What is Form 941?
Form 941 is how employers report the income tax, Social Security and Medicare they withheld from employees' paychecks each quarter, plus the employer's share of payroll taxes.
The 941 reconciles, each quarter, what an employer withheld from paychecks (income tax plus the employee share of Social Security and Medicare) against what it actually deposited, and adds the employer's matching share. It's filed four times a year, with the deposits themselves due far more often.
Who files it
Most employers with W-2 employees file it every quarter.
When it's due
Form 941 is generally due End of month after each quarter. Deadlines can move for weekends and holidays, so confirm the exact date for the current year on IRS.gov.
Key lines and parts
Here's what you'll actually fill in on Form 941:
- Number of employees and wages
- Federal income tax withheld
- Social Security and Medicare taxes
- Total deposits and balance due
How to file
File by the last day of the month following each quarter (April, July, October, January) and deposit the taxes on the required schedule.