Form 941
The employer's quarterly federal payroll tax return, filed by the last day of the month following the quarter end.
Form 941 is the Employer's Quarterly Federal Tax Return, on which U.S. employers report wages paid, federal income tax withheld, employee and employer FICA, the additional 0.9% Medicare surtax (if any), and any adjustments. The form is filed quarterly with the IRS and is due the last day of the month following the end of each quarter — April 30 for Q1, July 31 for Q2, October 31 for Q3, and January 31 for Q4.
The Form 941 also reconciles the deposits the employer has made via EFTPS during the quarter against the total tax liability for the quarter. If the deposits exceed the liability, the IRS issues a refund or credit. If the deposits fall short, the balance is due with the form. Failure to deposit timely triggers Failure to Deposit penalties starting at 2% of the late deposit.
Very small employers with annual federal payroll tax liability under $1,000 may be eligible to file annual Form 944 instead of quarterly Form 941. The IRS notifies eligible employers in writing; you cannot self-elect.