Updated on July 17, 2020 - 10:30 AM by Admin, ExpressEfile
The employers must withhold federal income tax, social security tax, and Medicare tax from employee's paycheck and should be reported to the IRS. Generally, semiweekly schedule depositors should use Schedule B if they have reported the payroll taxes more than $50,000. The employers who accumulate more than $100,000 in tax liabilities on any single day in the tax year should also file Schedule B along with Form 941. Read on to know more about
941 Schedule B 2020.