When Are Quarterly Form 941 Taxes Due?

Employers withhold taxes from employee wages and remit them to the Internal Revenue Service (IRS). Form 941, the Employer’s Quarterly Federal Tax Return, is used by businesses to report these withheld amounts. It includes federal income tax, Social Security tax, and Medicare tax collected from employees, along with the employer’s share of Social Security and Medicare taxes.

Understanding Form 941

Form 941 is an IRS document employers use to fulfill federal tax obligations. This form details the federal income tax, Social Security tax, and Medicare tax employers withhold from employee paychecks. It also includes the employer’s matching contributions for Social Security and Medicare taxes, known as Federal Insurance Contributions Act (FICA) taxes. The form summarizes these quarterly payroll tax liabilities and any payments made.

Any business paying wages subject to federal income tax withholding, Social Security, or Medicare taxes must file Form 941. This applies to most businesses with employees, even if no wages were paid during a specific quarter. Seasonal, household, or agricultural employers follow different reporting methods. Form 941 reports total wages paid, taxable Social Security and Medicare wages, and total taxes withheld. The Social Security tax rate is 6.2% for both the employer and employee, up to an annual wage base limit, while the Medicare tax rate is 1.45% for both parties, with no wage base limit.

Quarterly Filing Due Dates

The IRS requires quarterly filing for Form 941, with deadlines on the last day of the month following the end of each quarter.
First quarter (January 1 to March 31): Due by April 30.
Second quarter (April 1 to June 30): Due by July 31.
Third quarter (July 1 to September 30): Due by October 31.
Fourth quarter (October 1 to December 31): Due by January 31 of the following year.

If a due date falls on a Saturday, Sunday, or legal holiday, the deadline shifts to the next business day. Employers who have deposited all their taxes in full and on time for the quarter may receive an additional 10 calendar days to file their return.

Making Federal Tax Deposits

While Form 941 is filed quarterly, federal tax deposits are often required more frequently, depending on the employer’s tax liability. The IRS provides two main deposit schedules: monthly and semi-weekly. An employer’s deposit schedule is determined by the total employment taxes reported during a “lookback period,” which is the 12-month period ending on June 30 of the prior year.

Employers are monthly depositors if they reported $50,000 or less in employment taxes during the lookback period. Monthly depositors must deposit taxes for payments made during a calendar month by the 15th day of the following month. New employers are monthly depositors for their first calendar year.

Employers are semi-weekly depositors if they reported more than $50,000 in employment taxes during the lookback period. Under this schedule, deposits are based on the payday. If wages are paid on Wednesday, Thursday, or Friday, taxes must be deposited by the following Wednesday. If wages are paid on Saturday, Sunday, Monday, or Tuesday, taxes must be deposited by the following Friday. Semi-weekly depositors are given at least three business days to make their deposit.

A special rule applies if an employer accumulates $100,000 or more in tax liability on any single day, regardless of their regular deposit schedule. These taxes must be deposited by the next business day. If this occurs, the employer becomes a semi-weekly depositor for at least the remainder of the current year and the entire following calendar year.

Federal tax deposits must be made electronically through the Electronic Federal Tax Payment System (EFTPS). EFTPS is provided by the U.S. Department of the Treasury, allowing employers to make payments online or by phone. Employers can schedule payments in advance through EFTPS. Failure to use EFTPS when required may result in penalties.