Fillable Form 941 (Schedule B) (2024)

What is Form 941 (Schedule B)?

Form 941 (Schedule B) is an important IRS form for employers in the United States who are required to report employment and federal income taxes. Specifically, it accompanies Form 941, the Employer’s Quarterly Federal Tax Return, and is used to report the federal income tax, federal employment tax liabilities, federal tax deposits, Social Security tax, and Medicare tax withheld from employees' wages on a daily or semi-weekly basis. This additional schedule helps ensure that tax deposits align closely with the actual tax liability for each payroll period, giving the IRS a clear view of the timing and amounts of an employer's payroll tax deposits.

Employers who are categorized as semiweekly schedule depositors—typically those with larger payrolls—must use Form 941 (Schedule B) to break down their total tax liability by each day of their deposit schedule. This daily reporting requirement is crucial for the IRS to identify whether deposits are timely and correctly applied, helping to avoid miscalculations and potential penalties. By detailing exact tax liabilities throughout the quarter, Schedule B helps both the employer and IRS to keep more precise records and monitor compliance.

In addition to reporting the total tax liability on a daily or semi-weekly basis, employers must pay attention to the correct filing schedule for Form 941 (Schedule B). The schedule requires all required information, such as family leave wages paid, to be accurately detailed since these wages can impact the total tax liability reported. It's important that employers not only make timely tax payments but also file the schedule consistently with their IRS forms to prevent discrepancies.

Whether utilizing paper filing or opting to e-file form submissions, adhering to the quarterly deadline is crucial. Missing these deadlines can lead to penalties or interest charges, underscoring the importance of precise documentation and timely submissions. Leveraging the advantages of electronic filing can simplify the process and provide confirmation of receipt by the IRS, thus ensuring that the filing schedule is met without complications. For many businesses, timely and accurate completion of this schedule is a key part of maintaining compliance with federal tax obligations.

How do I fill out Form 941 (Schedule B)?

Taxpayers can download and print a PDF copy of Form 941 Schedule B 2024 from the Internal Revenue Service (IRS) website that they can manually complete. They can also fill out Schedule B (Form 941) electronically on PDFRun through this link.

To fill out Schedule B (Form 941) Form, you must provide the following information:

Employer Identification Number (EIN)

Enter your employer identification number (EIN).

Name

Enter your full legal name. You must not enter your trade name.

Calendar Year

Enter the current calendar year. You are also required to check the quarter for your report.

Report for this Quarter

Mark the appropriate box which corresponds to the quarter for your report. You may select:

• 1 - January, February, March
• 2 - April, May, June
• 3 - July, August, September
• 4- October, November, December

Tax Liability Schedule

Enter your daily tax liability on the numbered space that corresponds to the date your wages have been paid. The instructions stated below will apply to all parts of this section of the Schedule B form.

This schedule must be used to show your tax liability for the current quarter. This must not be used to show your deposits. When you file this Schedule B form along with Form 941, Employer's Quarterly Federal Tax Return or Form 941-SS, Employer's Quarterly Federal Tax Return - American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands, you must not change your tax liability by using the adjustments reported on the following forms:

• Form 941-X, Adjusted Employer's Quarterly Federal Tax Return or Claim for Refund
• Form 944-X, Adjusted Employer's Annual Federal Tax Return or Claim for Refund

You are required to fill out and attach this Schedule B form along with Form 941, Employer's Quarterly Federal Tax Return or Form 941-SS, Employer's Quarterly Federal Tax Return - American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands if you happen to be a semiweekly schedule depositor or if you have become one because of your accumulated tax liability which has reached $100,000.00 or more.

Month 1

Enter your daily tax liability for the first month of this quarter that corresponds to the date your wages have been paid. Fill out spaces 1 through 31.

Tax Liability for Month 1

Enter the total amount of your daily tax liability for the first month of this quarter.

Month 2

Enter your daily tax liability for the second month of this quarter that corresponds to the date your wages have been paid. Fill out spaces 1 through 31.

Tax Liability for Month 2

Enter the total amount of your daily tax liability for the second month of this quarter.

Month 3

Enter your daily tax liability for the third month of this quarter that corresponds to the date your wages have been paid. Fill out spaces 1 through 31.

Tax Liability for Month 3

Enter the total amount of your daily tax liability for the third month of this quarter.

Total Liability for the Quarter

Enter the total amount of your tax liability for the current quarter by adding the amounts in Month 1, Month 2, and Month 3.

Frequently Asked Questions

What is Federal Income Tax?

Federal income tax is a tax levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. These taxes are used to fund government services, infrastructure, and public projects. The federal income tax system is progressive, meaning the rate of taxation increases as the taxable amount of an individual or corporation increases. The IRS decides to withhold federal income tax in different amounts across people by structuring the system around "tax brackets", which are seven different levels of classifications that determine the rate of income tax for any given person or organization.

Where can I find a copy of Form 941?

You can download a PDF copy of the form from the Internal Revenue Service (IRS) website.

What information is required to complete Schedule B?

You will need your Employer Identification Number (EIN), your full legal name, the current calendar year, and tax liabilities for each month in the reporting quarter.

Can I file Form 941 Schedule B electronically?

Yes, you have the option to fill out and submit this form electronically.

What should I do if I make an error on Form 941?

If you make an error, you may be able to reduce penalties by filing an amended version of the form as soon as possible.

What happens if my tax liability changes after I file Form 941?

Any changes in tax liability should be reported on Form 941-X or Form 944-X, not on Form 941 Schedule B.

What is the purpose of the “Report for this Quarter” section?

This section is for marking which quarter of the year you are reporting tax liabilities for.

How do I calculate the total liability for the quarter?

You calculate the total liability by adding up your tax liabilities for each of the three months in the quarter.

What if I have more than one EIN?

If you have more than one EIN, you should file a separate Form 941 Schedule B for each EIN you have, with the appropriate information for each. You may wish to hire the services of an accountant or another financial expert in order to help you get all the necessary tax form documents in order.

Can I use my trade name on Schedule B?

No, you must use your legal name, not your trade name.

What happens if I don't file Form 941?

Failing to file could result in penalties, including fines and interest charges.

Is there a deadline for filing Form 941?

Yes, Form 941 Schedule B is due by the last day of the month following the end of the quarter.

How does Medicare tax factor into Form 941?

In Form 941, you're required to report the amounts withheld from your employees' paychecks for Social Security and Medicare taxes. This also includes your employer contribution to these funds. It's essential to accurately calculate and report these figures to ensure correct payments and avoid potential penalties from the IRS. The current rate for Medicare tax is 1.45% each for the employer and employee, totaling 2.9%. However, an additional 0.9% must be withheld from employees who earn over $200,000 in a calendar year.