At a Glance
Form 940 and Form 941 are the two main federal payroll tax forms employers must file. Form 940 reports annual Federal Unemployment Tax (FUTA), while Form 941 reports quarterly federal income tax withholding, Social Security, and Medicare taxes. Most employers with employees must file both forms.
IRS Form 940 Employer's Annual Federal Unemployment Tax Return

Form 940 - Annual FUTA

IRS Form 941 Employer's Quarterly Federal Tax Return

Form 941 - Quarterly Employment Taxes

Payroll Tax Forms Overview

Employers are responsible for withholding, depositing, and reporting federal employment taxes. The two primary forms are Form 940 (annual federal unemployment tax) and Form 941 (quarterly employment taxes). These forms report different taxes to the IRS and have different filing schedules.

Understanding the differences between these forms and their requirements is essential for staying compliant with federal tax obligations.

Form 941: Employer's Quarterly Federal Tax Return

Form 941 is filed quarterly by employers to report:

  • Federal income tax withholding from employee wages
  • Social Security tax (6.2% employer + 6.2% employee on wages up to $176,100)
  • Medicare tax (1.45% employer + 1.45% employee, plus 0.9% additional Medicare on wages over $200,000)

Form 941 is due by the last day of the month following the end of each quarter: April 30, July 31, October 31, and January 31.

Form 941 Guide
Where to Mail Form 941
Schedule B (Form 941)

Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return

Form 940 is filed annually to report Federal Unemployment Tax (FUTA). Unlike Form 941 taxes, FUTA is paid entirely by the employer and is not withheld from employee wages.

  • FUTA tax rate: 6.0% on the first $7,000 of each employee's wages
  • State credit: Most employers receive a credit of up to 5.4%, reducing the effective rate to 0.6%
  • Purpose: Funds unemployment benefits for workers who lose their jobs

Form 940 is due January 31 following the tax year. If you deposited all FUTA tax when due, you have until February 10.

Form 940 Guide
Where to Mail Form 940
Form 940 vs 941

Payroll documents and financial calculations for tax filing

What Are the Payroll Tax Filing Deadlines?

Payroll tax forms have different filing schedules:

Form Frequency Due Dates
Form 941 Quarterly April 30, July 31, October 31, January 31
Form 940 Annual January 31 (February 10 if all deposits timely)

If a due date falls on a weekend or federal holiday, the deadline moves to the next business day.

For complete deadline information, see our Payroll Tax Filing Deadlines.

How Do I Deposit Payroll Taxes?

Employers must deposit payroll taxes using the Electronic Federal Tax Payment System (EFTPS). The deposit schedule depends on the type of tax and your total liability:

Form 941 (Employment Taxes)

  • Monthly depositors: Deposit by the 15th of the following month
  • Semiweekly depositors: Deposit within 3 business days of payday (requires Schedule B)
  • $100,000 Next-Day Rule: If you accumulate $100,000+ on any day, deposit by the next business day

Form 940 (FUTA)

  • Deposit quarterly if FUTA liability exceeds $500
  • If $500 or less, carry forward to the next quarter

Who Must File Payroll Tax Forms?

You must file payroll tax forms if you have employees:

Form 941: File if you pay wages subject to federal income tax withholding, Social Security, and Medicare taxes. Exception: Very small employers may qualify for Form 944 (annual filing) instead.

Form 940: File if you:

  • Paid wages of $1,500 or more in any calendar quarter, OR
  • Had one or more employees for at least some part of a day in 20 or more different weeks

Note: Independent contractors are not employees. Payments to contractors are reported on Form 1099-NEC, not payroll tax forms.

E-File Payroll Tax Forms with BoomTax

E-file your payroll tax forms with the IRS using BoomTax. Our platform simplifies Form 940 and Form 941 filing for businesses of all sizes, from small employers to large enterprises with complex payroll requirements.

Import Your Payroll Tax Forms Data

You can import your data as Excel, XML, or use files from popular payroll providers like QuickBooks, UKG, ADP, and many more.

Step-By-Step Wizard

We walk you through the process with no complicated jargon. You can also live chat with a real person as you work on your filing for hands-on help.

E-File & Mail Employee Copies

Once your data is loaded, you can e-file and distribute employee copies in minutes.

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Ken Ham
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Ken Ham
Founder at BoomTax
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Passionate about making tax compliance simple so businesses can focus on what matters.

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