Form 941 is an IRS form that all employers withholding income tax on wages are required to file each quarter. The form displays the total federal taxable wages and tips, FICA, and Medicare taxable wages and tips withheld for the quarter, and the number of employees during Quarter 1. The form also displays the total tax liabilities for each payroll check run within the quarter. You can cross-reference these amounts by viewing or printing the Liability Report for the same quarter.
Form 941 prints the total Federal Taxable Wages and Tips, FICA Wages and Tips, and Medicare Taxable Wages and Tips withheld for the quarter. Schedule B displays the total tax liabilities for each payroll check run within the quarter. You can cross-reference the tax liability amounts on Schedule B by viewing or printing the Liability Report for the same quarter. If you make a payment with Form 941, use the 941-V payment voucher. 941-V is the Payment Voucher to send with Form 941 if you are not a weekly depositor. You can print it after completing Form 941 (it prints at the bottom of the page).