Glossary

Form 941

Form 941 is the employer's quarterly federal tax return reporting wages paid, income tax withheld, and both shares of Social Security and Medicare tax.

How it works

Employers file Form 941 quarterly to report wages paid, federal income tax withheld, and both shares of Social Security and Medicare tax. The taxes themselves are deposited on a monthly or semiweekly schedule, not with the return. Unpaid 941 taxes are the source of most payroll tax debts and of the trust fund recovery penalty against responsible individuals.

Why it matters

The IRS treats unpaid withholding as money held in trust for employees and pursues it faster and harder than income tax.

Related: trust fund recovery penalty, payroll taxes.

Guides that cover form 941

Related terms

Browse the full glossary

Where this comes up in our work

Tax return preparation

Attorney-reviewed returns for individuals and businesses, including crypto and foreign reporting.

See the practice page →

Have a question about this?

Our tax attorneys handle IRS audits, crypto tax, offshore disclosures, and opinion letters for clients nationwide. Consultations are confidential.

Schedule a Confidential Consultation

Definitions are general information, not legal advice, and may not reflect the most recent changes in law.

Get Started