What Is 941 schedule b 2020?
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Video instructions and help with filling out and completing schedule b 941
This video is how to prepare Schedule B of the 941 if you remember from the last video on page 2 of the 941 part 2 we have to mark whether we are a monthly or a semi-weekly depositor if we are a semi-weekly depositor then we must get a touch Schedule B and that's what this video is going to demonstrate for the demonstration I am using the information given in problem 3 - 15 a 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're preparing the Schedule B and I need to do some calculations before I could do that form and I have added those calculations down below here so trading the liability or calculating the liability for each one of the payrolls is done by looking at the employees FICA withholding the OASDI portion which comes from here and then the employers 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 a jaipur ssin which comes from here in the employers portion which again is the Texel 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 six thousand nine hundred and thirty three dollars and fifty cents that took place on January 15th so in the first month on our form on the fifteenth day we would place that liability we would do the same for the next payroll which was January 29th and I've already done that and you can see the liability is six thousand seven hundred fifty nine dollars and seventy cents and that took place on January 29th so I would place that here and in the Box to the right here is just the sum of the liability for that month so we would add these two together notice I keep emphasizing this as the liability this should also match what the company deposited but if not we are listening to liability amount not necessarily the deposit amount for the next month which is February I've calculated both of those liabilities and those payrolls took place on February 29th 15th and the 29th so I have those listed here on the 15th and the 29th and those amounts came from here and here and in 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 month so for February it's these two added together and.