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Everything You Need To Know About Form 941 Schedule B: What You Should Know

Your obligations generally depend on your specific employment relationship. However, you must withhold, in a timely manner, any state and local taxes that are directly related to those taxes that the IRS has already ordered you to withhold from your employee's wages. IRS Form 941 Schedule B — Employer If you are an employee, you should file Schedule B before your pay periods are closed. You should also file your Schedule B by the end of the business day after the close of each quarter. IRS Form 941 Schedule B — Employer and Self-Employed Filing the Schedule B at the end of each quarter allows you to meet the payroll period requirements under section 1255 of the Internal Revenue Code (the “Code”) without paying tax liability. This means that only those wages subject to tax under sections 5 and 11 of the Code are deducted in the April quarterly wages reporting period. The amount of withheld taxes you need to withhold on each of your employee's withholdable wages are as follows. You should also file Form 941 for each payment. The table gives you the tax liability of the payment that is the most sensitive to the quarterly report period. A few important points concerning your tax reporting should also be noted to make sure your tax reporting is properly completed. The following tax reporting requirements apply to Schedule B (Form 941) (Schedule B) for employers. (1) Employers and Employees; Filing the Form on behalf of the Employer — If this is the first payroll reporting period for the business and the employer uses this form to report wages by both an employee and an employer, then the employer and employee jointly file Form 941 on his or her behalf to report the tax liability for all wages reported for the pay period. The Form 941 is not required if the employer uses the form to report only wages by an employee. (2) Form 941 — Employers Reporting by an Employee — The IRS generally requires that employers report a self-employment tax by providing only one report. You may prefer to do this instead of filing Form 941 for the first quarter. In that event, both the Schedule B and Form 941 are filed with Form 941. (3) Self-Employed Employees — The Form 941 is no longer required, even if the Form 941 is filed on behalf of an employee, as the self-employment tax by you for the current month is reported by the employee on the statement of wages for that month on the Form W-2.

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