Form 941 is used by employers to report income paid employees and taxes withheld from their paycheck. It is a mandatory tax form that must be completed for every quarter. You can treat this as your federal income tax return.
On Form 941, you must select which quarter you’re reporting. For every quarter, you must file Form 941 by the next quarter starts. If filed late, you will have to pay late fees. For every month the 941 is late, you will have to pay 5% of the unpaid tax amount. This penalty can go up to 25% of the unpaid tax. Make sure to file Form 941 before the following deadlines.
For first quarter: March 31st
For second quarter: June 30th
For third quarter: September 31st
For fourth quarter: December 31st
Filing Form 941 on Paper
Form 941 is one of the easiest tax forms you’ll be filing as an employer. If you already processed payroll, most of the information required on Form 941 can be imported from there. But you will need a calculator to calculate the taxable social security wages, taxable social security tips, taxable Medicare wages and tips, and taxable wages and tips subject to Additional Medicare Tax Withholding.
The printable version of Form 941 also allows you to file online. We suggest filing Form 941 online, then print out once you complete it. Click on the boxes seen on Form 941 and enter the required information. Keep in mind you cannot enter the date and your name. Those must be done on paper. Once you’re done, you can then mail the Form 941 to the IRS. If you don’t know which mail addresses apply you, visit the article below to see the address you need to mail according to your state.