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What is the difference between Form 940 and Form 941?

IRS Form 940 reports FUTA taxes, whereas Form 941 reports federal income tax, Social Security, and Medicare taxes withheld from employees’ wages. Here are the major differences between Form 940 and 941.

Form 941 Form 940
Form 941 is a quarterly tax form used by employers to report Federal income and FICA taxes. Form 940 is the annual tax form used by employers to report unemployment taxes.

Both the employer and employee must contribute equally to FICA taxes.

FUTA taxes are paid only by the employer, it is not withheld from the employee's wages.
Form 941 due on every quarter(Jan 31, Apr 30, Jul 31, Oct 31)

Form 940 is due annually on Jan 31.

 

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