Employers are responsible for submitting Form 941, or Employer's quarterly federal tax return, to the IRS.
Employers use Form 941 to report:
- Wages you've paid
- Tips your employees reported to you
- Federal income tax you withheld
- Both the employer and the employee share of Security and Medicare taxes
- Additional Medicare tax withheld for employees
- Current quarter's adjustments to social security and Medicare taxes for fractions of cents, sick pay, tips, and group-term life insurance
- Qualified small business payroll tax credit for increasing research activities
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