Form 941 - Employer's Quarterly Federal Tax Form

Definition:

Form 941- Employer's Quarterly Federal Tax Form is the form used by employers to report employment taxes , withholding amounts, deposit amounts, and amounts due to the IRS. Form 941 includes totals for:

• Number of employees and total pay for the period being reported
  
• Amounts withheld from pay of employees for the period
  
• Taxable Social Security and Medicare wages for the period
  
• Calculation of total Social Security and Medicare wages
  
• Adjustments for sick pay, tips, group-term life insurance, and other
  
• Advance earned income credit payments made to employees

Tke form requires a calculation of the total taxes and the total deposits made during the period. The difference between the total taxes due and the total deposits is the amount still owed that must be paid.

You can find more about Form 941, including information about how to prepare this return, when it must be submitted, and how to submit corrections: More Information on Form 941.