What Is a 941 IRS Form?

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If you're a new employer, it won't be long until you learn what an IRS form 941 is all about.

Form 941 is a report filed quarterly to the IRS that indicates the amount of wages and pay made to employees and also the amount of withholdings made by employers. Below is a link for you to download a copy of the form and another link with instructions on how to complete a 941 the way the IRS wants it filled out.

Items on a 941 include the employer's amount of Medicare and Social Security taxes during the quarterly period. 

Modernly, most employers e-file Form 941 to the IRS, albeit as of this post, the IRS continues to take them via mail. If you want to e-file, the IRS requires that employers get a PIN number. If you're using 1 Reason Payroll, one will be assigned to you through our software provider.

 

Do I need to file a Form 941?

If you're an employer that is paying wages and witholding taxes, more than likely yes.

 

When are Form 941s required to be filed?

941s are filed quarterly, and are due on the last day of the month following the closing of the previous calendar quarter. For example:

First quarterly 941 is for the payroll months of January, February, and March, and the filing is due on April 30th.

Second Quarterly 941 is for the payroll months of April, March, and April, and the filing is due on July 31st.

Third Quarterly 941 is for the payroll months of July, August, and September, and the filing is due on October 31st.

Forth Quarterly 941 is for the payroll months of October, November, and December, and the filing is due on January 31st.

 

What information is required to file a Form 941?

As of January 2017, the form asks for the following:

EIN

Name (business legal name)

Trade name

Address

Part 1:

Number of employees who received wages, tips, or other compensation for the pay period

Wages tips and compensation 

Federal income tax withheld 

taxable social security wages

taxiable social security tips

taxable medicare wages and tips

taxable wages and tips subject to additional medicare tax withholding

Section 3121(Q) amount

Total taxes before adjustments

Current quaarter's adjustment for fractions of cents

Current quarter's adjustment for sick pay

Current quarter's adjustments for tips and group-term life insurance

Total taxes after adjustments

Qualified small business payroll tax credit for increasing research activities

Total taxes after adjustments and credits

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

Balance due

Overpayment

 

Part 2 is your deposit schedule and tax liability for the quarter.

Part 3 is the ability to close or stop paying wages reporting.

Part 4 is authorization to speak with a third-party designee.

Part 5, is your autograph line and the location you sign your life away stating that everything above is correct.

Download an IRS Form 941 

Download the Instructions Form 941 Instructions to complete form

 

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