E- File Federal 941 Tax Form
What is 941 Tax Form?
The IRS Form 941 is an Employer's
Quarterly Tax Return. Employers
use Form 941 to report federal
income tax withheld, social
security tax, and Medicare tax
(FICA taxes) from each employee's
wages. This form is also used to
calculate the employer's Social
Security and Medicare tax
contributions and additional taxes
withheld.
Who needs to File Form 941?
Employers or business owners who pay salary to an employee must File IRS
Tax Form 941 every quarter.
There are a few exceptions. If you are
➔ A seasonal business employer
➔ An employer of household employees
➔ An employer of farm employees
then you don’t have to file Form 941.
What Information is needed to file payroll Tax Form
941?
The Following information is needed to file IRS form 941:
➔ Employer & Employee Details
➔ Medicare and Social Security Taxes
➔ Deposit schedule and tax liability
➔ Signing Information
Steps to E-File Form 941 with TaxBandits
Follow the below steps to E-file Form 941 with TaxBandits
● Sign up to create a free TaxBandits account!
● Choose Form 941 & Enter the details
● Review & Transmit Form 941 to the to IRS
Form 941 Due Dates:
Quarter
Reporting period
Due date
Quarter 1
Jan, Feb, and Mar
May 01, 2023
Quarter 2
Apr, May, and Jun
July 31, 2023
Quarter 3
Jul, Aug, and Sep
October 31, 2023
Quarter 4
Oct, Nov, and Dec
January 31, 2024
Form 941 Penalties:
If you fail to File Form 941 before the deadline, your business is subjected
to IRS penalties, and below are possible penalties for late filing Form 941.
No. of days the payment delayed
Penalty Rate
One to five days
2%
Six to fifteen days
5%
Sixteen or more days
10%
10 Days After Receiving Notice from
IRS
15%
Thank you