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What You Need To Know About IRS Form 941

Jan 27, 2024 By Triston Martin

The Employer's Quarterly Federal Tax Return comprises IRS Form 941. Employers utilize it to report tax withholding amounts for projected income tax payments, employer payments, especially FICA taxes, also known as Social Security benefits taxes. If you have been paying employees and deducting federal taxes from their pay, you must report the sums on IRS Form 941.

Who Is Required To Submit Form 941?

The majority of firms that pay wages to employees are required to submit Form 941 every quarter. Your filing obligations are unaffected by your business entity. When you employ employees, independently of whether you are a sole proprietor or maybe even a C corporation, you must file Form 941. What happens when you don't have any employees for a certain quarter? Even though you had no tax withholdings, you still need to declare this on form 941 irs. There are a few exceptions to the rule that requires firms with employees to file Form 941 once a quarter.

Businesses that use seasonal workers. You are not needed to submit Form 941 every quarter if you only employ people seasonally. Alternatively, you will finish Form 941 for the quarter in which you recruited seasonal workers and then notify the IRS that the business won't be filing Form 941 for several quarters. How to achieve this is described in our guidelines below. People who use domestic help. You do not need to file Form 941 if you have a household employee, such as a nanny. Instead, complete Schedule H of Form 1040 each year to disclose your tax withholding (your personal tax return). Companies that employ farm workers. Form 941 does not require the reporting of wages regarding agricultural labor. Instead, you'll fill out Form 943.

When Do I Have To Submit Form 941?

The last day of the month after the end of the quarter is when irs 941 form is due. If the first quarter, for instance, concludes on March 31, the form must be submitted by April 30. The return is due the following business day if the filing date falls on a weekend or holiday. You get an additional ten days to complete the form if your payroll tax contributions were made on schedule and in full throughout the quarter. The deadline is now the 10th of the second month after the end of the quarter. That entails that, if necessary, you can extend the first quarter's deadline until May 10.

What Is Information Reported On Form 941?

Each quarter, business income and payroll taxes are reported using Form 941. You must disclose the entire sum paid to employees in salaries and tips as well as the sum deducted from their paychecks as income tax withholding. The employer and employee shares of Medicare and Social Security taxes must also be reported. The totals you report on Form 941 for each quarter should equal the totals you report on the W-2s for all your employees at the end of the year. Normally, firms must submit Form 941 and payments for the stated taxes.

Form 941: How To Fill It Out

You must gather information about your payroll and earnings from the previous quarter to complete Form 941. The three-page form is composed of five parts. Start by entering your employer identification number (EIN), the name of your company, your name, and the address of your company.

Part 1

Enter the number of employees your company had during the most recent quarter, the total amount of wages and tips paid, and the total amount of federal income tax withheld from employee paychecks. Determine the amount owed for Social Security and Medicare taxes, including employee and employer contributions, and the amount owed for supplementary Medicare tax. Calculate your overall tax by including any adjustments for sick pay and group life insurance.

Part 2

Ascertain whether your company deposits monthly or semi-weekly. Businesses that owe more than $50,000 in quarterly taxes are normally considered semi-weekly depositors and must complete Schedule B of Form 941.

Part 3

If relevant, indicate if your company has shut down, whether you've stopped paying employees, or whether you're a seasonal employer exempt from filing Form 941 every three months.

Part 4

Indicate and include the contact details of your accountant or tax preparer if you want the IRS to be able to communicate with them about this return.


The Employer's Quarterly Federal Tax Return is IRS Form 941. Employers utilize it to report taxable income amounts for projected income tax payments, employer payments, and FICA taxes, also known as Employment Insurance taxes. If your company has been paying employees as well as deducting federal taxes from employee pay, businesses must report the sums on IRS Form 941.

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