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Form 941, in plain English.
Form 941 is the Employer's Quarterly Federal Tax Return, filed four times a year with the IRS to report federal income tax withheld from employee wages plus both the employee and employer shares of Social Security and Medicare. It is due the last day of the month following each quarter. Smaller employers may file Form 944 annually instead. Workzoom produces the underlying quarterly figures, and your team files the return.
Book a Workzoom walkthrough 26+ years of HR and payroll production. Live in Canada, the US, and the Bahamas.
Sources
How Form 941 works.
Form 941 reconciles two things that must agree: what you withheld and what you deposited. Payroll deposits happen on a semi-weekly or monthly schedule set by the IRS based on prior-year liability, while the 941 reports the quarter in one document. The form covers federal income tax withholding plus FICA, which is the combined Social Security and Medicare liability including the employer match. Because Workzoom calculates those components on every pay run against one employee record, the quarterly totals are an aggregation of pay history rather than a separate reconstruction.
Where Form 941 goes wrong.
- The deposit schedule is the part employers get wrong.
- Filing the 941 on time does not cure a missed or late deposit, and the penalties attach to the deposit, not the return.
- The other frequent error is forgetting that 941 covers the employer share too, so the liability is roughly double the sum withheld from paycheques for the FICA components.
- 2000 Running payroll since Workzoom has run Canadian payroll for 26+ years.
- Canadian hosting on AWS available
- Trusted in production County of Renfrew, Silvera for Seniors, and Cable Bahamas. Built for 50 to 5,000 employees.
In the product
How Form 941 runs on Workzoom.
Form 941 is part of the Workzoom Payroll Suite. Workzoom runs HR, workforce, and talent on a single employee record across ten countries: Canada, the United States, the Bahamas, Jamaica, Trinidad and Tobago, Barbados, Antigua and Barbuda, Anguilla, the Cayman Islands, and the United Kingdom. Full gross-to-net payroll runs live in Canada, the United States, and the Bahamas. Pricing starts at $4 per employee per suite per month.
Questions about Form 941
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Workzoom works with organizations of 50 or more employees. See our minimums.