The IRS 941 form is a quarterly tax return that employers use to report income taxes, Social Security tax, and Medicare tax withheld from employees' paychecks. This form provides essential information to the Internal Revenue Service about an employer's payroll tax obligations. Understanding how to accurately complete and submit this form is crucial for maintaining compliance and avoiding penalties.
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The IRS Form 941 is essential for employers to report payroll taxes. Understanding how to fill it out correctly can help avoid penalties and ensure compliance. Here are some key takeaways:
By keeping these takeaways in mind, employers can navigate the requirements of Form 941 more effectively and maintain compliance with IRS regulations.
The IRS Form 941, also known as the Employer's Quarterly Federal Tax Return, is a crucial document for employers in the United States. It is used to report income taxes, Social Security tax, and Medicare tax withheld from employee wages. Several other forms and documents are often used in conjunction with Form 941 to ensure compliance with federal tax regulations and to provide a complete picture of an employer's tax obligations. Below is a list of these related forms and documents.
Each of these forms plays a significant role in the broader context of payroll and tax compliance for employers. Understanding their purpose and how they relate to Form 941 is essential for accurate reporting and adherence to federal tax laws.
The IRS Form 941 is primarily used by employers to report payroll taxes. Several other forms share similar purposes or functions, focusing on tax reporting and compliance. Below is a list of ten documents that are comparable to Form 941:
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Incorrect Employer Identification Number (EIN)
Many people enter the wrong EIN. This number is crucial for identifying your business. Double-check it against your IRS records.
Missing or Incorrect Tax Period
Some individuals forget to specify the correct tax period. Make sure you are reporting for the right quarter. This helps avoid delays and penalties.
Errors in Employee Wage Reporting
Calculating wages can be tricky. Ensure that the wages reported match your payroll records. Inaccuracies can lead to serious issues with the IRS.
Failure to Sign and Date the Form
It’s easy to overlook this step. A signature is required to validate the form. Without it, the IRS may reject your submission.
Neglecting to Include Adjustments
Adjustments for overpayments or corrections should be included. Not doing so can result in incorrect tax calculations, leading to further complications.
Form 941 for 2023:
Employer’s QUARTERLY Federal Tax Return
950122
(Rev. March 2023)
Department of the Treasury — Internal Revenue Service
OMB No. 1545-0029
Employer identification number (EIN)
—
Name (not your trade name)
Trade name (if any)
Address
Number
Street
Suite or room number
City
State
ZIP code
Foreign country name
Foreign province/county
Foreign postal code
Report for this Quarter of 2023
(Check one.)
1: January, February, March
2: April, May, June
3: July, August, September
4: October, November, December
Go to www.irs.gov/Form941 for instructions and the latest information.
Read the separate instructions before you complete Form 941. Type or print within the boxes.
Part 1: Answer these questions for this quarter.
1
Number of employees who received wages, tips, or other compensation for the pay period
including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1
2
Wages, tips, and other compensation
.
3
Federal income tax withheld from wages, tips, and other compensation
4
If no wages, tips, and other compensation are subject to social security or Medicare tax
Column 1
Column 2.
5a
Taxable social security wages* . .
× 0.124 =
(i)
Qualified sick leave wages* .
× 0.062 =
(ii)
Qualified family leave wages* .
5b
Taxable social security tips . . .
5c
Taxable Medicare wages & tips. .
× 0.029 =
5d
Taxable wages & tips subject to
× 0.009 =
Additional Medicare Tax withholding
5e
Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d
5f
Section 3121(q) Notice and Demand—Tax due on unreported tips (see instructions) .
6
Total taxes before adjustments. Add lines 3, 5e, and 5f
7
Current quarter’s adjustment for fractions of cents
8
Current quarter’s adjustment for sick pay
9
Current quarter’s adjustments for tips and group-term life insurance
10
Total taxes after adjustments. Combine lines 6 through 9
11a
Qualified small business payroll tax credit for increasing research activities. Attach Form 8974
11b
Nonrefundable portion of credit for qualified sick and family leave wages for leave taken
before April 1, 2021
. . . . . . . . . . . . . . . . . . . . . .
Check and go to line 6.
*Include taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2021, and before October 1, 2021, on line 5a. Use lines 5a(i) and 5a(ii) only for taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2020, and before April 1, 2021.
11c Reserved for future use . . . . . . . . . . . . . . . . . . . . . . 11c
You MUST complete all three pages of Form 941 and SIGN it.
For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher.
Cat. No. 17001Z
Form 941 (Rev. 3-2023)
951222
–
Part 1:
Answer these questions for this quarter. (continued)
11d Nonrefundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . 11d
11e
Reserved for future use
. . . . . . . . . 11e
11f
11g
Total nonrefundable credits. Add lines 11a, 11b, and 11d
12
Total taxes after adjustments and nonrefundable credits. Subtract line 11g from line 10 .
13a
Total deposits for this quarter, including overpayment applied from a prior quarter and
overpayments applied from Form 941-X, 941-X (PR), 944-X, or 944-X (SP) filed in the current quarter
13b
13c Refundable portion of credit for qualified sick and family leave wages for leave taken
13c
13d Reserved for future use
13d
13e Refundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . . 13e
13f
13g
Total deposits and refundable credits. Add lines 13a, 13c, and 13e
13h
13i
14Balance due. If line 12 is more than line 13g, enter the difference and see instructions . . . 14
15
Overpayment. If line 13g is more than line 12, enter the difference
Check one:
Apply to next return.
Send a refund.
Part 2: Tell us about your deposit schedule and tax liability for this quarter.
If you’re unsure about whether you’re a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15.
16 Check one:
Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn’t incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you’re a monthly schedule depositor, complete the deposit schedule below; if you’re a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3.
You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total
liability for the quarter, then go to Part 3.
Tax liability: Month 1
Month 2
Month 3
Total liability for quarter
Total must equal line 12.
You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941),
Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Go to Part 3.
Page 2
950922
Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank.
17 If your business has closed or you stopped paying wages . . . . . . . . . . . . . . .
Check here, and
enter the final date you paid wages
/ /
; also attach a statement to your return. See instructions.
18 If you’re a seasonal employer and you don’t have to file a return for every quarter of the year . . .
Check here.
19Qualified health plan expenses allocable to qualified sick leave wages for leave taken before April 1, 2021
20Qualified health plan expenses allocable to qualified family leave wages for leave taken before April 1, 2021
21
22
23Qualified sick leave wages for leave taken after March 31, 2021, and before October 1, 2021
24Qualified health plan expenses allocable to qualified sick leave wages reported on line 23
25Amounts under certain collectively bargained agreements allocable to qualified sick
leave wages reported on line 23 . . . . . . . . . . . . . . . . . . .
26Qualified family leave wages for leave taken after March 31, 2021, and before October 1, 2021
27Qualified health plan expenses allocable to qualified family leave wages reported on line 26
28Amounts under certain collectively bargained agreements allocable to qualified family leave wages reported on line 26 . . . . . . . . . . . . . . . . . . .
19
20
23
24
25
26
27
28
Part 4: May we speak with your third-party designee?
Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions
for details.
Yes. Designee’s name and phone number
Select a 5-digit personal identification number (PIN) to use when talking to the IRS.
No.
Part 5: Sign here. You MUST complete all three pages of Form 941 and SIGN it.
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign your name here
Date
Print your name here
Print your title here
Best daytime phone
Paid Preparer Use Only
Preparer’s name
Preparer’s signature
Firm’s name (or yours if self-employed)
Check if you’re self-employed . . .
PTIN
/
EIN
Phone
Page 3
951020
This page intentionally left blank
Form 941-V, Payment Voucher
Purpose of Form
Complete Form 941-V if you’re making a payment with Form 941. We will use the completed voucher to credit your payment more promptly and accurately, and to improve our service to you.
Making Payments With Form 941
To avoid a penalty, make your payment with Form 941 only if:
•Your total taxes after adjustments and nonrefundable credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn’t incur a $100,000 next-day deposit obligation during the current quarter, and you’re paying in full with a timely filed return; or
•You’re a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. See section 11 of Pub. 15 for details. In this case, the amount of your payment may be $2,500 or more.
Otherwise, you must make deposits by electronic funds transfer. See section 11 of Pub. 15 for deposit instructions. Don’t use Form 941-V to make federal tax deposits.
▲! Use Form 941-V when making any payment with Form 941. However, if you pay an amount with
CAUTION Form 941 that should’ve been deposited, you may be subject to a penalty. See Deposit Penalties in section 11 of Pub. 15.
Specific Instructions
Box 1—Employer identification number (EIN). If you don’t have an EIN, you may apply for one online by visiting the IRS website at www.irs.gov/EIN. You may also apply for an EIN by faxing or mailing Form SS-4 to the IRS. If you haven’t received your EIN by the due date of Form 941, write “Applied For” and the date you applied in this entry space.
Box 2—Amount paid. Enter the amount paid with Form 941.
Box 3—Tax period. Darken the circle identifying the quarter for which the payment is made. Darken only one circle.
Box 4—Name and address. Enter your name and address as shown on Form 941.
•Enclose your check or money order made payable to “United States Treasury.” Be sure to enter your
EIN, “Form 941,” and the tax period (“1st Quarter 2023,” “2nd Quarter 2023,” “3rd Quarter 2023,” or “4th Quarter 2023”) on your check or money order. Don’t send cash.
Don’t staple Form 941-V or your payment to Form 941 (or to each other).
•Detach Form 941-V and send it with your payment
and Form 941 to the address in the Instructions for Form 941.
Note: You must also complete the entity information above Part 1 on Form 941.
Detach Here and Mail With Your Payment and Form 941.
Form
941-V
Payment Voucher
Department of the Treasury
Don’t staple this voucher or your payment to Form 941.
2023
Internal Revenue Service
1 Enter your employer identification
Dollars
Cents
number (EIN).
Enter the amount of your payment.
Make your check or money order payable to “United States Treasury.”
Tax Period
4 Enter your business name (individual name if sole proprietor).
1st
3rd
Quarter
Enter your address.
2nd
4th
Enter your city, state, and ZIP code; or your city, foreign country name, foreign province/county, and foreign postal code.
Privacy Act and Paperwork Reduction Act Notice. We ask for the information on Form 941 to carry out the Internal Revenue laws of the United States. We need it to figure and collect the right amount of tax. Subtitle C, Employment Taxes, of the Internal Revenue Code imposes employment taxes on wages and provides for income tax withholding. Form 941 is used to determine the amount of taxes that you owe. Section 6011 requires you to provide the requested information if the tax is applicable to you. Section 6109 requires you to provide your identification number. If you fail to provide this information in a timely manner, or provide false or fraudulent information, you may be subject to penalties.
You’re not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books and records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law.
Generally, tax returns and return information are confidential, as required by section 6103. However, section 6103 allows or requires the IRS to disclose or give the information shown on your tax return to others as described in the Code. For example, we may disclose your tax information to the Department of
Justice for civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.
The time needed to complete and file Form 941 will vary depending on individual circumstances. The estimated average time is:
Recordkeeping . . . . . . . . . . 22 hr., 28 min.
Learning about the law or the form . .
. . 53 min.
Preparing, copying, assembling, and
sending the form to the IRS
1 hr., 18 min.
If you have comments concerning the accuracy of these time estimates or suggestions for making Form 941 simpler, we would be happy to hear from you. You can send us comments from www.irs.gov/FormComments. Or you can send your comments to Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Don’t send Form 941 to this address. Instead, see Where Should You File? in the Instructions for Form 941.