What is a Schedule B on Form 941?
By Tom Douglass
The IRS Form 941 (Schedule B) is a tax form for the reporting of
tax liability for semi-weekly pay schedules. The employer is required
to withhold federal income tax and payroll taxes from the employee's
paychecks. The 941 form reports the total amount of tax withheld during
each quarter.
Federal law requires an employer to withhold taxes from their employees’ paychecks. Every time an employer pays wages, certain amounts are withheld for federal income tax, Social Security tax, and Medicare tax. Under the withholding system, taxes withheld from your employees are credited to the employees in payment of their tax liabilities.
Employers are also required to pay any liability for the employer’s portion of Social Security and Medicare taxes.
On Form 941 (Schedule B), you must list your tax liability for each day. Liabilities include:
1099-Etc provides an easy to use software solution that will allow you to easily complete Form 941, including Schedule B, if needed.
Federal law requires an employer to withhold taxes from their employees’ paychecks. Every time an employer pays wages, certain amounts are withheld for federal income tax, Social Security tax, and Medicare tax. Under the withholding system, taxes withheld from your employees are credited to the employees in payment of their tax liabilities.
Employers are also required to pay any liability for the employer’s portion of Social Security and Medicare taxes.
On Form 941 (Schedule B), you must list your tax liability for each day. Liabilities include:
- The federal income tax you withheld from your employees’ paychecks
- Both employee and employer Social Security and Medicare taxes.
1099-Etc provides an easy to use software solution that will allow you to easily complete Form 941, including Schedule B, if needed.
