What is Form 941 Schedule B and who needs to file?
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Last modified 2/28/2022 1:16:23 AM EST
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 or not you must file Schedule B is determined by your deposit schedule.
- 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 for the First Quarter of 2019 is $75,000, you will be a semiweekly depositor. Also, if you aggregate $100,000 during any one day of the calendar year, then you are a semiweekly depositor. In both cases, you are required to file Form 941 Schedule B.
When you use TaxBandits to file Form 941, our system will automatically generate Schedule B if you choose a semiweekly deposit schedule.
Note: Always file Schedule B along with Form 941. Never submit Schedule B separately.