What is Form 941?
Definition Form 941 is the employer's quarterly federal tax return, used to report wages paid and the income tax and Social Security and Medicare (FICA) taxes withheld and owed. Employers file it four times a year and reconcile the payroll taxes deposited during the quarter. It is distinct from Form 940, the annual return for federal unemployment (FUTA) tax.
Payroll tax compliance is time-sensitive and heavily penalized, so accurate quarterly filings are a recurring obligation firms help business clients stay on top of.