Federal Payroll Taxes: IRS Form 941

If you are a small business with paid employees, you are required to submit Form 941 to the IRS to report and submit your federal payroll taxes.

Form 941 is used to report to the IRS:

• number of employees
• total wages paid during the quarter
• withholdings and total payroll taxes paid during the quarter (Federal income tax and Social Security payroll tax – FICA)

See this page to calculate payroll taxes.

If you withhold federal payroll taxes, you must submit a Form 941 Employers Quarterly report to the IRS according to the following schedule:

• First quarter ends March 31...report due April 30
• Second quarter ends June 30...report due July 31
• Third quarter ends Sept 30...report due Oct 31
• Fourth quarter ends Dec 31...report due Jan 31

1. Summarize all your payroll information for the entire quarter.
2. Enter payroll information gathered into the Form 941.
3. Sign the Form 941.
4. Make a copy of it before you mail it to the IRS.
5. Include a check payable to the United States Treasury for the amount of the federal payroll taxes due. Put the form number, year, and which quarter it is for on your check. Make sure you include the 941-V with your check. (You will only use this step if your business is classified as small...have a payroll tax liability of $2,500 or less per quarter}
6. Mail in the preprinted envelope the IRS provided with your Form 941 package. Or if you don't have a preprinted envelope, look up the mailing address you need to send to on page 4 of the Form 941 instructions booklet.

****Important: Most states have their own state payroll taxes form due in the same month as the form 941s. Oklahoma’s is an OW-9 (Oklahoma Employers Withholding Tax Return) and is due by the 20th of the month following the close of the quarter (April 20, July 20, Oct. 20, and Jan. 20).

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