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