When should I file Schedule B?
371 views | Last modified 4/24/2023 4:29:45 AM EST | Added by TaxBandits Team

Applicable To
94X 1099 W-2 ACA W-4

Schedule B (Form 941), also known as the Employer's Record of Federal Tax Liability, is used to report the taxpayer's total tax liability for the quarter, including the amounts withheld from the employee's paychecks and the employer's portion of Social Security and Medicare taxes. The schedule is required to be filed with Form 941, which is the Employer's Quarterly Federal Tax Return.

Generally, you must file Schedule B with Form 941 if your total tax liability for the quarter is $2,500 or more. However, if your tax liability is less than $2,500 for the quarter, you do not need to file Schedule B.

Note that if you are a semi-weekly depositor, you must complete Schedule B for each payday in the quarter, regardless of the total tax liability for the quarter.

It's important to file Schedule B accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.
 

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