IRS 941 Policy
The University of Georgia Payroll Department will prepare and submit the federal Employer’s
Quarterly Tax Return (IRS Form 941) each quarter.
Reason for policy
This policy implements the rules for providing compensation and tax information to
the IRS provided in the IRS instructions for Form 941.
Form 941 captures the number of employees in a certain pay period, total wages/tips/compensation,
total income tax withheld, and calculates the amount of Social Security and Medicare
tax. It also provides a reconciliation between total taxes due and the tax deposits
made for each of the three months being reported. The reporting form is due on the
last working day of each month following the end of the calendar quarter. The University
of Georgia Payroll Department compiles the information on wages and income, Social
Security and Medicare tax on employees’ paychecks during each quarter and reports
it on Form 941. Federal tax deposits made during the same quarter are used to complete
Schedule B of the form.
Responsible University Senior Administrator: Vice President for Finance & Administration
Responsible University Administrator: Associate Vice President for University Business and Accounting Services
Policy Owner: Payroll
Policy Contact: Julie Camp
Phone Number: 706-542-3431
This series provides a summary record of data reported on the annual Wage and Tax
Statements (W-2) for the institutional employees. This series consists of print-outs
from the Controllers Division by year in social security number order, which include:
social security numbers; names; tax subject earnings; and other data required by law.
[Board of Regents: Wage and Tax Statements (W-2 forms) 0472-04-047]
Record Copy: Payroll will retain a copy of Form 941.
Retention: 5 years