What is Form 941 Schedule B and who needs to file?
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Last modified 5/25/2020 9:53:00 AM EST
Form 941 Schedule B is the IRS tax form used by the semiweekly schedule depositor to report the tax liability, including federal income taxes and FICA. To know 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 is 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 subjected to file Form 941 Schedule B.
Note: Always file Schedule B along with Form 941.