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Video instructions and help with filling out and completing 2022 form 941 schedule b
Instructions and Help about 2022 form 941 schedule b
Okay guys um this is a video to show you how to to fill out a form or I'm sorry Schedule B that goes along with form 941 now this is needed if the tax liability for the quarter is a two thousand five hundred dollars or more this example is 315 be you're doing 315 a forward homework so this problem is very similar but just slightly different numbers now the mistake that most people have when they're completing this thing is that they forget that we report on this form both the employer and the employee portions of Social Security and Medicare remember those two comprise the FICA tax okay so if we were to look on page three dash 63 of your book you'll find example 3 15 be okay there's several different paydays here and this is for the first quarter right january-february March this form here we're looking at the first month k it tells us on the 13th day of the first month right of the quarter January's the first month of the quarter the 13th day that was one of the semi monthly paydays the gross wages were three thousand or thirty four thousand two hundred dollars FICA was two thousand one hundred twenty dollars and forty cents okay this is just the this is only one half of it right so we've got the employer and the employee half so we need to add these two together tells us that the FICA taxes withheld right so this is when it says withheld it just means employee portion so the FICA part portion withheld I'm sorry the Medicare portion of the HR portion is for 95 90 we've got an employee half and an employer half in addition to that federal income taxes withheld for all the employees were 4,000 one and eighty dollars if we add all those together we get nine thousand four hundred twelve dollars and sixty cents okay so you just plug that into the day of the payroll of the payday which was the 13th day of the first month which was January okay so when you're filling out these other days if you go through it's pretty much the same same Bob procedure so if we were to look at the next one it tells us that we had two thousand thirty nine dollars and eighty cents withheld for for a social security in four hundred and seventy seven dollars and five cents for for Medicare 4090 dollars was withheld for federal income taxes so essentially what we're going to do for each of these is the amount that was withheld for FICA which is social security and medicare we have to multiply each of those BOTS to write a dent to the total amount of withholding and if we were to use the numbers for the payroll of the 31st if we add those five items together right employer half and employee halves of both.