Form 941
Definition
The quarterly federal return US employers file to report wages paid and the income tax and FICA (Social Security and Medicare) taxes withheld and owed. It reconciles withholding to deposits made during the quarter.
Related Terms in Payroll
Form 940
The annual federal return US employers file to report and pay federal unemployment (FUTA) tax. It is separate from the income and FICA taxes reported on Form 941.
Form W-4
The US form an employee completes so the employer can determine how much federal income tax to withhold from their pay, based on filing status, dependents and other adjustments.
Pay Stub
The US term for the statement accompanying a paycheck that itemises gross pay, taxes and other deductions, and net pay, with year-to-date figures. Equivalent to a payslip.
Exempt vs Non-Exempt Employee
A US classification under the Fair Labor Standards Act. Non-exempt employees must receive overtime pay for hours over 40 a week; exempt employees, meeting salary and duties tests, do not. Misclassification is a common compliance risk.
Stop memorising terms — let HelloBooks do the work
AI-assisted bookkeeping that handles invoicing, GST, reconciliations, and reports automatically. Free to start.