What is the difference between 940 and 941 form

Note: The totals on Form W-3 should equal the total of all Forms the tax-exempt organization filed for the year. The tax-exempt organization must use the same name and taxpayer identification number when completing all transmittal documents Forms W-3 , even if the organization files transmittals from more than one location. The tax-exempt organization must use the same name on transmittals and information returns that were used on the income tax return or other returns filed under the same taxpayer identification number.

More In File. Page Last Reviewed or Updated: Sep Share Facebook Twitter Linkedin Print. It is also used to report any advances on earned income credits that are paid out to employees if this is applicable.

Generally, any employer who pays wages to an employee has to file an IRS Form each quarter and continue to do so even if there are no employees during some of the quarters. The only exceptions to this filing requirement are for seasonal employers who do not pay employee wages during one or more quarters, employers of household employees, and employers of agricultural employees. Since employers have to file a separate form for each quarter, the IRS imposes four filing deadlines that they need to adhere to.

The deadlines are April 30, July 31, October 31, and January 31 of each year. The filing deadline always falls on the last day of the month following the end of the quarter.

Therefore, businesses use Form to report the income, Social Security, and Medicare taxes they withheld from employee paychecks and their own share of those taxes. Employers receive a notice from the IRS regarding their eligibility to use this form instead of Form , based on their past tax liability. In case they have not been instructed to file Form , they can file Form quarterly instead.

While these forms may seem similar, there are differences between them that employers need to take into account. So, the key difference between Form and is that Form reports FUTA tax, which is paid entirely by the employer, whereas Form reports withholding and shared taxes that are split between the employee and employer.

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Skip To Main Content. Who must file Form Generally, any person or business that pays wages to an employee must file a Form each quarter, and must continue to do so even if there are no employees during some of the quarters.