Get Irs Instructions 941 - Schedule B 2024-2025

Who Must File? File Schedule B if you're a semiweekly schedule depositor. You're a semiweekly schedule depositor if you reported more than $50,000 of employment taxes in the lookback period or accumulated a tax liability of $100,000 or more on any given day in the current or prior calendar year.

Generally, you must file Form 941, Employer's QUARTERLY Federal Tax Return or Form 944, Employer's ANNUAL Federal Tax Return to report wages you've paid and tips your employees have reported to you, as well as employment taxes (federal income tax withheld, social security and Medicare taxes withheld, and your share of ...

Use Schedule B (Form 1040) if any of the following applies: You had over $1,500 of taxable interest or ordinary dividends. You received interest from a seller-financed mortgage and the buyer used the property as a personal residence. You have accrued interest from a bond.

—Schedule B (Form 941) is used by the IRS to determine if you have timely deposited your employment and withholding tax liabilities. Unless Schedule B is properly completed and filed with Form 941, the IRS will not be able to process your return and will have to contact you for the missing information.

Form 941 is an information form in the payroll form series which deals with employee pay reports, such as salaries, wages, tips, and taxes. Schedule B specifically deals with reporting federal income tax, social security tax, and Medicare tax withheld from the employee's pay.

You must complete Schedule B if you receive interest or dividend income. Form 1099-INT and 1099-DIV.

Schedule B accompanies Form 941, it's a daily report of the employer's tax liability for federal income tax withheld from employees. It also reports the employer's share of Social Security and Medicare taxes withheld during the period.