What is a 941?

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Simply stated, a 941 is an employer's quarterly federal tax return. If you report wages paid, tips employees have received, federal income tax withheld, then you need to file a Form 941.

Purpose

The purpose of a 941 is to report taxes withheld, reconcile what has been withheld and pay any additional taxes due for the quarter reported.

Exceptions

Seasonal employers do not need to file a 941 for quarters with no tax liability as they paid no wages. Household employees should use Schedule H and reference Publication 943 for more information. Farm employees should reference Publications 943 and 51 (Circular A).

Payments

Tax payments are due based on your deposit schedule. If you pay $50,000 or less, you are a monthly schedule depositor. If you pay more than $50,000, then you are a semi-weekly schedule depositor. Payments may be made at a financial institution authorized to accept federal tax deposits or by using the Electronic Federal Tax Payment System (EFTPS).

Penalties

Avoid penalties by paying your taxes when due, filing a fully-completed 941 on time, accurately reporting your tax liability, submitting valid payments, furnishing accurate W-2 forms, and filing Form W-3 and Copies A of Form W-2 with the Social Security Administration in an accurate and timely manner.

Where To File

Refer to your included envelope on where to file. If you did not receive your forms by mail, then refer to the Instructions for Form 941 on where to file if you are or are not making a payment.

Source:

IRS.gov: Instructions for Form 941

More Information:

IRS.gov: Forms 941, 940, Employment Taxes

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What is a 941?

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