Updated July 10, 2015
How do I prepare a 941 quarterly withholding payroll tax form?
How to prepare 941 form.
The federal 941 is the primary federal employment tax form. Federal Withholding, Social Security, and Medicare Taxes which are withheld from employee payrolls are reported here and sent to the government. 941 forms are generally filed quarterly, along with the other state payroll withholding and unemployment tax returns.
They are due one month after the end of every quarter. This means that they are due at the end of April, July, October, and January for the preceding quarter. If these forms are not filed and paid timely, penalties and interest will be charged and accrued.
How to Pay
Payments are made primarily through the EFTPS or Electronic Federal Tax Payer System. You must register to be a part of this system. Registration is not automatic and does take time. This may cause your initial payments to be late, if not planned correctly. Please go to IRS.gov for further information on this system.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.