IRS Schedule B Form 941

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IRS Schedule B Form 941

Employers have an additional responsibility to Internal Revenue Service (IRS) because they need to report all payments they made to their employers and clarify the amount of taxes that were deducted from salaries. IRS Schedule B Form 941 is a paper that employers should fill out along with Form 941 itself. It is essential to write in data and file this form if you are a semi-weekly depositor. In this article, we will explain who is a semi-weekly depositor, what is the purpose of this form, and what procedure you should follow to fill it correctly.

Why Fill Out IRS Schedule B Form 941

According to the USA laws, employers should take part from employees’ salaries to pay federal taxes and compensate expenses for medical coverage. Schedule B Form 941 allows confirming a particular amount employers should withhold from salaries and provide to the IRS. The list of such taxes is short:

  • Federal tax for income;
  • Taxes connected with the insurance coverage of both employees and employer;
  • Taxes contributed to the social security of employees and employers.

However, it does not mean that you have to file this form if you are an employer. Requirements depend on the liabilities the employer should pay.

Who Need To Complete IRS Schedule B Form 941

As we said, only semi-weekly depositors have to fill out IRS Schedule B Form 941. Who is a semi-weekly schedule depositor?

A semi-weekly schedule depositor is an employer who has a huge amount of taxes to pay and should deposit to the IRS in advance. You are a semi-weekly depositor if:

  • You pay more than $50,000 as employment taxes during a lookback period;
  • You have a tax liability amount of more than $100,000.

If you meet one of these conditions, you have to fill out Form 941 and Schedule B for it.

Other IRS Forms for Business

The Schedule B Form 941 is devised for companies with a huge amount of taxes to pay. If this is not the form you need, you might find valuable information on pages with other IRS forms.


How To Fill Out IRS Schedule B Form 941

To complete this form, you should have accurate recordings of all tax liabilities you had. If you have the opportunity to refer to this information, it will be easy for you to fill out IRS Schedule B Form 941. Besides, you can always use the software on our website to enter all the data properly.

Write in personal data

Include identification data about you in the first fields of this form: your name and employer identification number (EIN). Check whether this information matches the data in the official documents of your organization.

step 1 - write in personal data - filling out irs schedule b form 941

Determine term

Write in the year of payments that you want to confirm and the part of this year based on the months. You can use this form to report your liabilities for three months only.

step 2 - determine term - filling out irs schedule b form 941

Fill in the table

In the main part of this paper, you should report all the liabilities you have in the days when you paid employees’ salaries. There are different tables for each month of the quarter. Make sure that you use a box for the correct month and day of payout.

When you finish filling the table for a month, do not forget to calculate the sum of all liabilities for this period and put the result in the field on the right. Make the same procedure for every chosen period.

step 3.1 - fill in the table - filling out irs schedule b form 941

step 3.2 - fill in the table - filling out irs schedule b form 941

step 3.3 - fill in the table - filling out irs schedule b form 941

Calculate total tax liability

Summarize results for each month and put the final value in the field at the bottom of this form.

step 4 - calculate total tax liability - filling out irs schedule b form 941

When To Send Schedule B Form 941

You have to attach this document to Form 941 and file them together in the month after the end of the quarter. It means that you have approximately 30 days to send recordings of your tax liabilities for the ended quarter.