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Form-941 | Meaning and Definition

What is Form 941? 

Form 941, available on IRS, is an employer’s tax form based on a quarterly period. This form is an important tax for various businesses. Most employers in the United States file federal tax returns every quarter. The companies with employees in their companies are required to file Form 941 to report federal withholdings for the employees working in the company. 

Important information needed:

  • Amount of wages paid
  • Withholdings for Social security
  • Number of employees
  • Any accommodation made for group life insurance, tips, and any ill days 
  • Medicare withholdings
  • For each the employee, the federal tax withholdings

The companies filling the form will also have to pay the employer’s Medicare tax and social security. The deadlines for filing the form every quarter are from 30th April, 31st July, 31st October, and 31st January every year.    

How to file Form 941?

When anyone wishes to file form 941 through mail, one can also fill out the form online and then take a printout of the same. Also, one can download the form and then fill it manually. The online filling can be done digitally with the Modernized e-file (MeF) system on the website irs.gov.   

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