Form 941

What is Form 941?

 

Form 941, or “Employer’s Quarterly Federal Tax Return,” is one of several forms that an employer uses to report paid income taxes, Social Security tax, and Medicare tax withheld by paychecks. The employer’s portion of Social Security and Medicare taxes comes with the return. It should be filed quarterly with the IRS.

 

Key Components of Form 941 Include:

 

1. Income Tax Withheld: The section detailing the Federal income tax withheld from employees’ wages.
2. Social Security and Medicare Taxes: Reporting both employee and employer portions of Social Security and Medicare taxes.
3. Adjustments: Adjustments for over-reported or under-reported taxes are made on previous taxes from earlier quarters.
4. Credits: For declaring any credits for which the employer qualifies, such as the credit for qualified sick and family leave wages under the Families First Coronavirus Response Act, or that referenced by the American Rescue Plan Act (ARPA).

 

Employers must file Form 941 every quarter, with due dates falling on the last day of the month following the end of each quarter:

 

• The 1st quarter (January-March) is due April 30;
• The 2nd quarter (April-June) is due July 31.
• The 3rd quarter (July-September) is due October 31.
• The 4th quarter (October-December) is due January 31 of the following year.

 

Submission of Form 941 will ensure that an employer meets federal tax liabilities and ensures accurate Social Security and Medicare benefits for employees.

 

Where is Form 941?

 

Form 941 can be filed online through the IRS’s Modernized e-File (MEF) system or by mail using the form available on the IRS website. If mailing, the address depends on your business location and whether you’re including a payment.