What Is the Purpose of a 941 Form?

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The purpose of an IRS 941 tax form is to report and deposit amounts that employers are withholding from their employees wages. Report federal taxes, Medicare and social security on a 941 form with instructions from a certified public accountant and personal financial planner in this free video on taxes.

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Video Transcript

Hi, my name is Miranda Chook, a CPA. IRS form 941, Employer's Quarterly FederalTax Return, is for reporting and depositing amounts that employers are withholding from their employees wages. These withholdings represent federal taxes, Medicare, and social security, as well as the employer's share of Medicare and social security. The form asks for certain information such as the amount of wages paid, amount of tips, as well as any adjustments to those numbers, and it also requires that you report the amount of wages that were used for the different calculations. There's, of course, the total wages paid, but there's also a separate amount for wages used to calculate the social security and Medicare taxes. For more information consult the instructions for form 941.

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