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Frequently Asked Questions

What does Form 941 mean?

Term Definition. Form 941 is a payroll form reporting the total federal taxes that employers have withheld from employee compensation during the quarter. Extended Definition. Employers are required to withhold federal taxes, Medicare tax, and Social Security tax from employees’ compensation and remit the same to the IRS.

What is a Federal Tax Form 941?

Form 941 is the form used by employers to report withholding amounts for federal income taxes and FICA taxes (Social Security and Medicare), employer payments for these withholding amounts, and any amounts due to the IRS. Form 941 includes quarterly calculations and reports: And any over- or under- payment.

What is a quarterly 941 form?

IRS Form 941 is a quarterly report of wages paid to employees and the withholdings made by employers to the IRS in the quarter while processing payroll. The form also includes information on the employer’s share of Medicare and Social Security taxes during the period reported.

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