941 Form
ComplexEmployer's Quarterly Federal Tax Return
Form 941 reports wages paid and taxes withheld from employees during each quarter. All employers with employees must file this form quarterly, even if no wages were paid.
Quarterly
Frequency
All Employers
For
Last Day +1 Month
Due
If Have Employees
Required
Form 941 Structure
Understanding the key parts of the quarterly tax return
Part 1
Number of Employees
Line 1Report the number of employees who received wages
Count employees who received wages during the quarter
Include part-time and seasonal workers
Do not count independent contractors
Part 2
Wages, Tips, and Other Compensation
Line 2Total taxable wages and compensation paid
Include all taxable wages
Add tips reported by employees
Include taxable fringe benefits
Exclude non-taxable benefits
Part 3
Federal Income Tax Withheld
Line 3Total federal income tax withheld from employees
Sum of all federal withholding
Based on employee W-4 elections
Include backup withholding if applicable
Part 4
Taxable Social Security Wages
Line 5a-5cWages subject to Social Security tax
Maximum wage base: $160,200 (2024)
Employee rate: 6.2%
Employer rate: 6.2%
Total rate: 12.4%
Part 5
Taxable Medicare Wages
Line 5d-5fWages subject to Medicare tax
No wage base limit
Employee rate: 1.45%
Employer rate: 1.45%
Total rate: 2.9%
Part 6
Total Tax Liability
Line 6Sum of all tax liabilities for the quarter
Federal income tax withheld
Social Security taxes
Medicare taxes
Additional Medicare tax if applicable
2024 Tax Rates
Social Security: 6.2% employee + 6.2% employer = 12.4% total
Medicare: 1.45% employee + 1.45% employer = 2.9% total
Additional Medicare: 0.9% employee only (on wages over $200,000)
Ensure Accurate 941 Reporting with Professional Paystubs
Generate accurate paystubs with proper tax calculations to support your quarterly 941 filings. Our system ensures compliance with current tax rates and wage bases.