Schedule B (Form 941) — 2013 Tax Year Checklist
Purpose
Schedule B (Form 941) documents daily federal employment tax liability for semiweekly schedule depositors during each quarter of 2013. The IRS requires employers to reconcile the quarterly liability reported here to line 10 of Form 941 without adjusting for separately filed Forms 941-X corrections. Semiweekly depositor status applies when total employment taxes reported during the lookback period exceed $50,000 or when a $100,000 daily accumulation triggers the next-day deposit rule.
Filing Steps for 2013
1. Confirm Semiweekly Depositor Status
You must file Schedule B if your accumulated employment tax liability reported during the lookback period exceeded $50,000. The lookback period runs from July 1 of the second preceding calendar year through June 30 of the prior calendar year. Employers who accumulate $100,000 or more of taxes on any single day during a deposit period must deposit those taxes by the next business day and become semiweekly schedule depositors beginning the day after accumulation.
2. Identify the Correct Quarter
Check one box only at the top of Schedule B to match the quarter covered by your Form 941 filing for 2013. The available quarters are:
- Q1 (January through March)
- Q2 (April through June)
- Q3 (July through September)
- Q4 (October through December)
3. Enter Your Complete Legal Employer Name and Nine-Digit EIN
Enter your exact legal employer name as shown on your 2013 Form 941 and employment tax records. Your EIN must match the EIN the IRS assigned to your business and must appear on both Schedule B and the attached Form 941.
4. Record Daily Tax Liability in Numbered Spaces for Month 1
Enter your daily tax liability in the numbered spaces 1 through 31 that correspond to the dates you paid wages during Month 1 of the quarter. You must use the actual date wages were paid to employees, not the date deposits were made or payroll liabilities were accrued. Daily liability includes:
- Federal income tax withheld
- Employer and employee shares of Social Security tax (6.2% each)
- Employer and employee shares of Medicare tax (1.45% each)
- Additional Medicare Tax withheld at 0.9% from wages exceeding $200,000 in the calendar year
5. Repeat Daily Liability Entries for Month 2 and Month 3
Enter daily liability amounts for Month 2 and Month 3 of the same quarter in their respective sections. Respect the actual calendar days in each month when entering liabilities. For example, February 2013 has 28 days, so you must leave day 29 blank.
6. Calculate and Enter the Subtotal for Each Month
Add all daily liabilities within each month and enter the sum in the designated:
- “Tax Liability for Month 1”
- “Tax Liability for Month 2”
- “Tax Liability for Month 3”
Verify each monthly total before proceeding to the quarterly calculation.
7. Sum All Three Monthly Subtotals and Enter the Total Liability for the Quarter
Add the three monthly subtotals together and enter the result on the final line labeled “Total Liability for the Quarter.” This amount must precisely equal line 10 on Form 941 for the same quarter of 2013.
8. Attach Schedule B to Form 941 Before Filing
You must attach Schedule B to your Form 941 when you file. Do not file Schedule B separately. Do not adjust Schedule B amounts to reflect any corrections reported on Form 941-X for 2013, because Form 941-X is filed separately and corrections appear only on the amended return itself.
2013 Year-Specific Changes and Guidance
Semiweekly Depositor Status and the $100,000 Next-Day Deposit Rule
- Employers who reported more than $50,000 of employment taxes during the lookback period (July 1, 2011, through June 30, 2012, for calendar year 2013) are classified as semiweekly schedule depositors for 2013.
- Employers who accumulate $100,000 or more of taxes on any single day during a deposit period must deposit those taxes by the next business day under the $100,000 next-day deposit rule.
- Accumulating $100,000 or more immediately changes your depositor status to semiweekly, beginning the day after accumulation, requiring you to follow semiweekly deposit timing rules going forward.
Form 941 Line 10 Reconciliation Requirement
- The total liability for the quarter shown on Schedule B must exactly match line 10 (Total Taxes After Adjustments) on Form 941 for the same quarter of 2013.
- Line 10 represents the final tax liability after accounting for Social Security taxes, Medicare taxes, Additional Medicare Tax, and current quarter adjustments for fractions of cents, sick pay, tips, and group-term life insurance.
- The IRS uses Schedule B to verify that employers deposited federal employment tax liabilities on time according to the semiweekly deposit schedule.
Form 941-X Corrections and Schedule B
- You must not adjust Schedule B amounts to reflect corrections reported on Form 941-X.
- Form 941-X is an adjusted return filed separately from Form 941 to correct errors discovered on previously filed quarterly returns.
- Prior period adjustments reported on Form 941-X are not taken into account when figuring the tax liability for the current quarter shown on Schedule B.
Additional Medicare Tax Withholding Introduced in 2013
- Beginning January 1, 2013, employers must withhold an Additional Medicare Tax of 0.9% from wages paid to an employee in excess of $200,000 in a calendar year.
- Employers must begin withholding Additional Medicare Tax in the pay period in which wages exceed $200,000 and continue withholding each pay period through the end of the calendar year.
- Additional Medicare Tax is imposed only on the employee; there is no employer share of Additional Medicare Tax.
- Daily tax liability recorded on Schedule B for 2013 includes all withheld Additional Medicare Tax along with federal income tax withholding, Social Security tax (both employee and employer shares), and Medicare tax (both employee and employer shares).
Items Not Included in Schedule B Daily Liability
- Do not include Federal Unemployment Tax Act (FUTA) taxes on Schedule B, because FUTA is reported and paid separately on Form 940.
- Do not include state income taxes or state unemployment taxes on Schedule B, because these are state obligations reported on state forms.
- Do not use Schedule B to show federal tax deposits made; the IRS obtains deposit data from electronic funds transfer records through the Electronic Federal Tax Payment System.
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This checklist is for educational purposes only and does not constitute tax or legal advice. Always review official IRS instructions and consult a qualified professional for guidance.
