What is Form 941 used for?
Form 941 details the income tax, Social Security tax, and Medicare tax withheld from employees' paychecks, along with the employer's share of Social Security and Medicare taxes.
Who needs to file Form 941?
Employers who deduct federal income tax, Social Security tax, or Medicare tax from employee wages typically must file Form 941 quarterly.
Do I need to file Form 941 monthly or quarterly?
You file Form 941 quarterly. It is due by the last day of the month following each quarter.
Can I fill out Form 941 online?
Yes, you can fill out, edit, and sign your Form 941 online right here. Simply click the Get Form button to get started.
Can I file Form 941 electronically?
Yes, you can e-file Form 941 using IRS-approved software or with the help of a tax professional.
How do I calculate my payroll tax liability for Form 941?
Your tax liability includes the federal income tax withheld from your employee's wages, as well as both the employer and employee portions of Social Security and Medicare taxes.
How do I correct a mistake on a previously filed Form 941?
Use Form 941-X (Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund) to fix any errors on a previously filed Form 941.
Can I request an extension for filing Form 941?
Automatic extensions are unavailable, but you may request penalty relief if you have a valid reason for filing late.
What if I overpaid or underpaid taxes on Form 941?
Overpayments can either be applied as a credit toward your next return or refunded directly to you. Underpayments, while they may lead to penalties, are often correctable on your next return.
When is Form 941 due?
The due dates are as follows:
- Q1: April 30
- Q2: July 31
- Q3: October 31
- Q4: January 31 (of the following year)
Is it better to pay taxes quarterly or monthly?
How you pay your taxes throughout the year can impact your tax return come filing season. And in certain circumstances, paying estimated taxes quarterly can even prevent you from being hit with a penalty from the IRS.
Do I pay 941 monthly or quarterly?
File Form 941, Employers Quarterly Federal Tax Return, if you paid wages subject to employment taxes with the IRS for each quarter by the last day of the month that follows the end of the quarter. If you timely deposited all taxes when due, then you have 10 additional calendar days to file the return.
Online filing
How to file quarterly 941 online?
The due dates typically fall on the last day of the month following the end of the quarter, giving employers one month to prepare the form. If any due date for filing falls on a Saturday, Sunday, or legal holiday, returns may be filed on the next business day. IRS Form 941: 2025 Guide Filing Instructions - Paychex paychex.com articles payroll-taxes for paychex.com articles payroll-taxes for
What are the form 941 quarterly due dates in 2024?
1. When is the deadline to File Form 941 for the 2024 tax year? QuarterReporting Period941 Due Date Quarter 1 Jan, Feb, and Mar April 30, 2024 Quarter 2 Apr, May, and Jun July 31, 2024 Quarter 3 Jul, Aug, and Sep October 31, 2024 E-file Now Quarter 4 Oct, Nov, and Dec January 31, 2025
How to determine 941 payment frequency?
If your payday is on Wednesday, Thursday, and/or Friday, you must deposit these taxes by the following Wednesday. If your payday is on Saturday, Sunday, Monday, and/or Tuesday, you must deposit these taxes by the following Friday.