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Video instructions and help with filling out and completing 2021 form 941 schedule b
Continuing on with our discussion of form 941 we've taken a look at company information at the top and reporting the quarter we've entered information for the company down through line 6 e so for us to complete this line 7 through line 15 we'll be taking a look back at this company that we were working on and the information that comes from their payroll report and within here I've added some information now we had that this was the total for our quarterly rage this was the total for our OASDI from the employee side and we had this amount for the Medicare for the employee side and of course the federal income taxes employee only so then we took a look the next piece that we have is the amount of OASDI that we would have had if this were equal for every pay period that's how one of the examples in the book was so I carried that just for us to become familiar with the forms so we have this with our employee in that if I had this amount for my OASDI tax and there were seven pay periods as shown in the book then this 44 9.38 must be the amount that I have for every pay period and that amount is at the 4.2 percent now this amount for the employee or FICA tax that OASDI is calculated by this total wages that we have x the 6.2 percent back here with my employees FICA that H I tax again I went to this box right here and basically divided it by seven and the formula if you know Excel I got a formula in there that rounds it to the nearest penny for me and it came out to 15 5.14 again this H I / 7 pay periods because that's what it indicated in the book on page 3 25 and then our employee earth FICA tax was this total divided by the seven pay periods notice both for employee and employer that H I tax is one point four five percent this amount for the employees fi t withholding I simply calculated as if each pay period were exactly the same for simplicity so it's this amount right here divided by seven so this gives me my total taxes / payday and I simply added those up what's the OASDI for the employee each pay period employee or H I for the employee and employer and the amount of fi t so this would be the total that we have for the pay period then I expanded that the total liability that we have for federal taxes that liability is times that seven deposits because this is a semi-weekly depositors which means that after every pay period they have to send in their deposits rather than waiting until the end of the month and so we've got this total liability for the quarter another piece that I added.