Form 941- Employer’s Quarterly Federal Tax Return

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.

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.

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.