What is Form 941 Schedule B and who needs to file?
391 views | Last modified 6/23/2023 3:06:13 AM EST | Added by TaxBandits Team

Form 941 Schedule B is the semi-weekly schedule depositor's IRS tax form to report tax liability, including federal income taxes and FICA. Whether or not you must file Schedule B is determined by your deposit schedule.

If either 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.
• The aggregated tax amount is $100,000 or higher on any day in the current or past calendar year.

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.