Small Business Dictionary

Form 941

Form 941 is used to report quarterly wages you have paid, tips employees have received, federal income tax withheld, employer’s and employee’s share of social security and Medicare taxes, current quarter’s adjustments to social security and group-term life insurance, advance earned income tax credit payments, and credit for COBRA premium assistance payments. You must file Form 941 each quarter, even if you have no taxes to report, unless taxes are subject to federal income tax withholding.