The IRS Form 941 (Schedule B) is used for the reporting of Tax liability for Semiweekly schedule depositors. This information is reported on Schedule B (Form 941) along with Form 941.
On Form 941 Schedule B, you must report tax liability for each day of the month. These Liabilities include:
- The Federal income tax withheld from employees' paychecks
- Both Employer and Employee share of Social Security and Medicare taxes.
Who must File Form 941 Schedule B?
Form 941 Schedule B for 2024 is used by semiweekly schedule depositors,
- Reporting more than $50,000 in employment taxes for the previous period
- Accumulated tax liabilities of $100,000 or more for the current or past calendar year
Note: If you become a semiweekly schedule depositor during the quarter, you must complete 941 Schedule B for the whole quarter.
When Must You File Form 941 Schedule B for 2024?
Form 941 Schedule B is filed with Form 941. Therefore, the due date of 941 Schedule B is the same as the due date for
the Form 941.
| Quarter | Reporting Period | Deadline |
|---|---|---|
| Quarter 1 | January - March | April 30, 2024 |
| Quarter 2 | April - June | July 31, 2024 |
| Quarter 3 | July - September | October 31, 2024 |
| Quarter 4 | October - December | January 31, 2025 |
What are the changes in Form 941 for the 1st quarter of 2024?
The IRS has revised Form 941 for the 2024 tax year. According to which, the Social Security wage base limit has been increased to $168,600. Also Social Security and medicare taxes is now applicable to household employees who are paid $2,700 or more and Election workers who receive $2,300 or more in cash. Most important update to note is that, Businesses can no longer claim COVID-19-related credits for qualified sick and family leave wages on Form 941. Also a new Spanish Form 941 (sp) has been introduced and can be used by Employers in U.S Territories to report their taxes. Form 941-SS and 941-PR are discontinued after 2023.
Visit https://www.taxbandits.com/revised-form-941-changes-for-2024/ to learn more about Revised Form 941 for 2024.
How TaxBandits Helps You Complete Your Form 941 Schedule B?
To complete your 941 Schedule B report for 2024, you are required to enter your tax liability in the numbered space that corresponds to the date that wages were paid.
TaxBandits helps you to file Form 941 Schedule B for you that's based on the information you provide while completing your Form 941.
Learn more about how to e file form 941 for 2024 with TaxBandits.
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