Age n cie s, Br ok e r a ge s, & Ot h e r I n su r a n ce |
1 1 2 0 0 0 |
An im a l |
4 8 1 0 0 0 |
Air Tr a n spor t a t ion |
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Related Activities |
1 1 1 9 9 8 |
Ot h e r Agr icu lt u r a l Se r v ice s |
4 8 3 0 0 0 |
W a t e r Tr a n spor t a t ion |
5 2 4 2 1 0 |
I n su r a n ce Age n t s, Br ok e r s & |
1 1 2 9 0 0 |
An im a l Pr odu ct ion |
4 8 3 1 1 1 |
D e e p Se a Fr e igh t Tr a n spor t a t ion |
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Se r v ice s |
1 1 4 0 0 0 |
Fish in g, H u n t in g a n d Tr a ppin g |
4 8 4 1 1 0 |
Tr u ck in g |
5 3 1 1 1 0 |
Le ssor s of Re side n t ia l Bu ildin gs |
5 4 1 9 4 0 |
V e t e r in a r y Se r v ice s |
4 8 5 1 1 1 |
Pa sse n ge r Tr a n sit |
5 3 1 1 2 0 |
Le ssor s of N on - Re side n t ia l Bu ildin gs |
5 6 1 7 3 0 |
La n dsca pin g & H or t icu lt u r a l |
4 8 5 3 1 0 |
Ta x i Se r v ice s |
5 3 1 2 1 0 |
Re a l Est a t e Age n t s, Br ok e r s & |
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Se r v ice s |
4 8 8 9 9 9 |
Ot h e r Tr a n spor t a t ion Se r v ice s |
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M a n a ge r s |
Con st r u ct ion Code s |
4 8 8 9 9 9 |
Pa sse n ge r Tr a n spor t a t ion |
5 3 1 3 9 0 |
Ot h e r Act iv it ie s Re la t e d t o Re a l Est a t e |
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2 3 6 1 0 0 |
Re side n t ia l Bu ildin g Con st r u ct ion |
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Ar r a n ge m e n t s |
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2 3 6 2 0 0 |
N on r e side n t ia l Bu ildin g Con st r u ct ion |
4 9 3 1 0 0 |
W a r e h ou sin g & St or a ge |
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2 3 7 0 0 0 |
H e a v y a n d Civ il En gin e e r in g Con st r u ct ion |
5 1 1 1 0 0 |
N e w spa pe r , Pe r iodica l, Book , & |
Se r v ice Code s |
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D ir e ct or y Pu blish e r s |
5 1 2 1 3 1 |
M ot ion Pict u r e Th e a t e r s |
Sp e cia l t r a d e con t r a ct or s: |
5 1 7 9 1 9 |
Com m u n ica t ion |
5 3 2 1 1 1 |
Pa sse n ge r Ca r Re n t a l |
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2 3 8 1 1 0 |
Con cr e t e w or k |
5 6 2 0 0 0 |
W a st e M a n a ge m e n t Se r v ice s |
5 3 2 2 3 0 |
V ide o Ta pe & D isc Re n t a l |
2 3 8 1 4 0 |
M a son r y |
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5 4 1 1 0 0 |
Le ga l se r v ice s |
2 3 8 1 6 0 |
Roofin g Con t r a ct or s |
Tr a de Code s |
5 4 1 2 0 0 |
Accou n t in g, Ta x Pr e p, Book k e e pin g & |
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2 3 8 1 7 0 |
Sidin g Con t r a ct or s |
4 2 5 1 0 0 |
W h ole sa le Tr a de Age n t s & Br ok e r s |
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Payroll Services |
2 3 8 2 1 0 |
Ele ct r ica l & Ot h e r W ir in g Con t r a ct or s |
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5 4 1 2 1 1 |
Ce r t ifie d Pu blic Accou n t a n t s |
2 3 8 2 2 0 |
Pa in t in g, Pa pe r h a n gin g, a n d |
Re t a il t r a d e : |
5 4 1 6 1 0 |
M a n a ge m e n t Con su lt in g Se r v ice s |
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D e cor a t in g |
4 4 1 1 0 0 |
Au t om ot iv e D e a le r s |
5 6 1 4 1 0 |
Pe r son a l Se r v ice s |
2 3 8 3 2 0 |
Pa in t in g & W a ll Cov e r in g Con t r a ct or s |
4 4 2 0 0 0 |
Fu r n it u r e St or e s |
5 6 1 5 0 0 |
Tr a v e l Ar r a n ge m e n t & Re se r v a t ion Se r v ice s |
2 3 8 3 1 0 |
D r y w a ll & I n su la t ion Con st r u ct ion |
4 4 3 0 0 0 |
Ele ct r on ics & Applia n ce St or e s |
6 1 1 0 0 0 |
Edu ca t ion a l Se r v ice s |
2 3 8 3 3 0 |
Ca r pe n t e r in g a n d Floor in g |
4 4 4 0 0 0 |
Bu ildin g M a t e r ia ls, H a r dw a r e , |
6 1 1 6 9 0 |
All Sch ools a n d I n st r u ct ion s |
2 3 8 3 3 0 |
Floor in g Con t r a ct or s |
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Ga r de n Su pplie s |
6 2 1 0 0 0 |
Am bu la t or y H e a lt h Ca r e Se r v ice s |
2 3 8 3 4 0 |
Tile & Te r r a z z o Con st r u ct ion |
4 4 5 0 0 0 |
Food & Be v e r a ge St or e s |
6 2 1 1 1 2 |
M e dica l & H e a lt h Se r v ice s |
2 3 8 3 5 0 |
Fin ish Ca r pe n t r y Con t r a ct or s |
4 4 5 1 0 0 |
Gr oce r y St or e s |
6 2 4 4 1 0 |
Ch ild D a y Ca r e |
2 3 8 9 9 0 |
All Ot h e r Spe cia lt y Tr a de Con t r a ct or s |
4 4 7 0 0 0 |
Ga solin e Se r v ice St a t ion |
7 1 3 2 0 0 |
Ga m blin g I n du st r ie s |
4 2 3 7 2 0 |
Plu m bin g a n d Air Con dit ion in g |
4 4 8 0 0 0 |
Appa r e l & Acce ssor y St or e s |
7 1 3 9 9 0 |
Am u se m e n t a n d Re cr e a t ion a l |
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4 5 2 0 0 0 |
Ge n e r a l M e r ch a n dise |
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Se r v ice s |
M a n u fa ct u r in g Code s |
4 5 3 0 0 0 |
M isce lla n e ou s Re t a il st or e s |
7 2 1 1 1 0 |
H ot e l & Ot h e r Lodgin g Pla ce s |
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3 1 1 0 0 0 |
Food |
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7 2 2 0 0 0 |
Food Se r v ice s & D r in k in g Pla ce s |
3 1 5 0 0 0 |
Appa r e l |
Fin a n ce , I n su r a n ce , a n d Re a l Est a t e Code s |
8 1 1 0 0 0 |
Re pa ir & M a in t e n a n ce |
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3 1 6 0 0 0 |
Le a t h e r & Le a t h e r Pr odu ct s |
5 2 2 1 1 0 |
Com m e r cia l Ba n k in g |
8 1 1 1 0 0 |
Au t om ot iv e Re pa ir & M a in t e n a n ce |
3 2 3 1 0 0 |
Pr in t in g & Re la t e d Su ppor t Act iv it ie s |
5 2 2 1 3 0 |
Cr e dit Un ion s |
8 1 1 2 1 9 |
Ele ct r on ic Re pa ir & M a in t e n a n ce |
3 2 3 1 1 9 |
Pr in t in g & Pu blish in g |
5 2 2 3 1 0 |
M or t ga ge & N on - m or t ga ge Loa n Br ok e r s |
8 1 2 0 0 0 |
Pe r son a l & La u n dr y Se r v ice s |
3 2 5 0 0 0 |
Ch e m ica ls M a n u fa ct u r in g |
5 2 3 1 1 0 |
I n v e st m e n t Ba n k in g & Se cu r it ie s D e a lin g |
8 1 3 9 0 0 |
Bu sin e ss, Pr ofe ssion a l, |
3 3 7 0 0 0 |
Fu r n it u r e & Fix t u r e s |
5 2 3 1 2 0 |
Se cu r it y a n d Com m odit y Br ok e r s, |
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3 3 9 9 9 9 |
Ot h e r |
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D e a le r s Ex ch a n ge a n d Se r v ice s |
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