What is Form 941 Schedule B?
Form 941 Schedule B must be filed by employers along with Form 941 or 941-SS if they are a semi-weekly depositor or have accumulated $100,000 or more in tax liabilities on any given day in the current or past calendar year.
An employer is considered to be a semi-weekly depositor of federal employment taxes for the entire calendar year if the aggregate amount of taxes reported on Form 941 is more than $50,000 in the look-back period (the total amount of employment taxes reported by the employer in the 12-month period preceding June 30th).
For example, the look-back period to submit employment tax deposits in 2020 would be the 12-month period from July 1, 2018 to June 30, 2019.
How to Create Fillable Form 941 Schedule B
- STEP 1
While preparing your Form 941, ExpressEfile will automatically provide Schedule B if you select “You were a semiweekly schedule depositor for any part of this quarter” under Part 2 - Line 16.
- STEP 2
Enter tax liabilities for each day of the respective quarter.
- STEP 3
Schedule B (Form 941) is then generated along with your
Form 941. Upon completion, you can download copies of the form for free.