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Term Definition. Form 941 is a payroll form reporting the total federal taxes that employers have withheld from employee compensation during the quarter. Extended Definition. Employers are required to withhold federal taxes, Medicare tax, and Social Security tax from employees’ compensation and remit the same to the IRS.What is a Schedule B 941?
A Schedule B Form 941 is used by the Internal Revenue Service for tax filing and reporting purposes. This form must be completed by a semiweekly schedule depositor who reported more than $50,000 in employment taxes or acquired more than $100,000 in liabilities in a single day in the tax year.What is Form 941 form?
Form 941, also known as the Employer’s Quarterly Tax Form, is the company’s way of reporting to the IRS the withholdings from its employees. As the name implies, it is a quarterly tax form that tells the IRS how much money your company has withheld in federal income tax, social security, and Medicare.