What goes on Form 941?

Form 941 is the employer's quarterly employment tax return. It generally reports wages, federal income tax withheld, taxable Social Security and Medicare wages, and the employer and employee shares of Social Security and Medicare tax for the quarter.

It is not the payroll deposit itself. Deposits pay the employment tax liability; Form 941 reports the quarterly amounts.

Fresh example:

• Maple Lane Books pays three employees in Q2.
• It withholds federal income tax and FICA from each paycheck.
• It also owes the employer share of FICA.
• It deposits the payroll taxes electronically, then files Form 941 for the quarter.