Get the free Form 941 (Schedule B) (Rev. January 2006) - 74 168 230
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990306 Schedule B (Form 941): Report of Tax Liability for Semiweekly Schedule Depositors (Rev. January 2006) OMB No. 1545-0029 Department of the Treasury Internal Revenue Service (EIN) Employer identification
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How to fill out form 941 schedule b
How to fill out Form 941 Schedule B:
01
Start by obtaining Form 941 Schedule B, which is used to report the tax liability for the employer's share of social security and Medicare taxes on a quarterly basis.
02
On the top-left corner of the form, enter your employer identification number (EIN), the name of your business, and the quarter and year for which you are filing the form.
03
Next, you will need to provide the total number of employees who received wages during the quarter. This includes both active and inactive employees.
04
Calculate the total compensation paid to all employees during the quarter. This should include wages, tips, and other taxable compensation.
05
Determine the total social security wages and tips for the quarter. This refers to the wages subject to the social security tax, which currently has a wage base limit.
06
You will also need to calculate the total Medicare wages and tips for the quarter. These are the wages subject to the Medicare tax, with no wage base limit.
07
Calculate the social security tax and Medicare tax owed on the wages and tips reported. Multiply the social security wages by the applicable tax rate and do the same for Medicare wages.
08
Add up the total social security and Medicare taxes owed for the quarter. Enter these amounts in the corresponding fields on Form 941 Schedule B.
09
If any adjustments need to be made, such as corrections to previous returns or nonrefundable credits, fill out the appropriate sections on the form.
10
Finally, review the information provided and ensure its accuracy. Sign and date the form, and retain a copy for your records.
Who needs Form 941 Schedule B:
01
Employers who are required to file Form 941, which is the Employer's Quarterly Federal Tax Return, may need to also file Schedule B if their total tax liability for the quarter exceeds a certain threshold.
02
Businesses that have employees and are liable for social security and Medicare taxes are typically required to file Form 941. However, there are exceptions for certain types of employers or situations, so it's important to review the IRS guidelines to determine if Schedule B is necessary.
03
Schedule B is specifically used to report the tax liability for the employer's share of social security and Medicare taxes. Therefore, businesses that have employees and are subject to these taxes may need to complete and submit Schedule B along with Form 941.
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What is form 941 schedule b?
Form 941 Schedule B is the Employer's Record of Federal Tax Liability that must be submitted with Form 941.
Who is required to file form 941 schedule b?
Employers who file Form 941 and have a total tax liability of $1,000 or more in a quarter are required to file Form 941 Schedule B.
How to fill out form 941 schedule b?
Form 941 Schedule B must include information on the employer's total tax liability for the quarter, total payments made, adjustments, and the balance due.
What is the purpose of form 941 schedule b?
The purpose of Form 941 Schedule B is to reconcile the total tax liability reported on Form 941 with the total tax payments made by the employer.
What information must be reported on form 941 schedule b?
Information such as the total tax liability, total payments made, adjustments, and balance due must be reported on Form 941 Schedule B.
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