What is the purpose of Form 941?

Form 941 is specifically designed for employers to report payroll taxes on a quarterly basis. It includes details about the amount of FICA taxes, which encompass Social Security and Medicare taxes, as well as any federal income tax that has been withheld from employees' paychecks. By filing this form every quarter, employers ensure they are complying with IRS requirements for reporting these taxes and remit the correct amounts owed. As such, option B effectively captures the essence of Form 941's purpose, which is to provide a comprehensive update on both FICA taxes and withheld income taxes in a timely manner.