What is Form 941 Schedule B and who needs to file?
1.5k views | Last modified 4/5/2021 9:20:03 AM EST

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

Form 941 Schedule B is the IRS tax form used by the semiweekly schedule depositor to report tax liability, including federal income taxes and FICA. Whether you have to file Schedule B or not depends on your deposit schedule. 

If any of the following criteria applies to you, you are a semiweekly depositor and liable to complete Schedule B with Form 941.

  • The employment or payroll taxes in the previous lookback period are more than $50,000.
  • Or, the aggregated tax amount is $100,000 or higher on any day in the current or past calendar year.

For instance, if your payroll tax in the First Quarter of 2019 is $75,000, you will be a semiweekly depositor. Also, on any day in the calendar year, if you aggregate $100,000, then you are a semiweekly depositor. In both cases, you are required to file Form 941 Schedule B.

If you select a semiweekly schedule as your deposit schedule while filing Form 941 in TaxBandits, our system will auto-generate Schedule B. You should complete Schedule B, and it is free of cost.

Note: Always file Schedule B along with Form 941. Never submit Schedule B separately.

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