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Form 941 (Schedule B) MS: What You Should Know
The deposit penalty is calculated based on the actual dollar amount of overdue taxes and does not count interest and early repayment penalties. The penalty will be paid by the employer. · The Department of the Treasury (Treasury) uses the amount of the actual delinquency to the number of days you are delinquent. A schedule b schedule deposit occurs if you are a semi-weekly schedule depositor and failed to file electronically by the due date for your last pay period for the prior calendar year. However, if you are a semi-weekly schedule depositor (which includes all hourly and some salaried employees), whether you are a semi-weekly schedule depositor or not, and whether you report your wages electronically or not, the following applies: (1) Report the information electronically. If you are required to make tax payments electronically, file your Schedule B by 11:59 p.m., Eastern Time, on the day you receive your W-2 form. (2) File your report for the pay period in which you received payment in the next calendar year on Form 941. You must also file Form 941-SS for the employment tax year in which you received payment, even if you haven't received final wages for that tax year. (3) If you are a schedule biweekly or monthly schedule depositor, file your monthly or quarterly employment taxes electronically with Form 941-SS. (4) If you are a semi-weekly schedule depositor and report wages electronically for all tax years in which you received payment, we will have an opportunity to propose a deposit penalty if the balance of delinquent taxes exceeds 500, the amount of which may be reduced by the amount of any interest and early repayment amounts you have paid due to delay in filing, etc. See Deposit Penalties in section 11 of Pub. Form 941 (Schedule B) is available to download (with all relevant forms) in a .pdf file in .pdf format. We also provide a .dot file for a .pdf view. Form 941 (Schedule B) (Rev.
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