What is Form 941 and how to file it? Form 941 is an IRS tax form that mandates employers to report income paid and taxes withheld. The taxes withheld doesn’t include the state and local income taxes though.
The only taxes that will be reported on Form 941 include the payroll taxes such as Social Security and Medicare tax as well as the additional Medicare tax if the employees are subject to it.
Form 941 also helps employers to figure out their portion of the Social Security and Medicare taxes. The employer then can pay these payroll taxes. If you’re going to mail Form 941 with a payment voucher, make sure to attach it.
Fill Out Quarterly Federal Tax Return
Form 941 can be filled online on your computer, tablet, or smartphone.
Above Form 941, Employer’s Quarterly Federal Tax Return can be filled out without the need for an e-file provider. But, you can only mail it when filing it this way. The online fillable Form 941 PDF is no replacement for e-filing. You are still required to print out a paper copy and mail it to the IRS.
E-filing is entirely something else. You file the tax form and the rest is taken care of by the e-file provider.
Although this will save you time whenever the IRS needs to send you a response or a refund because the IRS gets ahold of it faster, it isn’t needed for the 941. The IRS won’t send you anything or confirmation upon submitting a Form 941. Therefore, filing a paper Form 941 is much faster.