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Fill Your IRS 941 Form

The IRS 941 form is a quarterly tax return that employers use to report income taxes, Social Security tax, and Medicare tax withheld from employee wages. This form helps the IRS track the taxes that businesses owe and ensures compliance with federal tax laws. Understanding how to fill out and file this form is essential for maintaining good standing with the IRS.

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The IRS 941 form plays a crucial role in the realm of payroll taxes for employers in the United States. This quarterly form is designed for reporting income taxes, Social Security tax, and Medicare tax withheld from employee wages. Employers must file this form to ensure compliance with federal tax regulations and to accurately report their tax liabilities. Each quarter, businesses must detail the wages paid, the taxes withheld, and any adjustments made during the period. The information provided on the 941 form helps the IRS track the amounts owed and paid by employers, ensuring that employees receive proper credit for their contributions to Social Security and Medicare. Additionally, the form includes sections for reporting any corrections or adjustments to prior filings, making it essential for maintaining accurate tax records. By understanding the importance of the IRS 941 form, employers can navigate their responsibilities more effectively and avoid potential penalties for noncompliance.

IRS 941 Preview

Form 941 for 2023:	Employer’s QUARTERLY Federal Tax Return	950122
		950122
(Rev. March 2023)	Department of the Treasury — Internal Revenue Service	OMB No. 1545-0029

Employer identification number (EIN)

—

Name (not your trade name)

Trade name (if any)

Address

Number	Street			Suite or room number


City			State		ZIP code


Foreign country name		Foreign province/county			Foreign postal code

Report for this Quarter of 2023

(Check one.)

1: January, February, March

2: April, May, June

3: July, August, September

4: October, November, December

Go to www.irs.gov/Form941 for instructions and the latest information.

Read the separate instructions before you complete Form 941. Type or print within the boxes.

Part 1: Answer these questions for this quarter.

1	Number of employees who received wages, tips, or other compensation for the pay period
	including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1


2	Wages, tips, and other compensation						.	2
3	Federal income tax withheld from wages, tips, and other compensation						.	3
4	If no wages, tips, and other compensation are subject to social security or Medicare tax
				Column 1		Column 2.
5a	Taxable social security wages* . .			.	× 0.124 =	Column 2.
							.
5a	(i)	Qualified sick leave wages* .		.	× 0.062 =		.
							.
5a	(ii)	Qualified family leave wages* .		.	× 0.062 =		.
							.
5b	Taxable social security tips . . .			.	× 0.124 =		.
							.
5c	Taxable Medicare wages & tips. .			.	× 0.029 =		.
5d	Taxable wages & tips subject to
5d	Taxable wages & tips subject to			.	× 0.009 =		.
	Additional Medicare Tax withholding			.	× 0.009 =		.
5e	Total social security and Medicare taxes. Add Column 2 from lines 5a, 5a(i), 5a(ii), 5b, 5c, and 5d							5e
5f	Section 3121(q) Notice and Demand—Tax due on unreported tips (see instructions) .						.	5f
6	Total taxes before adjustments. Add lines 3, 5e, and 5f						.	6
7	Current quarter’s adjustment for fractions of cents						.	7
8	Current quarter’s adjustment for sick pay						.	8
9	Current quarter’s adjustments for tips and group-term life insurance						.	9
10	Total taxes after adjustments. Combine lines 6 through 9						.	10
11a	Qualified small business payroll tax credit for increasing research activities. Attach Form 8974							11a
11b	Nonrefundable portion of credit for qualified sick and family leave wages for leave taken
	before April 1, 2021		. . . . . . . . . . . . . . . . . . . . . .				.	11b

Check and go to line 6.

*Include taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2021, and before October 1, 2021, on line 5a. Use lines 5a(i) and 5a(ii) only for taxable qualified sick and family leave wages paid in this quarter of 2023 for leave taken after March 31, 2020, and before April 1, 2021.

11c Reserved for future use . . . . . . . . . . . . . . . . . . . . . . 11c

You MUST complete all three pages of Form 941 and SIGN it.

For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher.

Cat. No. 17001Z

Form 941 (Rev. 3-2023)

951222

Name (not your trade name)		Employer identification number (EIN)
		–
Part 1:	Answer these questions for this quarter. (continued)

11d Nonrefundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . 11d


11e	Reserved for future use	. . . . . . . . . 11e	.
11f	Reserved for future use
11f	Reserved for future use

11g	Total nonrefundable credits. Add lines 11a, 11b, and 11d	11g
12	Total taxes after adjustments and nonrefundable credits. Subtract line 11g from line 10 .	12

13a	Total deposits for this quarter, including overpayment applied from a prior quarter and
	overpayments applied from Form 941-X, 941-X (PR), 944-X, or 944-X (SP) filed in the current quarter	13a
13b	Reserved for future use	13b

13c Refundable portion of credit for qualified sick and family leave wages for leave taken
before April 1, 2021	13c
13d Reserved for future use	13d

13e Refundable portion of credit for qualified sick and family leave wages for leave taken after March 31, 2021, and before October 1, 2021 . . . . . . . . . . . . . . 13e

13f	Reserved for future use	13f
13g	Total deposits and refundable credits. Add lines 13a, 13c, and 13e	13g
13h	Reserved for future use	13h
13i	Reserved for future use	13i

14Balance due. If line 12 is more than line 13g, enter the difference and see instructions . . . 14


15	Overpayment. If line 13g is more than line 12, enter the difference	.	Check one:

Apply to next return.

Send a refund.

Part 2: Tell us about your deposit schedule and tax liability for this quarter.

If you’re unsure about whether you’re a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15.

16 Check one:

Line 12 on this return is less than $2,500 or line 12 on the return for the prior quarter was less than $2,500, and you didn’t incur a $100,000 next-day deposit obligation during the current quarter. If line 12 for the prior quarter was less than $2,500 but line 12 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you’re a monthly schedule depositor, complete the deposit schedule below; if you’re a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3.

You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total

liability for the quarter, then go to Part 3.


Tax liability: Month 1	.

Month 2	.

Month 3	.

Total liability for quarter	.	Total must equal line 12.

You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941),

Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Go to Part 3.

You MUST complete all three pages of Form 941 and SIGN it.

Page 2

Form 941 (Rev. 3-2023)

950922

Name (not your trade name)

Employer identification number (EIN)

–

Part 3: Tell us about your business. If a question does NOT apply to your business, leave it blank.

17 If your business has closed or you stopped paying wages . . . . . . . . . . . . . . .

Check here, and

enter the final date you paid wages

/ /

; also attach a statement to your return. See instructions.

18 If you’re a seasonal employer and you don’t have to file a return for every quarter of the year . . .

Check here.

19Qualified health plan expenses allocable to qualified sick leave wages for leave taken before April 1, 2021

20Qualified health plan expenses allocable to qualified family leave wages for leave taken before April 1, 2021

21	Reserved for future use
22	Reserved for future use

23Qualified sick leave wages for leave taken after March 31, 2021, and before October 1, 2021

24Qualified health plan expenses allocable to qualified sick leave wages reported on line 23

25Amounts under certain collectively bargained agreements allocable to qualified sick

leave wages reported on line 23 . . . . . . . . . . . . . . . . . . .

26Qualified family leave wages for leave taken after March 31, 2021, and before October 1, 2021

27Qualified health plan expenses allocable to qualified family leave wages reported on line 26

28Amounts under certain collectively bargained agreements allocable to qualified family leave wages reported on line 26 . . . . . . . . . . . . . . . . . . .


19	.

20	.

21	.

22	.

23	.

24	.

25	.

26	.

27	.

28	.

Part 4: May we speak with your third-party designee?

Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS? See the instructions

for details.

Yes. Designee’s name and phone number

Select a 5-digit personal identification number (PIN) to use when talking to the IRS.

No.

Part 5: Sign here. You MUST complete all three pages of Form 941 and SIGN it.

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Sign your name here

Date

/ /

Print your name here

Print your title here

Best daytime phone

Paid Preparer Use Only

Preparer’s name

Preparer’s signature

Firm’s name (or yours if self-employed)

Address

City

State

Check if you’re self-employed . . .

PTIN

Date	/	/
EIN
EIN
Phone
Phone

ZIP code

Page 3

Form 941 (Rev. 3-2023)

951020

This page intentionally left blank

Form 941-V, Payment Voucher

Purpose of Form

Complete Form 941-V if you’re making a payment with Form 941. We will use the completed voucher to credit your payment more promptly and accurately, and to improve our service to you.

Making Payments With Form 941

To avoid a penalty, make your payment with Form 941 only if:

•Your total taxes after adjustments and nonrefundable credits (Form 941, line 12) for either the current quarter or the preceding quarter are less than $2,500, you didn’t incur a $100,000 next-day deposit obligation during the current quarter, and you’re paying in full with a timely filed return; or

•You’re a monthly schedule depositor making a payment in accordance with the Accuracy of Deposits Rule. See section 11 of Pub. 15 for details. In this case, the amount of your payment may be $2,500 or more.

Otherwise, you must make deposits by electronic funds transfer. See section 11 of Pub. 15 for deposit instructions. Don’t use Form 941-V to make federal tax deposits.

▲! Use Form 941-V when making any payment with Form 941. However, if you pay an amount with

CAUTION Form 941 that should’ve been deposited, you may be subject to a penalty. See Deposit Penalties in section 11 of Pub. 15.

Specific Instructions

Box 1—Employer identification number (EIN). If you don’t have an EIN, you may apply for one online by visiting the IRS website at www.irs.gov/EIN. You may also apply for an EIN by faxing or mailing Form SS-4 to the IRS. If you haven’t received your EIN by the due date of Form 941, write “Applied For” and the date you applied in this entry space.

Box 2—Amount paid. Enter the amount paid with Form 941.

Box 3—Tax period. Darken the circle identifying the quarter for which the payment is made. Darken only one circle.

Box 4—Name and address. Enter your name and address as shown on Form 941.

•Enclose your check or money order made payable to “United States Treasury.” Be sure to enter your

EIN, “Form 941,” and the tax period (“1st Quarter 2023,” “2nd Quarter 2023,” “3rd Quarter 2023,” or “4th Quarter 2023”) on your check or money order. Don’t send cash.

Don’t staple Form 941-V or your payment to Form 941 (or to each other).

•Detach Form 941-V and send it with your payment

and Form 941 to the address in the Instructions for Form 941.

Note: You must also complete the entity information above Part 1 on Form 941.

Detach Here and Mail With Your Payment and Form 941.

Form		941-V			Payment Voucher		OMB No. 1545-0029
Form		941-V			Payment Voucher

	Department of the Treasury		Don’t staple this voucher or your payment to Form 941.				2023
	Internal Revenue Service		Don’t staple this voucher or your payment to Form 941.				2023
	1 Enter your employer identification			2		Dollars		Cents
		number (EIN).			Enter the amount of your payment.
					Enter the amount of your payment.
		–			Make your check or money order payable to “United States Treasury.”
3		Tax Period		4 Enter your business name (individual name if sole proprietor).

		1st	3rd
		1st	3rd
		Quarter	Quarter		Enter your address.

		2nd	4th
		2nd	4th		Enter your city, state, and ZIP code; or your city, foreign country name, foreign province/county, and foreign postal code.
		Quarter	Quarter

Form 941 (Rev. 3-2023)

Privacy Act and Paperwork Reduction Act Notice. We ask for the information on Form 941 to carry out the Internal Revenue laws of the United States. We need it to figure and collect the right amount of tax. Subtitle C, Employment Taxes, of the Internal Revenue Code imposes employment taxes on wages and provides for income tax withholding. Form 941 is used to determine the amount of taxes that you owe. Section 6011 requires you to provide the requested information if the tax is applicable to you. Section 6109 requires you to provide your identification number. If you fail to provide this information in a timely manner, or provide false or fraudulent information, you may be subject to penalties.

You’re not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books and records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law.

Generally, tax returns and return information are confidential, as required by section 6103. However, section 6103 allows or requires the IRS to disclose or give the information shown on your tax return to others as described in the Code. For example, we may disclose your tax information to the Department of

Justice for civil and criminal litigation, and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their tax laws. We may also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.

The time needed to complete and file Form 941 will vary depending on individual circumstances. The estimated average time is:

Recordkeeping . . . . . . . . . . 22 hr., 28 min.

Learning about the law or the form . .	. . 53 min.
Preparing, copying, assembling, and
sending the form to the IRS	1 hr., 18 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making Form 941 simpler, we would be happy to hear from you. You can send us comments from www.irs.gov/FormComments. Or you can send your comments to Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Don’t send Form 941 to this address. Instead, see Where Should You File? in the Instructions for Form 941.

Common mistakes

Incorrect Employer Identification Number (EIN): One of the most common mistakes is entering an incorrect EIN. This number is essential for identifying your business. Double-check it to avoid delays.
Missing or Incorrect Tax Period: Failing to accurately indicate the tax period can lead to confusion and potential penalties. Ensure the period aligns with the reporting requirements.
Inaccurate Employee Count: Reporting the wrong number of employees can affect your tax calculations. Make sure to count all employees accurately, including those who may not have worked during the reporting period.
Errors in Wage Reporting: Misreporting wages, tips, or other compensation can lead to significant issues. Verify that all amounts are correct and that they match your payroll records.
Omitting Tax Deductions: Some people forget to deduct certain taxes, such as Social Security or Medicare. Review the deductions thoroughly to ensure they are all accounted for.
Neglecting to Sign the Form: A signature is required for the form to be valid. Failing to sign can result in rejection of the form. Always remember to sign and date it before submission.
Incorrect Calculation of Tax Liability: Mistakes in calculating how much tax is owed can lead to underpayment or overpayment. Use a calculator or software to verify your math.
Not Keeping Copies: Some individuals forget to keep copies of the submitted form for their records. Retaining a copy is crucial for future reference and for any potential audits.

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Dos and Don'ts

When filling out the IRS Form 941, which is used to report income taxes, social security tax, or Medicare tax withheld from employee paychecks, it’s important to follow certain guidelines to ensure accuracy and compliance. Here are five things you should and shouldn’t do:

Do double-check all employee information for accuracy.
Do ensure that you are using the correct form for the applicable quarter.
Do report all wages and tips accurately, including any adjustments.
Do file the form on time to avoid penalties.
Do keep a copy of the completed form for your records.

Don’t forget to sign and date the form before submitting it.
Don’t leave any required fields blank; provide all necessary information.
Don’t use outdated forms; always check for the latest version.
Don’t ignore any instructions provided by the IRS.
Don’t overlook the importance of accurate calculations; errors can lead to issues.

Misconceptions

The IRS Form 941 is crucial for employers to report payroll taxes. However, several misconceptions about this form can lead to confusion. Below is a list of common misunderstandings:

Form 941 is only for large employers. Many believe that only large businesses need to file Form 941. In reality, any employer who pays wages to employees must file this form, regardless of the size of the business.
Form 941 is filed annually. Some people think that Form 941 is an annual requirement. However, it is a quarterly form, meaning it must be filed four times a year.
Only federal taxes are reported on Form 941. A common misconception is that Form 941 only covers federal income taxes. In fact, it reports federal income tax withheld, Social Security, and Medicare taxes as well.
Form 941 can be filed late without penalties. Many assume that late filings will not incur penalties. This is incorrect; late submissions can result in significant penalties and interest on unpaid taxes.
Employers can skip filing if there are no employees. Some believe that if they do not have any employees for a quarter, they do not need to file. This is false; employers must still file Form 941, indicating that there were no wages paid.
Form 941 is only for full-time employees. There is a misconception that Form 941 only pertains to full-time employees. However, it applies to all employees, including part-time and seasonal workers.
Filing Form 941 is optional. Some employers think that filing Form 941 is optional. This is not true; it is a mandatory requirement for reporting payroll taxes.
Form 941 is the same as Form 940. Many confuse Form 941 with Form 940. They serve different purposes; Form 940 is used for reporting federal unemployment taxes, while Form 941 reports payroll taxes.
Once filed, Form 941 cannot be amended. There is a belief that Form 941 cannot be changed after submission. In reality, if errors are discovered, employers can file an amended Form 941.
All employers must file Form 941 electronically. Some think that electronic filing is mandatory for all. While electronic filing is encouraged, employers can still file paper forms if they prefer.

Detailed Guide for Using IRS 941

After gathering the necessary information and documents, you are ready to complete the IRS 941 form. This form is essential for reporting employment taxes, and accuracy is crucial to avoid potential penalties. Follow the steps below to ensure you fill out the form correctly and efficiently.

Begin by entering your business name, address, and Employer Identification Number (EIN) at the top of the form.
Indicate the quarter for which you are filing the form. The quarters are typically divided into January-March, April-June, July-September, and October-December.
In Part 1, report the number of employees who received wages during the quarter.
Calculate the total wages paid to employees during the quarter and enter this amount in the appropriate box.
Determine the total federal income tax withheld from employees' wages and input this figure.
Next, calculate the total taxable social security and Medicare wages and enter those amounts.
Compute the total taxes owed for social security and Medicare based on the taxable wages you've reported.
If you made any adjustments for sick pay or other items, report those in the designated section.
In Part 2, indicate any payments made with this form or during the quarter. This includes deposits made through the Electronic Federal Tax Payment System (EFTPS).
Complete Part 3 by signing and dating the form. Ensure the name and title of the person signing are clearly printed.
Finally, review the entire form for accuracy and completeness before submitting it to the IRS.

After completing the IRS 941 form, it is essential to submit it by the due date for the relevant quarter. This will help ensure compliance and maintain good standing with the IRS. Be sure to keep a copy for your records.