Form 941 is the employer’s quarterly federal tax return used for reporting income paid to employees and the taxes withheld from their income. This tax form is filed for every quarter reporting the total employee payments. So an employer is going to file Form 941 for all employee payments in a single document.
This tax form in particular is quite simple than filing the tax return you file at the end of the tax year to report income and figure out the tax liability. What you will know when you file Form 941 as an employer is the Social Security and Medicare tax you owe. Follow the instructions to file and you will eventually get to the employer portion of FICA taxes.
This is due to how much you pay in FICA taxes. Since you will basically match the employee FICA taxes, the amount you owe in these taxes are pretty obvious.
How to file Form 941?
Below you can see the brief instructions to file for the 2021 tax year.
Form 941 is made up of five separate parts. In each part, you will detail information about…
- Employee income and tax withholding
- Tax credits
- Deposit schedule and tax liability
- Business information such as qualified sick and family leave wages
- Third party-designee and signature
Same as any other return, you can file Form 941 either on paper or submit it electronically. Either way works just fine but if the deadline for the quarter is approaching and you owe taxes, e-filing is going to be better because it will reach the IRS faster.
However, if you’re in no rush and will pay for e-filing, consider filling out a paper Form 941. Given you aren’t going to expect anything from the IRS, mail your 941 and be done with it.
You must file Form 941 by the following deadlines for each quarter.
1st Quarter: April 30
2nd Quarter: July 30
3rd Quarter: October 30
4th Quarter: January 31
As you can see, you have about 30 days to file Form 941 from the end of the quarter. The mailing address in which you will send Form 941 also depends on whether or not you mail it with payment.