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What Is Form 941?

Every employer has to submit a report to the Internal Revenue Service (IRS) that provides the following data: wages paid to the employees, federal income tax that has to be deducted from the employees’ salaries, any reported tips, Social Security and Medicare taxes with adjustments, credits for improving research activities and other related payments.

This information has to be included in your 941 form (also known as the Employer’s Quarterly Federal Tax Return) and filed to the IRS. This document must be submitted every three months after the first submission, even if the employee has nothing to report.

The aim of a federal tax return is to prove that the employer’s business is conducted in a transparent and legal manner and that all payments withheld are correctly reported.

The online 941 template consists of five parts which should include the following information:

  1. Number of workers, wages, types and amounts of taxes withheld, adjustments and the final total after adjustments;
  2. Notice on the deposit schedule indicating whether the employer is a monthly or semiweekly depositor;
  3. Information on the employer’s business;
  4. Written consent that allows the Internal Revenue Service to discuss/share this document with a third party;
  5. Signature and additional details of the employer.

Exceptions for Filing Form IRS 941

There are several cases when this report doesn’t have to be submitted on a quarterly basis. They include the following categories:

  1. Those employers whose taxes do not exceed $1,000;
  2. Seasonal employers, because they are not obliged to pay wages the whole year. However, they are required to notify the Internal Revenue Service of how many quarters they will not file the return (they can indicate this in a specific section of their Form 941);
  3. Anyone who hires employees to manage their household (because they are considered to be in a different category of employment);
  4. Anyone who hires workers for agricultural work on a farm (because they also are considered to be in a different category of employment).