Quarterly Federal Tax Return

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What is a “quarterly federal tax return”?

A quarterly federal tax return is a payroll tax that all employers are required to submit to the Internal Revenue Service (IRS) using IRS Form 941 (“Employer’s Quarterly Federal Tax Return”). This form is used to report each employee’s tax withholding amounts for federal income, Social Security, and Medicare. 

Form 940 and Form 941 are different from each other. Form 941 is used to report Social Security, Medicare, and withholding taxes. Form 940 is used to report Federal Unemployment taxes (FUTA) to the IRS. 

How can you pay an employer’s quarterly federal tax return?

A quarterly federal tax return is deposited monthly or semi-weekly via the Internal Revenue Service (IRS) Electronic Federal Tax Payment System (EFTPS). 

You must also complete and submit Form 941 which indicates the following:

When are the deposits due? 

Always remember that the deadline for Form 941 deposits is the last day of the month following the end of the quarter. 

If the due date for filing falls on a weekend or a legal holiday, it is all right to file before the end of the next business day. This will still be considered timely filing. 

Is filing a Form 941 required if there were wages paid? 

Yes, generally Form 941 is filed each quarter even if there were not any wages paid during the quarter. However, some employers may be exempted from filing Form 941 such as: 

Where can you file? 

The IRS encourages taxpayers to file Form 941 electronically. However, it is still possible to file a paper return. Before doing so, it is best to check the IRS website for information on where to send paper returns. The address will depend on whether or not you are mailing it with a payment. 

Is a church required to file Form 941?

Churches are generally considered from completing and filing Form 941. According to the IRS, the following are exempt from filing Form 941:

What is a Quarterly Federal Excise Tax Return? 

A Quarterly Federal Excise tax Return is reported to the IRS using Form 720. Federal excise tax is a type of tax that is imposed on employers on the manufacturing or sale of various goods and services such as: 

 

For a more complete list and information on quarterly federal excise tax returns, it is best to visit the IRS website. 

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