Form 941 — Quarterly Employer Tax Return
Quarterly federal payroll tax return for employers with W-2 employees. Reports Social Security, Medicare and federal income tax withholding. Due last day of month following quarter end.
Who this applies to
- Employers with W-2 employees (including S-corp owner-employees)
- All wages subject to FICA and federal income tax withholding
What to file
Form 941 reporting wages, FICA taxes, federal income tax withheld, COBRA premium assistance (if applicable), and reconciling deposits made.
How to file
E-file through authorized e-file provider (most payroll software). Paper filing accepted with limitations.
Payment due
Federal payroll taxes are deposited via EFTPS on a semi-weekly or monthly schedule based on prior-year tax liability. The 941 reconciles deposits — additional liability may be due with the return.
Penalties for missing this deadline
Late filing: 5% per month (max 25%) of unpaid tax. Late deposit (much more common): 2% (1–5 days late), 5% (6–15 days), 10% (16+ days), 15% (after IRS demand). Trust Fund Recovery Penalty makes responsible persons personally liable for unpaid employee withholding.
Filing checklist
- Aggregate quarterly wages, FICA, federal withholding from payroll system
- Reconcile deposits made via EFTPS
- Calculate any quarterly liability shortfall
- File Form 941 electronically by last day of next month
- Pay any balance via EFTPS
Common mistakes to avoid
- Missing the deposit schedule (semi-weekly for larger employers)
- Not depositing same-day for $100,000+ accumulated liability
- Forgetting to file even if wages are zero (must file Form 941 unless filed final)
- Misclassifying contractors as employees (or vice versa)
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