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What is Form 941?
Form 941 is the quarterly federal payroll tax return. It reports the same totals as your deposits.
What is Form 941?
Form 941 is the quarterly federal payroll tax return. It reports the same totals as your deposits, and it is due April 30, July 31, October 31 and January 31 for the four quarters.
Why does it matter?
Your deposits are the payments. Form 941 is the report that says what they were for, and the IRS matches the two.
A return filed late carries a penalty of its own, even when every deposit was on time.
The key facts
| Fact | What it means |
|---|---|
| What it is | The quarterly return for the federal income tax withheld plus Social Security and Medicare. |
| January to March | Due April 30 |
| April to June | Due July 31 |
| July to September | Due October 31 |
| October to December | Due January 31 |
| Extra time | About 10 more days if you deposited every payment on time. |
| A weekend or holiday | The due date moves to the next business day. |
How does it work in StartEase Payroll?
- Open Reports & forms each quarter and choose Form 941 (quarterly).
- Use the totals to prepare and file the return.
- Mark it filed with the date and the confirmation number.
- Check that the deposits you made match the totals. The deposits report shows each one.
Common mistakes
- Treating a deposit and a return as the same thing. They are two separate duties.
- Filing late because the deposits were on time. The return has its own due date and its own penalty.
- Not recording the filing. Without a record, the item shows as overdue.
Related guides
Federal tax deposits and Form 941, What is EFTPS? and What is Form 940?
Sources (government sites)
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