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The IRS 941 form is a quarterly tax form that employers use to report income taxes, Social Security tax, and Medicare tax withheld from employee wages. This form is essential for businesses to ensure compliance with federal tax regulations. For assistance in filling out the form, click the button below.

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Contents

The IRS Form 941 plays a crucial role in the payroll process for employers across the United States. This quarterly tax return is designed to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks. Employers use this form to calculate their own contributions to Social Security and Medicare taxes, ensuring compliance with federal tax obligations. Each quarter, businesses must file Form 941 to provide the IRS with updated information about their payroll, including the number of employees, total wages paid, and any adjustments for prior periods. Additionally, the form allows employers to claim certain tax credits, such as the Employee Retention Credit, which can significantly impact a company's financial health. Understanding the nuances of Form 941 is essential for maintaining accurate records and avoiding potential penalties. As deadlines approach, it becomes increasingly important for employers to stay informed about any changes to the form or related regulations, ensuring they remain compliant and avoid unnecessary complications.

How to Write IRS 941

Completing the IRS Form 941 is an important task for employers who need to report payroll taxes. After filling it out, you’ll be submitting it to the IRS, ensuring compliance with federal tax regulations. Here’s a straightforward guide to help you navigate the process.

Gather Necessary Information: Collect your business’s name, address, and Employer Identification Number (EIN). You'll also need payroll records for the quarter.
Enter Basic Information: On the top of the form, fill in your business name, address, and EIN. Make sure this information is accurate.
Report Wages and Taxes: In Part 1, report the number of employees, total wages paid, and the taxes withheld for the quarter.
Calculate Tax Liability: Use the information from Part 1 to calculate your tax liability for the quarter. This includes federal income tax withheld and Social Security and Medicare taxes.
Claim Adjustments: If applicable, report any adjustments for fractions of cents, sick pay, or other adjustments in Part 2.
Determine Payments Made: In Part 3, indicate any payments you’ve made towards your tax liability during the quarter.
Calculate Balance Due or Overpayment: In Part 4, calculate whether you owe additional taxes or if you have overpaid.
Sign and Date the Form: Make sure to sign and date the form at the bottom. This is a crucial step, as it certifies that the information provided is accurate.
Submit the Form: Send the completed form to the IRS by the due date. You can file it electronically or via mail, depending on your preference.

After submitting the form, keep a copy for your records. It’s essential to stay organized, as you may need this information for future reference or audits. Remember, timely submission helps maintain good standing with the IRS.

Misconceptions

The IRS Form 941, also known as the Employer's Quarterly Federal Tax Return, is crucial for businesses that have employees. However, there are several misconceptions surrounding this form that can lead to confusion. Here are eight common misunderstandings:

Only large businesses need to file Form 941. Many believe that only big corporations are required to file this form. In reality, any business that pays wages to employees must file Form 941, regardless of size.
Form 941 is only for federal income tax withholding. Some think this form is solely for reporting income tax withheld from employee wages. However, it also covers Social Security and Medicare taxes, making it essential for comprehensive tax reporting.
Filing Form 941 is optional. A common myth is that filing this form is optional for employers. In truth, if you have employees, you are legally required to file Form 941 every quarter.
Form 941 can be filed annually. Some employers mistakenly believe they can file this form once a year. However, Form 941 must be submitted quarterly, reflecting the taxes withheld during each specific period.
Only full-time employees' wages need to be reported. It's a misconception that only full-time employees' wages are reported on Form 941. All wages paid to employees, including part-time and seasonal workers, must be included.
Once filed, Form 941 cannot be amended. Some think that once they submit Form 941, they cannot make changes. In fact, if you realize there was an error, you can amend the form using Form 941-X.
Form 941 is the same as Form 940. There’s a belief that these forms are interchangeable. However, Form 940 is used for reporting federal unemployment taxes, while Form 941 is for federal income tax withholding and payroll taxes.
Filing late incurs only minor penalties. Many underestimate the consequences of late filing. In reality, the IRS imposes significant penalties for late submissions, which can add up quickly and create financial strain.

Understanding these misconceptions can help ensure compliance and avoid unnecessary penalties. It's essential for employers to be well-informed about their responsibilities regarding Form 941.

IRS 941 Example

Form 941 for 2023:	Employer’s QUARTERLY Federal Tax Return	950122
		950122
(Rev. March 2023)	Department of the Treasury — Internal Revenue Service	OMB No. 1545-0029

Employer identification number (EIN)

—

Name (not your trade name)

Trade name (if any)

Address

Number	Street			Suite or room number


City			State		ZIP code


Foreign country name		Foreign province/county			Foreign postal code

Report for this Quarter of 2023

(Check one.)

1: January, February, March

2: April, May, June

3: July, August, September

4: October, November, December

Go to www.irs.gov/Form941 for instructions and the latest information.

Read the separate instructions before you complete Form 941. Type or print within the boxes.

Part 1: Answer these questions for this quarter.

1	Number of employees who received wages, tips, or other compensation for the pay period
	including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1


2	Wages, tips, and other compensation						.	2
3	Federal income tax withheld from wages, tips, and other compensation						.	3
4	If no wages, tips, and other compensation are subject to social security or Medicare tax
				Column 1		Column 2.
5a	Taxable social security wages* . .			.	× 0.124 =	Column 2.
							.
5a	(i)	Qualified sick leave wages* .		.	× 0.062 =		.
							.
5a	(ii)	Qualified family leave wages* .		.	× 0.062 =		.
							.
5b	Taxable social security tips . . .			.	× 0.124 =		.
							.
5c	Taxable Medicare wages & tips. .			.	× 0.029 =		.
5d	Taxable wages & tips subject to
5d	Taxable wages & tips subject to			.	× 0.009 =		.
	Additional Medicare Tax withholding			.	× 0.009 =		.
5e	Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d							5e
5f	Section 3121(q) Notice and Demand—Tax due on unreported tips (see instructions) .						.	5f
6	Total taxes before adjustments. Add lines 3, 5e, and 5f						.	6
7	Current quarter’s adjustment for fractions of cents						.	7
8	Current quarter’s adjustment for sick pay						.	8
9	Current quarter’s adjustments for tips and group-term life insurance						.	9
10	Total taxes after adjustments. Combine lines 6 through 9						.	10
11a	Qualified small business payroll tax credit for increasing research activities. Attach Form 8974							11a
11b	Nonrefundable portion of credit for qualified sick and family leave wages for leave taken
	before April 1, 2021		. . . . . . . . . . . . . . . . . . . . . .				.	11b

Check and go to line 6.

*Include taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2021, and before October 1, 2021, on line 5a. Use lines 5a(i) and 5a(ii) only for taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2020, and before April 1, 2021.

11c Reserved for future use . . . . . . . . . . . . . . . . . . . . . . 11c

You MUST complete all three pages of Form 941 and SIGN it.

For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher.

Cat. No. 17001Z

Form 941 (Rev. 3-2023)

951222

Name (not your trade name)		Employer identification number (EIN)
		–
Part 1:	Answer these questions for this quarter. (continued)

11d Nonrefundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . 11d


11e	Reserved for future use	. . . . . . . . . 11e	.
11f	Reserved for future use
11f	Reserved for future use

11g	Total nonrefundable credits. Add lines 11a, 11b, and 11d	11g
12	Total taxes after adjustments and nonrefundable credits. Subtract line 11g from line 10 .	12

13a	Total deposits for this quarter, including overpayment applied from a prior quarter and
	overpayments applied from Form 941-X, 941-X (PR), 944-X, or 944-X (SP) filed in the current quarter	13a
13b	Reserved for future use	13b

13c Refundable portion of credit for qualified sick and family leave wages for leave taken
before April 1, 2021	13c
13d Reserved for future use	13d

13e Refundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . . 13e

13f	Reserved for future use	13f
13g	Total deposits and refundable credits. Add lines 13a, 13c, and 13e	13g
13h	Reserved for future use	13h
13i	Reserved for future use	13i

14Balance due. If line 12 is more than line 13g, enter the difference and see instructions . . . 14


15	Overpayment. If line 13g is more than line 12, enter the difference	.	Check one:

Apply to next return.

Send a refund.

Part 2: Tell us about your deposit schedule and tax liability for this quarter.

If you’re unsure about whether you’re a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15.

16 Check one:

Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn’t incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you’re a monthly schedule depositor, complete the deposit schedule below; if you’re a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3.

You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total

liability for the quarter, then go to Part 3.


Tax liability: Month 1	.

Month 2	.

Month 3	.

Total liability for quarter	.	Total must equal line 12.

You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941),

Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Go to Part 3.

You MUST complete all three pages of Form 941 and SIGN it.

Page 2

Form 941 (Rev. 3-2023)

950922

Name (not your trade name)

Employer identification number (EIN)

–

Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank.

17 If your business has closed or you stopped paying wages . . . . . . . . . . . . . . .

Check here, and

enter the final date you paid wages

/ /

; also attach a statement to your return. See instructions.

18 If you’re a seasonal employer and you don’t have to file a return for every quarter of the year . . .

Check here.

19Qualified health plan expenses allocable to qualified sick leave wages for leave taken before April 1, 2021

20Qualified health plan expenses allocable to qualified family leave wages for leave taken before April 1, 2021

21	Reserved for future use
22	Reserved for future use

23Qualified sick leave wages for leave taken after March 31, 2021, and before October 1, 2021

24Qualified health plan expenses allocable to qualified sick leave wages reported on line 23

25Amounts under certain collectively bargained agreements allocable to qualified sick

leave wages reported on line 23 . . . . . . . . . . . . . . . . . . .

26Qualified family leave wages for leave taken after March 31, 2021, and before October 1, 2021

27Qualified health plan expenses allocable to qualified family leave wages reported on line 26

28Amounts under certain collectively bargained agreements allocable to qualified family leave wages reported on line 26 . . . . . . . . . . . . . . . . . . .


19	.

20	.

21	.

22	.

23	.

24	.

25	.

26	.

27	.

28	.

Part 4: May we speak with your third-party designee?

Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions

for details.

Yes. Designee’s name and phone number

Select a 5-digit personal identification number (PIN) to use when talking to the IRS.

No.

Part 5: Sign here. You MUST complete all three pages of Form 941 and SIGN it.

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Sign your name here

Date

/ /

Print your name here

Print your title here

Best daytime phone

Paid Preparer Use Only

Preparer’s name

Preparer’s signature

Firm’s name (or yours if self-employed)

Address

City

State

Check if you’re self-employed . . .

PTIN

Date	/	/
EIN
EIN
Phone
Phone

ZIP code

Page 3

Form 941 (Rev. 3-2023)

951020

This page intentionally left blank

Form 941-V, Payment Voucher

Purpose of Form

Complete Form 941-V if you’re making a payment with Form 941. We will use the completed voucher to credit your payment more promptly and accurately, and to improve our service to you.

Making Payments With Form 941

To avoid a penalty, make your payment with Form 941 only if:

•Your total taxes after adjustments and nonrefundable credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn’t incur a $100,000 next-day deposit obligation during the current quarter, and you’re paying in full with a timely filed return; or

•You’re a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. See section 11 of Pub. 15 for details. In this case, the amount of your payment may be $2,500 or more.

Otherwise, you must make deposits by electronic funds transfer. See section 11 of Pub. 15 for deposit instructions. Don’t use Form 941-V to make federal tax deposits.

▲! Use Form 941-V when making any payment with Form 941. However, if you pay an amount with

CAUTION Form 941 that should’ve been deposited, you may be subject to a penalty. See Deposit Penalties in section 11 of Pub. 15.

Specific Instructions

Box 1—Employer identification number (EIN). If you don’t have an EIN, you may apply for one online by visiting the IRS website at www.irs.gov/EIN. You may also apply for an EIN by faxing or mailing Form SS-4 to the IRS. If you haven’t received your EIN by the due date of Form 941, write “Applied For” and the date you applied in this entry space.

Box 2—Amount paid. Enter the amount paid with Form 941.

Box 3—Tax period. Darken the circle identifying the quarter for which the payment is made. Darken only one circle.

Box 4—Name and address. Enter your name and address as shown on Form 941.

•Enclose your check or money order made payable to “United States Treasury.” Be sure to enter your

EIN, “Form 941,” and the tax period (“1st Quarter 2023,” “2nd Quarter 2023,” “3rd Quarter 2023,” or “4th Quarter 2023”) on your check or money order. Don’t send cash.

Don’t staple Form 941-V or your payment to Form 941 (or to each other).

•Detach Form 941-V and send it with your payment

and Form 941 to the address in the Instructions for Form 941.

Note: You must also complete the entity information above Part 1 on Form 941.

Detach Here and Mail With Your Payment and Form 941.

Form		941-V			Payment Voucher		OMB No. 1545-0029
Form		941-V			Payment Voucher

	Department of the Treasury		Don’t staple this voucher or your payment to Form 941.				2023
	Internal Revenue Service		Don’t staple this voucher or your payment to Form 941.				2023
	1 Enter your employer identification			2		Dollars		Cents
		number (EIN).			Enter the amount of your payment.
					Enter the amount of your payment.
		–			Make your check or money order payable to “United States Treasury.”
3		Tax Period		4 Enter your business name (individual name if sole proprietor).

		1st	3rd
		1st	3rd
		Quarter	Quarter		Enter your address.

		2nd	4th
		2nd	4th		Enter your city, state, and ZIP code; or your city, foreign country name, foreign province/county, and foreign postal code.
		Quarter	Quarter

Form 941 (Rev. 3-2023)

Privacy Act and Paperwork Reduction Act Notice. We ask for the information on Form 941 to carry out the Internal Revenue laws of the United States. We need it to figure and collect the right amount of tax. Subtitle C, Employment Taxes, of the Internal Revenue Code imposes employment taxes on wages and provides for income tax withholding. Form 941 is used to determine the amount of taxes that you owe. Section 6011 requires you to provide the requested information if the tax is applicable to you. Section 6109 requires you to provide your identification number. If you fail to provide this information in a timely manner, or provide false or fraudulent information, you may be subject to penalties.

You’re not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books and records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law.

Generally, tax returns and return information are confidential, as required by section 6103. However, section 6103 allows or requires the IRS to disclose or give the information shown on your tax return to others as described in the Code. For example, we may disclose your tax information to the Department of

Justice for civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.

The time needed to complete and file Form 941 will vary depending on individual circumstances. The estimated average time is:

Recordkeeping . . . . . . . . . . 22 hr., 28 min.

Learning about the law or the form . .	. . 53 min.
Preparing, copying, assembling, and
sending the form to the IRS	1 hr., 18 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making Form 941 simpler, we would be happy to hear from you. You can send us comments from www.irs.gov/FormComments. Or you can send your comments to Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Don’t send Form 941 to this address. Instead, see Where Should You File? in the Instructions for Form 941.

Key takeaways

When filling out the IRS 941 form, it’s important to keep a few key points in mind. This form is used to report employment taxes, including federal income tax withheld and Social Security and Medicare taxes.

Accuracy is crucial: Ensure that all information is correct. Mistakes can lead to penalties or delays in processing.
Filing deadlines: Be aware of the quarterly deadlines. The form is due on the last day of the month following the end of the quarter.
Recordkeeping: Maintain accurate payroll records. This will help you fill out the form correctly and provide necessary documentation if needed.
Payment of taxes: If you owe taxes, make sure to pay them on time. This helps avoid interest and penalties.

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Dos and Don'ts

When filling out the IRS 941 form, it is essential to follow specific guidelines to ensure accuracy and compliance. Below is a list of dos and don'ts to keep in mind:

Do double-check your employer identification number (EIN) for accuracy.
Do report all wages, tips, and other compensation accurately.
Do ensure that you are using the correct form for the specific quarter.
Do keep a copy of the completed form for your records.
Do file the form by the deadline to avoid penalties.

Don't leave any fields blank unless instructed to do so.
Don't forget to sign and date the form before submission.
Don't use outdated versions of the form; always download the latest version.
Don't ignore the instructions provided with the form.
Don't attempt to estimate amounts; provide exact figures.

Similar forms

The IRS Form 940 is similar to Form 941 in that both are used by employers to report taxes related to employee wages. While Form 941 is filed quarterly and focuses on income taxes withheld and FICA taxes, Form 940 is an annual report that specifically addresses the Federal Unemployment Tax Act (FUTA). Employers must complete Form 940 to report their annual unemployment tax liability, which is separate from the income and payroll taxes reported on Form 941. Both forms require accurate reporting to ensure compliance with federal tax obligations.

Form W-2 also shares similarities with Form 941, as it is used to report wages paid to employees and the taxes withheld from those wages. Employers must issue Form W-2 to each employee at the end of the year, summarizing their total earnings and tax withholdings for the year. Unlike Form 941, which is filed quarterly, Form W-2 is an annual document. Both forms are essential for employees to accurately file their individual income tax returns, highlighting the relationship between employer reporting and employee tax responsibilities.

The Texas Notice to Quit form serves as a critical tool for landlords, enabling them to communicate their intent to terminate a rental agreement effectively. This legal document not only specifies the timeframe for tenants to vacate the premises but also plays a vital role in ensuring that both landlords and tenants understand their rights and responsibilities under Texas rental laws. For more information, you can refer to the template provided at https://texasformsonline.com/free-notice-to-quit-template/.

Form 1099-MISC is another document that bears resemblance to Form 941, particularly in the context of reporting payments. While Form 941 is used for employees, Form 1099-MISC is intended for independent contractors and other non-employee compensation. Businesses must issue Form 1099-MISC to report payments made to non-employees that exceed a certain threshold during the tax year. Both forms serve to ensure that the IRS receives accurate information regarding compensation and tax withholdings, facilitating compliance and proper tax collection.

Lastly, Form 943 is similar to Form 941, specifically for agricultural employers. This form is used to report income taxes and FICA taxes for farmworkers. Like Form 941, Form 943 is filed annually, but it caters specifically to the unique employment situations found in the agricultural sector. Both forms require detailed information about employee wages and tax withholdings, ensuring that employers in different industries meet their tax obligations effectively.