Bookkeeping and payroll
Form 941
Form 941 is the Employer's Quarterly Federal Tax Return, which reports income tax withheld and the Social Security and Medicare taxes on employee wages.
Employers file Form 941 each quarter. The form reports the federal income, Social Security and Medicare tax taken from employee paychecks. It also reports the employer's share of Social Security and Medicare tax.
The totals must agree with deposits and with the year end Form W-2. Small employers with low yearly liability may qualify to file an annual Form 944 instead if the IRS approves. A mismatch or late filing can lead to a notice. The filing is a core part of payroll tax work. The payroll page explains how these returns are prepared each quarter.
Related terms
Sources
Talk to Wallace CPA
Call the Southlake office and say what you need: a return, an IRS letter, your books or a new business. Have the notice or last year's return nearby if you have one.