Form 941- Employer’s Quarterly Federal Tax Return

Learn everything that you want to know about Form 941

IRS Form 941- Explanation, Due dates
and Penalties

Updated on Feb 15, 2022 - 10:00 AM by Admin, 123PayStubs

If you are a business owner then you would likely need to file IRS Form 941, Employer’s Quarterly Federal Tax Return, four times per year. As an employer, you are responsible for withholding federal income tax and other payroll taxes from each employee’s paycheck and remitting it to the IRS.

What is IRS Form 941?

Form 941, Employer’s Quarterly Tax Return, is used to report employment taxes. Employers are responsible for filing Form 941 to report the federal income tax, Social Security tax, and Medicare tax withheld from each of their employee’s salary. Employers must also report their own portion of Social Security and Medicare tax withholdings. Form 941 must be submitted to the IRS on a quarterly basis to report tax liability.

Who must file Form 941?

If you own and operate a business with employees, you will need to file IRS Form 941 quarterly. If you pay wages subject to federal income tax withholding or Social Security and Medicare Taxes, you must
file Form 941 to report the following amounts.

  • Wages you’ve paid.
  • Tips your employees reported to you.
  • Federal income tax you withheld.
  • Both the employer and the employee share of social security and Medicare taxes.
  • Additional Medicare Tax withheld from employees.
  • Current quarter's adjustments to social security and Medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance.
  • Qualified small business payroll tax credit for increasing
    research activities.
  • Credit for qualified sick and family leave wages.
  • Employee retention credit.
  • Credit for COBRA premium assistance payments.
  • Total advances received from filing Form(s) 7200 for the quarter.

Taxes reported on 941

Employers use Form 941 to report income taxes, Social Security tax, or Medicare tax withheld from employee’s paychecks. Employers also use Form 941 to pay their portion of Social Security or Medicare tax. Each Form 941 you file reports the total amount of tax you withheld during
the quarter.

Form 941 due dates for 2022?

Form 941 has 4 separate deadlines.

  • First-quarter (January, February, March) is due on May 2, 2022
  • Second-quarter (April, May, June) is due on
    August 1, 2022
  • Third-quarter (July, August, September) is due on October 31, 2022
  • Fourth-quarter (October, November, December) is due on
    January 31, 2023

Please note that when any IRS deadline lands on a weekend day or a national holiday, the deadline is automatically pushed to the next business day.

How to file Form 941 for 2022?

Employers can either file Form 941 by paper or electronically. Both methods are accepted by the IRS, however; it is highly recommended to
file Form 941 electronically. There are several advantages of e-filing Form 941 over paper filing

When you e-file Form 941, you can take advantage of the accurate, convenient, and secure filing. 123PayStubs allows you to e-file Form 941 quickly and easily and ensure your Form is accurate with our built-in error check. With 123PayStubs, in just 3 steps, you can e-file Form 941 and receive your filing status instantly.

  • Step 1: Enter Form 941 Information
  • Step 2: Review Form 941
  • Step 3: Transmit the Form to the IRS
E-file Form 941 Now

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