Since the IRS requires employees to withhold federal income tax and payroll taxes from the employee’s paychecks, Form 941 is used to report the total amount of tax withheld each quarter. This IRS form also reports both the employee and the employer’s Medicare and Social Security tax. So FICA taxes are also shown in Form 941.
When completing Form 941 (Schedule B) you need to list your tax liability for each day which includes FICA and taxes withheld from employee’s paychecks.
Semi-Weekly Schedule Depositors
Those who are semi-weekly depositors are required to file a Form 941 along with Schedule B. However, this only applies if you gathered more than $100,000 in tax liability or more on any given day in the year or reported more than $50,000 of employment taxes in the lookback period.
Printable Schedule B Form 941
The Internal Revenue Service offers all the documents that you need as an employer to fulfill your duties. Schedule B (Form 941) requires a lot of work but luckily, you can complete it online without the need for a pencil.
Upon opening Schedule B below, you can start filling out the form for each day of the month. You will need to detail each day of the months to show your tax liability for the quarter. When you file Schedule B, do not change your tax liability by adjustments reported on other forms.