A quarterly federal tax return prepared by most employers is ___________.

The appropriate quarterly federal tax return prepared by most employers is Form 941. This form is specifically designed for reporting income taxes, social security tax, and Medicare tax withheld from employee's paychecks, as well as the employer's portion of social security and Medicare taxes. It is filed quarterly, which means employers need to submit it for each quarter of the calendar year, detailing the number of employees, wages paid, and taxes withheld during that period.

Form 940, on the other hand, is an annual return that employers file to report their Federal Unemployment Tax Act (FUTA) tax, which is not a quarterly return. Form 944 is also an annual return, but it is intended for smaller employers with lower payroll liabilities that can report their payroll taxes on an annual basis rather than quarterly. Form W-2 is not a tax return but rather a form that employers must issue to their employees at the end of the year, summarizing the wages paid and taxes withheld over the course of the year. Therefore, Form 941 is essential for employers filing quarterly to meet payroll tax obligations.