Definition: Federal form 941, also called a quarterly federal tax return, is an IRS return that employers use to report their FICA taxes paid and owed for the period. The IRS uses this form to calculate the amount of employer tax payments made during the year as well as the amount of taxes due at the end of the year.What is Internal Revenue Service Form 941?
Employers must file quarterly tax returns for their business. The Internal Revenue Service expects employers to file Form 941 to report wages paid, tips received, taxes withheld and submission of Social Security and Medicare taxes.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.