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What Is Form 941?

Form 941 – This form is used by almost all employers who pay wages to their employees. Here in this blog, Tax1099 will explain 941 filing requirements, deadlines, and how to eFile.

Why is it Used?

  • For employers to report income taxes, social security tax, or Medicare tax that they withheld from their employee’s paychecks
  • For Employers to pay their portion of the social security tax

Who Should Use 941? 

You should file form 941 if your business:

  • Pays wages
  • Has employees collect and report tips
  • Withholds federal income taxes
  • Withholds employer and employee Medicare taxes
  • Has small business payroll tax credit
  • Has a pension
  • Has annuities

If you have an annual payroll tax and withholdings that are less than $1000, you may be able to file 944 instead of 941. This form needs to be filed quarterly.

941 Important Dates For 2020

File 941 by the last day of each month in the quarter

  • March 31st for 1st quarter
  • June 30th for the 2nd quarter
  • September 30th for the 3rd quarter
  • December 31st for the 4th quarter 

These dates will change to the next day if this date falls on a holiday.

How to eFile 941 for the Year 2020?

Tax1099 is the go-to source for your tax information reporting with IRS. You can eFile Form 941 Online for the year 2020 using Tax1099. Don’t wait for the deadline eFile Now.!