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Use this schedule to show your TAX LIABILITY for the quarter; don’t use it to show your deposits. When you file this schedule with Form 941, don’t change your tax liability by adjustments reported on any Forms 941-X or 944-X.
The IRS uses Schedule B to determine if you’ve deposited your federal employment tax liabilities on time. If you're a semiweekly schedule depositor and you don’t properly complete and file your Schedule B with Form 941, the IRS may propose an “averaged” FTD penalty. See Deposit Penalties in section 11 of Pub. 15.
Most businesses must report and file tax returns quarterly using the IRS Form 941. This guide provides the basics of the 941 form, instructions to help you fill it out, and where you can get help meeting all your payroll tax obligations.
If you’re a monthly schedule depositor, complete the deposit schedule below; if you’re a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3.
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.
Schedule B is divided into the 3 months that make up a quarter of a year. Each month has 31 numbered spaces that correspond to the dates of a typical month. Enter your tax liabilities in the spaces that correspond to the dates you paid wages to your employees, not the date payroll deposits were made.
How to file Schedule B and Form 941. When paying your federal taxes and filing forms throughout the year, you have two different options: Physical paper filing and electronic filing. Filing your Schedule B and Form 941 each quarter is most easily done electronically.