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Form 941 Schedule B

Form 941 Schedule B is used by semiweekly schedule depositors who report more than $50,000 in payroll taxes. Businesses that incur more than $100,000 in obligations on a single day of the tax year must also file this 941 Schedule B.

Table of Contents

  • What is IRS Form 941 Schedule B?

What is IRS Form 941 Schedule B?

Schedule B, which accompanies Form 941, is a daily report of the employer's tax liability for federal income taxes withheld from employees. It also includes the employer's share of the Social Security and Medicare taxes withheld during the period. This withholding information must be submitted to the IRS quarterly using Form 941 Schedule B. Don't use IRS Form 941 Schedule B to report federal tax deposits.

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Who must file Form 941 Schedule B?

Not all employers are required to file Schedule B with their quarterly tax Form 941. It's specifically for employers who fall into the following tax responsibility categories:

  • Reported more than $50,000 in employment taxes during the lookback period.
  • Accumulated a tax liability of $100,000 or more on any given day in the current or previous calendar year.

Why should you File Form 941 Schedule B?

If you are a semiweekly schedule depositor, you must complete Form 941 Schedule B so that the IRS can reconcile your company's wages and withholdings and process your tax payments.

How to file Schedule B with Form 941?

You have 2 different options for filing IRS Form 941 Schedule B:

  • Paper Filing (By Mail): If you choose paper filing, you must send both Form 941 and Schedule B through traditional mail. It is crucial to note that this procedure may take longer and requires careful attention to ensure accurate and timely submission to the IRS.
  • Electronic Filing (IRS-Recommended): The most convenient and effective option is to file both Schedule B and Form 941 electronically. This option simplifies the process and ensures timely filing of tax paperwork.

When is the Deadline to file Form 941 Schedule B?

There is no specified deadline for submitting IRS Form 941 Schedule B. It must be submitted along with your Form 941 by the quarterly deadline, which is the last day of the month after the end of the quarter.

  • April 30th - First quarter Deadline (January, February, and March)
  • July 31st - Second quarter Deadline (April, May, and June)
  • October 31st - Third quarter Deadline (July, August, and September)
  • January 31st - Fourth quarter Deadline (October, November, and December)

Are there any penalties for not filing Schedule B Form 941?

Failure to provide a Schedule B Form 941 may make it impossible for the IRS to determine which penalty rates apply. The IRS will typically split the difference by charging average penalties. These are calculated by distributing your total tax due shown on IRS Form 941, line 12, equally throughout the tax period.

What are the new Form 941 updates for 2024 Tax Year?

There are some major changes to Form 941 for 2024. The following changes are expected for the 2024 tax year:

  • The Social Security wage base limit has increased from $160,200 to $168,600.
  • In 2024, household workers earning $2,700 or more must pay Social Security and Medicare taxes.
  • Election workers who get $2,300 or more in cash or similar pay will be liable to Social Security and Medicare taxes in 2024.
  • Businesses can no longer claim COVID-19 credits for qualifying sick and family leave wages on Federal Form 941.

For more information about the changes, refer Revised IRS Form 941

E-file Form 941 Schedule B with TaxZerone in Minutes

E-file Form 941 with TaxZerone along with Schedule B and get instant updates on the IRS status of your form.

Follow the simple steps below to e-file Form 941.

  • Create a free TaxZerone account
  • Choose "Form 941" and enter the details.
  • If you are a semiweekly depositor, complete Schedule B.
  • Review and transmit the return to the IRS.

You will receive an email once the IRS processes your return.

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