What Is the 941 Employment Tax Form

What Is the 941 Employment Tax Form


Business owners who hire employees will need to submit the 941 employment tax form once a quarter. The form tells the IRS how many employees your company has and how much you have paid them in wages. This is also the form where you report how much has been paid in employment taxes.

Who Should File This Form?

Your business may be required to file this form if it has employees whether they are related to you or not. However, a company may be exempt from this rule if it doesn’t pay seasonal wages for one quarter of the year or it employs household, seasonal, or farm workers. 

Reporting Taxes Paid on Form 941

On Form 941 you will report how much has been paid in social security taxes, Medicare, and federal income taxes. You will also report how much has been paid in unemployment insurance taxes. Unemployment insurance taxes are paid by the employer only. 

Make Sure to Double-Check Your Calculations

One of the most common mistakes on Form 941 is a miscalculation of taxes paid. This could cause your company to pay more or less than it actually owes to the IRS. If a company underpays, it may be subject to fines and other penalties that may harm your company’s bottom line. The IRS may also impose fines if the form is not submitted by the deadline each quarter. 


If you have any questions about Form 941 or any other tax forms your business needs to fill out, it may be best to seek help from the IRS or a CPA in San Diego before submitting it. That may increase the odds that your return is accurate and won’t draw further scrutiny from the IRS. 


To learn more or find the help you need, reach out to R.A. Michael and Associates by calling (844) 780-1100 today. We specialize in Trust Fund Recovery Penalty relief, IRS appeals, and lien relief. Call today and schedule a free consultation.