Get the free Form 941 (Schedule B) (Rev. January 2014) - oakton

Schedule B (Form 941): 960311 Report of Tax Liability for Semiweekly Schedule Depositors (Rev. June 2011) OMB No. 1545-0029 Department of the Treasury ? Internal Revenue Service (EIN) Employer identification

How to fill out form 941 schedule b

How to fill out form 941 schedule b?

1. Obtain a copy of form 941 schedule b from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Provide the employer identification number (EIN) and business name at the top of the form. The EIN is a unique nine-digit number assigned to your business by the IRS.
3. Report the total number of employees who received wages during the quarter being reported. Include both full-time and part-time employees.
4. Enter the total amount of wages paid to all employees during the quarter. This includes all forms of compensation, such as salaries, bonuses, commissions, and tips.
5. Specify the total amount of federal income tax withheld from employees' wages during the quarter. This should reflect the amount of taxes withheld based on each employee's W-4 withholding allowance certificate.
6. Calculate the total social security wages for the quarter. This includes all wages subject to the social security tax, up to the annual wage base limit set by the IRS.
7. Determine the social security tax liability for the quarter. This is calculated as a percentage of the total social security wages, based on the current tax rate set by the IRS.
8. Calculate the total Medicare wages for the quarter. This includes all wages subject to the Medicare tax, with no wage base limit.
9. Determine the Medicare tax liability for the quarter. This is calculated as a percentage of the total Medicare wages, based on the current tax rate set by the IRS.
10. Complete the reconciliation section of form 941 schedule b, which includes adjustments for fractions of cents, sick pay, tips, and other factors that may impact the final tax liability.
11. Review the completed form for accuracy and ensure that all necessary information has been included.
12. Sign and date the form, and keep a copy for your records.
13. Submit the form to the IRS along with form 941, which is the employer's quarterly federal tax return.

Who needs form 941 schedule b?

1. Employers who are required to file form 941, which is the employer's quarterly federal tax return, may also need to file form 941 schedule b.
2. Form 941 schedule b is used to report information regarding the liability for the social security and Medicare taxes, as well as the number of qualified employees and total wages paid during the quarter.

The following employers may need to file form 941 schedule b:

1. Employers who have tipped employees and need to report social security and Medicare taxes on those tips.
2. Employers who are not eligible for the reduced filing schedule and have more than $1,000 of social security and Medicare taxes to report for the quarter.
3. Employers who are reporting federal income tax withheld from wages that are subject to social security and Medicare taxes on share-based compensation.

For pdfFiller’s FAQs

How can I edit form 941 schedule b from Google Drive?

By integrating pdfFiller with Google Docs, you can streamline your document workflows and produce fillable forms that can be stored directly in Google Drive. Using the connection, you will be able to create, change, and eSign documents, including form 941 schedule b, all without having to leave Google Drive. Add pdfFiller's features to Google Drive and you'll be able to handle your documents more effectively from any device with an internet connection.

Where do I find form 941 schedule b?

The premium version of pdfFiller gives you access to a huge library of fillable forms (more than 25 million fillable templates). You can download, fill out, print, and sign them all. State-specific form 941 schedule b and other forms will be easy to find in the library. Find the template you need and use advanced editing tools to make it your own.

How can I fill out form 941 schedule b on an iOS device?

Install the pdfFiller iOS app. Log in or create an account to access the solution's editing features. Open your form 941 schedule b by uploading it from your device or online storage. After filling in all relevant fields and eSigning if required, you may save or distribute the document.

What is form 941 schedule b?

Form 941 Schedule B is a supplementary form that must be filed by employers as an attachment to Form 941. It is used to report additional tax liability for Medicare, Social Security, and federal income taxes withheld from employees' wages.

Who is required to file form 941 schedule b?

Employers who are required to file Form 941 and have a total tax liability of $1,000 or more during a quarter are required to file Form 941 Schedule B.

How to fill out form 941 schedule b?

To fill out Form 941 Schedule B, you need to provide information about the number of employees, the total wages paid, and the tax liability for Medicare, Social Security, and federal income taxes withheld from employees' wages. This information should correspond to the information reported on Form 941.

What is the purpose of form 941 schedule b?

The purpose of Form 941 Schedule B is to report additional tax liability for Medicare, Social Security, and federal income taxes withheld from employees' wages. It helps the IRS track and verify the accuracy of tax withholding.

What information must be reported on form 941 schedule b?

Form 941 Schedule B requires you to report the number of employees, total wages paid, tax liability for Medicare, Social Security, and federal income taxes withheld from employees' wages.