Form 941 is the employer’s quarterly federal tax return. It reports how much federal income taxes were withheld; Social Security taxes and Medicare taxes that are due and how much was paid in deposits to the Internal Revenue Service. The report is filed every three months for each of the four calendar quarters.
Form W-3 is a cumulative annual payroll report that tallies the entire payroll for the company; this information is reported to the Social Security Administration. It includes the reconciliation report of the Form W-3 along with the individual W-2’s supporting the entire payroll for the company.