--- title: "Form 941: Definition and Sources | Tax Glossary" description: "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." url: https://wallacecpa.multisites.ai/glossary/form-941 publisher: Wallace CPA phone: +1-877-682-1171 quote: https://wallacecpa.multisites.ai/contact --- 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](https://wallacecpa.multisites.ai/glossary/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](https://wallacecpa.multisites.ai/glossary/payroll-tax) work. The [payroll page](https://wallacecpa.multisites.ai/services/payroll) explains how these returns are prepared each quarter. [Wallace CPA can helpPayroll services](https://wallacecpa.multisites.ai/services/payroll) ## Related terms - [Payroll tax](https://wallacecpa.multisites.ai/glossary/payroll-tax) - [Form W-2](https://wallacecpa.multisites.ai/glossary/form-w-2) - [Employer identification number (EIN)](https://wallacecpa.multisites.ai/glossary/employer-identification-number-ein) ## Sources 1. [IRS: About Form 941](https://www.irs.gov/forms-pubs/about-form-941) 2. [IRS: Employment tax due dates](https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates) ## 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. [Call (877) 682-1171](tel:+1-877-682-1171)[Send a message](https://wallacecpa.multisites.ai/contact) 180 State Street, Suite 225, Southlake, TX 76092