941
Business & Finance abbreviation · Tax
| Stands for | Employer's Quarterly Federal Tax Return (IRS Form 941) |
|---|---|
| Categories | Business & Finance |
941 stands for Employer's Quarterly Federal Tax Return (IRS Form 941), a tax abbreviation.
Quarterly return on which employers report wages paid, federal income tax withheld, and both the employer and employee shares of Social Security and Medicare taxes. It is due by the last day of the month after each quarter ends.
Example: The payroll service files our 941 every quarter and deposits the taxes through EFTPS.
Usage notes
Very small employers with annual liability of $1,000 or less may be told to file the annual Form 944 instead. Deposits follow a separate monthly or semiweekly schedule. Unpaid withheld taxes can be assessed personally against the owners and officers responsible for paying them, under the trust fund recovery penalty.
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