Form 941, also known as the Employer's Quarterly Federal Tax Return

Form 941, also known as the Employer’s Quarterly Federal Tax Return, is an IRS document that employers must file quarterly. Key points include:

1. Reports employee wages and tips

2. Calculates federal income tax withheld

3. Determines Social Security and Medicare taxes owed

4. Accounts for employer’s share of Social Security and Medicare taxes

5. Due by the last day of the month following each quarter end

6. Can be filed electronically or by mail

7. Requires accurate payroll records for completion

This form is crucial for businesses with employees, ensuring proper tax withholding and remittance to the IRS. It helps maintain compliance with federal tax laws and provides a record of employment taxes paid. Employers must file Form 941 even if they have no taxes to report for a given quarter. Accurate and timely filing is essential to avoid penalties and maintain good standing with the IRS. Many businesses use payroll software or professional services to assist with Form 941 preparation and submission.