Form 941

Form 941

Form 941, officially known as the "Employer’s Quarterly Federal Tax Return," is a tax form used by employers in the United States to report income taxes, Social Security tax, and Medicare tax withheld from employee wages. It is filed quarterly and is used to calculate the employer’s share of Social Security and Medicare taxes as well as to report the total wages paid to employees.

Each employer must file Form 941 to report the amount of these taxes that were withheld and to pay any taxes owed. The form includes information such as the number of employees, total wages paid, and taxes withheld during the quarter. It must be submitted to the Internal Revenue Service (IRS) by the last day of the month following the end of the quarter, with specific due dates for each quarter of the year.

For example, if a company has withheld a total of $10,000 in federal income tax and $5,000 in Social Security and Medicare taxes from its employees’ wages during the first quarter, it must report these amounts on Form 941 and remit any owed taxes to the IRS.