Get IRS Releases Draft Form 941 Series Instructions

Businesses need to fill out Form 941 to report federal withholdings from employees, including: Wages paid to employees. All federal income tax withholdings. All reported employee tips. Employer and employee shares of Social Security and Medicare taxes, along with any additional Medicare tax withholdings.

If you need to make a payment, you can do so through the EFTPS — Electronic Federal Tax Payment System. Any tax payments related to Form 941 can be made through EFTPS. You can also mail a check to the IRS.

Enter your refundable share of the Employee Retention Credit on Page 3, Part 3, Line 26a. Combine amounts on lines 23 – 26c of column 4, and enter the total on Page 3, Part 3, Line 27. On Page 3, Part 3, Line 30, enter your qualified wages/revenue for the Employee Retention Credit. Leave Page 4 of Form 941-X blank.

IRS Form 941 — more commonly known as the Employer's Quarterly Federal Tax Return — is the form your business uses to report income taxes and payroll taxes withheld from your employees' wages. It also provides space to calculate and report Social Security and Medicare taxes.

Form 941 instructions Employer Identification Number (EIN): Enter your EIN. If you don't have an EIN, you must apply for one. ... Name: Enter your business's legal name here. ... Address: Enter your business's address. Report for this quarter of: Check the box of the quarter that you're filing.

How to fill out 941 Form Basic business information, such as your business's name, address, and Employer Identification Number (EIN) Number of employees you compensated during the quarter. Total wages you paid to employees in the quarter. Taxable Social Security and Medicare wages for the quarter.

The fastest way to file Form 941 is through the federal e-File system. Business taxpayers can access e-File through most tax preparation software for small businesses. Your accountant or tax professional should also have access to e-File. You can also mail Form 941.

The Form 941 for 2023 has a few minor changes. Credit against the employer portion of social security tax has replaced the previous quarter's "Credit" terminology. Moreover, the form now includes Lines 13–17 for the first quarter of 2023.