TaxBandits Knowledge Base

What is Form 941 Schedule B and who needs to file?

Form 941 Schedule B is used by semiweekly depositors to report tax liability, including federal income taxes and FICA. Whether you must file Schedule B depends on your deposit schedule.

You are required to complete Schedule B with Form 941 if either of the following applies:

• Your employment or payroll taxes for the previous lookback period exceeded $50,000.
• The aggregated tax amount reached $100,000 or more on any single day in the current or past calendar year.

When filing Form 941 with TaxBandits, our system will automatically generate Schedule B if you select a semiweekly deposit schedule.

Note: Always submit Schedule B along with Form 941. Do not file Schedule B separately.