IRS Form 941, also known as the Employers Quarterly Federal Tax Return, is a tax form used by businesses to report income taxes and payroll taxes that they withheld from their employees wages, as well as calculate and report the employers Social Security and Medicare tax burden. The form is filed quarterly, and the typical due date for the form is 30 days following the end of each calendar quarter. The taxes reported on Form 941 include federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax (on wages in excess of $200,000) .

Businesses with employees are required to file Form 941 each quarter to report and calculate employment taxes. However, seasonal businesses that havent hired anyone during a quarter, businesses that hire only farmworkers, and people who hire household employees such as maids or nannies are exempt from filing Form 941.

Form 941 can be filed either by mail or electronically, with the fastest way being through the federal e-File system. The IRS charges a penalty of 5% of the total tax amount due for failing to file Form 941.