Quarterly Federal Tax Return

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Definition:

Every employer is responsible for submitting a quarterly federal tax return four times a year. This is done by submitting IRS Form 941 and includes information about withheld taxes for every employee, including Medicare, federal income, and Social Security.

In most cases, the form should be filed even if no wages were paid. There are exceptions in the case of household employees, farm employees, and seasonal employees. Other forms may need to be filed in these situations.

Part of speech:
Noun
Use in a sentence:
We must run a quarterly federal tax return.
Quarterly Federal Tax Return