Fillable Form 941 Online
Form 941 is a form used by employers to report the employment taxes of their employees, as well as report how much taxes that they have withheld from their employees’ salary, which the employer must then pay. The form must be filed quarterly. Form 941 can be filed online on any approved e-file provider or on IRS-authorized paper forms.
What is Form 941?
Officially Employer’s Quarterly Federal Tax Return, Internal Revenue Service (IRS) Form 941 is a legal tax document that requires employers to report taxes withheld from the paychecks of their employees. It should be used by employers who paid wages subject to certain types of taxes.
Form 941 should report taxes withheld, such as income taxes, social security taxes, and Medicare taxes, to the federal tax agency quarterly. In addition, according to the IRS, the form should accurately report the following:
How to Fill Out Form 941?
Completing Form 941 requires tax-related information; thus, the tax document should be answered accurately, as any mistake could result in penalties.
Form 941 consists of five parts and is three pages long.
Before answering the parts, as an employer, you must first provide the following details:
Select the quarter you are reporting.
Part I
Line 1 asks the number of employees on your payroll for the quarter you are reporting.
Line 2 asks the total wages, tips, and other compensation paid to all employees during the filing period.
Line 3 requires the total federal income withheld from employees.
Line 4 asks if no employee compensation was subject to social security or Medicare taxes. Check the box if applicable.
Lines 5a—5d are for calculating tax obligations according to their particular categories.
Line 5e asks the total amount when you add Column 2 from Line 5a to Line 5d.
Line 5f asks the tax due from your Section 3121(q) Notice and Demand if applicable.
Line 6 asks the total amount when you add Lines 3, 5e, and 5f.
Line 7 asks the total fractions-of-cents adjustment.
Line 8 asks the amount of the employees’ portion of social security and medicare taxes that a third-party sick-py deposited and paid.
Line 9 asks the total adjustments for tips and group-term life insurance.
Line 10 asks the total amount when you add Lines 6 to 9.
Lines 11a asks the amount of the credit from Form 8974.
Line 11b asks the non-refundable portion of the credit for qualified sick and family leave wages.
Line 11c asks the non-refundable portion of employee retention credit.
Line 11d asks the total amount when you add Lines 11a to 11c.
Line 12 asks the total amount when you subtract Line 11d from Line 10.
Line 13a asks the total deposits for the quarter you are reporting.
Line 13b asks the deferred amount of the employer share of social security tax.
Line 13c asks the refundable portion of the credit for qualified sick and family leave wages.
Line 13d asks the refundable portion of employee retention credit.
Line 13e asks the total amount when you add Lines 13a to 13d.
Line 13f asks the total advances received from Forms 7200 for the quarter.
Lines 13g asks the total amount when you subtract Line 13f from Line 13e.
Line 14 asks the total balance due.
Line 15 asks the overpayment amount and lets you decide what to do with it by checking the appropriate box — apply to the next return or send a refund.
Part 2
Line 16 is to be used to indicate whether you are a monthly or semiweekly depositor. If monthly, provide the applicable information on Month 1, Month 2, and Month 3 boxes and compute for total liability for the quarter. If semiweekly, complete Form 941 Schedule B and attach it to this form.
Part 3
Line 17 is to indicate if your business has closed or stopped paying wages. Mark the checkbox and provide the date final wages were paid.
Line 18 is to indicate if you are a seasonal employer and do not have to file a return for every quarter of the year. Mark the checkbox.
Line 19 asks the qualified health plan expenses allocable to qualified sick leave wages.
Line 20 asks the qualified health plan expenses allocable to qualified family leave wages.
Line 21 asks the qualified wages for the employee retention credit.
Line 22 asks the qualified health plan expenses allocable to wages reported on Line 21.
Line 23 asks the credit from Form 5884-C, Line 11, for this quarter.
Line 24 asks the qualified wage paid March 13 through March 31, for the employee retention credit. Only use this section for the second quarter filing of this form.
Line 25 asks the qualified health plan expenses allocable to wages reported on Line 24. Only use this section for the second quarter filing of this form.
Part 4
Use this section to give permission to a third-party, including an accountant, lawyer, or tax professional who can discuss this form with the IRS on your behalf.
Part 5
Sign and date the form to validate all the provided information.
When to File Form 941?
Form 941 is due four times every year. The due date falls on the last day of the last month of every quarter:
When a due date falls on a holiday or weekend, the next business day becomes the new due date.