Schedule B Form 941 960311 Report of Tax Liability for Semiweekly Schedule Depositors Rev. January 2017 OMB No. 1545-0029 Department of the Treasury Internal Revenue Service Employer identification number EIN Report for this Quarter. Check one. 1 January February March Name not your trade name 2 April May June Calendar year 3 July August September Also check quarter 4 October November December Use this schedule to show your TAX LIABILITY for the quarter don t use it to show your deposits....
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This video is how to prepare Schedule B of the 941. If you remember from the last video on page two of the 941 (part two) we have to mark whether we are a monthly or semi-weekly depositor. If we are a semi-weekly depositors then we must attach schedule B. And that's what this video is going to demonstrate. For the demonstration I'm using the information given in problem 3-15A on page 3- 48 of your textbook. I have that information in an Excel document so this is the information that was provided by your textbook and then for requirement A we are preparing the schedule B. I need to do some calculations before I could do that form and I've added those calculations down below here. So creating the liability or calculating the liability for each on the payroll is done by looking at the employees' FICA withhholding (the OASDI portion) which comes from here and then the employer's portion which is calculated by taking the taxable wages times the percentage which is the same amount in this case. They do not always come out to be identical, but in this case they do. And then the employees' FICA (the HI portion) which comes from here and the employer's portion (which again is the tax on wages times the percent: 1.45%) and it happens to match the employees withholding for that period in this case. And then the employees federal income tax withholding which came from here. We add that all together and the liability for that date was $6933.50 that took place on January 15th so when the first month on our form on the 15th day we would place that liability. We'll do the same for the next pay which was January 29th and I've already done that and you can see the liability is $6759.70. And that took place on January 29 so I would place that here. In the box to the right here is the son of a liability for that month so we would add these two together. Notice that I keep emphasizing this is the liability. This should also match what the company deposited, but if not we are listing the liability amount (not necessarily the deposit amount) for the next month which is February I've calculated both of those liabilities. Those payrolls took place on February 29th (15th and the 29th) so I have those listed here on the 15th and 29th. And those amounts came from here and here. And the same for March. The two liabilities on the 15th and the 31st and those are placed on the 15th and the 31st. We have the sum in the box for each one of the months so for February its these two added together and for march into these two together. This last box is just the sum of all three months added together. So adding down this column (January plus February plus March is this total $42,803.04 which you'll see I had already added together on the Excel document and that total is the same there. So that is how you do schedule be for the 941. And then this problem had another requirement which is down below here. Part B of this problem- they gave you the pay dates. I went ahead and inserted a...