Form 941 is an IRS (Internal Revenue Service) tax form for organizations in the United States. The form is filed quarterly. Organizations use Form 941 to report social security tax, income taxes, or Medicare tax deducted from worker paychecks. Also, Form 941 is used to pay an organization’s part of social security or Medicare tax, according to the IRS. 

What Is Form 941?

Form 941 is an organization’s quarterly federal tax revenue. Organizations in the United States frequently take some amounts out of their workers’ paychecks for federal social security tax, income tax, and Medicare tax. 

The withheld capital is reported to the administration through Form 941, a tax form of the IRS (Internal Revenue Service). Form 941 assists organizations to estimate how much tax they are obligated to pay. Also, organizations require to pay their own share of social security or Medicare tax. This portion of the tax is not withheld from workers’ pay. 

Who Requires to File Form 941?

Organizations typically require to file IRS Form 941 if they have workers and withhold social security, income tax, and Medicare tax from the payments. 

Specifically, the organizations require to file IRS Form 941 to state the following payroll-related outlay. If any of these conditions apply to the business, then the organization needs to file Form 941:

• Tips reported to the organization by workers
• Wages paid
• Federal income tax withheld
• Any extra Medicare Tax withheld from workers
• Organization and worker share of Medicare taxes and social security 
• Small organizations payroll tax credit
• Current quarter arrangements to social security and Medicare taxes for sick payment, group-term life insurance, tips, and fractions of money

Form 941 should not be employed to report keeping on non-payroll payments like:

• Gambling winnings
• Annuities
• Pensions

The following organizations do not require to file Form 941:

• Organizations with household workers: Use Form 1040 and (Schedule H) Pub. 926 instead.
• Seasonal organizations: They do not require to file Form 941 for any part where they have not paid their workers’ payments.
• Organizations of farm employees.: Use Pub. 51 and Form 943 instead.

Organizations with less than $1,000 in employment taxes every year can file Form 944. It is the annual federal tax revenue of the organization. 

What Is Form 941 and, When To Be Filed?

After filing the first Form 941, the organization needs to file a return for every quarter, even if they do not have to pay taxes to report. Form 941 is filled in every three months. The scheduled dates for Form 941 are:

• April 30
• July 31
• October 31
• January 31

Bottom Line

Every scheduled date incorporates the three prior months. For instance, if you file on January 31, you will be reporting amounts withheld on payment from October 1 to December 31 of the preceding year. 

To know more about IRS Form 941, attend the Compliance Prime webinar.