Form 941, also known as the Employer's Quarterly Federal Tax Return, is a critical IRS document used by employers to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks. It also includes the employer's portion of Social Security and Medicare taxes. QuickBooks Desktop simplifies this process by automating the preparation and submission of Form 941, ensuring accuracy and compliance.
This guide provides a detailed step-by-step process for preparing Form 941 in QuickBooks Desktop, applicable to the Pro, Premier, and Enterprise versions.