Interactive Guide to Employer Payroll Tax Benefits (Form 941)

An Employer's Guide to Form 941

This tool simplifies the Instructions for Form 941, focusing on an employer's responsibilities and the key tax credits available to reduce your payroll tax liability.

Core Employer Responsibilities

Withhold Taxes

Withhold federal income tax, Social Security, and Medicare taxes from employees' wages each payroll.

Pay Employer Taxes

Pay your employer's share of Social Security and Medicare taxes. This is not withheld from employee wages.

File Form 941

Report the total taxes withheld and owed to the IRS every quarter by filing Form 941.

Payroll Tax Credit Simulator

The most common ongoing credit is the **Qualified Small Business Payroll Tax Credit for Increasing Research Activities.** This tool simulates how it reduces your tax liability. Enter your tax liabilities and the credit amount from Form 8974.

Employer Share of Social Security Tax

Employer Share of Medicare Tax

Payroll Tax Credit for Research Activities (from Form 8974)

What's Next?

Deposit Your Taxes

You must deposit federal income tax withheld plus both the employer and employee shares of Social Security and Medicare taxes. Your deposit schedule (monthly or semi-weekly) depends on your total tax liability reported during a 4-quarter lookback period.

File Form 941 Quarterly

File your completed Form 941 by the last day of the month that follows the end of the quarter. For example, for the first quarter (Jan-Mar), the due date is April 30.