The instructions for the 941 Schedule B requires that you report all wages paid, tips for employees and federal income tax withheld. Further, the instructions state that you must also report the employer's and employees share of Social Security and Medicare taxes paid during the year.
The 941 also requires you to report any adjustments to current quarters for Social Security and Medicare amounts. Additionally, if any changes occur to sick pay, tips and group-term life insurance those adjustments must also be reported for Form 941 purposes. If you fail to report these amounts, it can often result in severe penalties and interest.
The instructions for the 941 also requires that all Advance Earned Income Tax Credit Payments, known as EIC be reported on the form. In addition, the instructions specifically state that you must report all of the COBRA Premium Assistance Payments made during the year.
In regards to reporting wages during the year, if you made deposits in full for any quarter, you have 10 more days after the required due dates to file the 941.
The following are the associated due dates:
Jan, Feb, Mar – Quarter ends March 31 and is due on April 30th.
Apr, May, June – Quarter ends June 30th and is due on July 31st.
July, August, September – Quarter ends September 30 and is due on October 31st.
October, November, December – Quarter ends December 31 and is due on January 31st.
To ensure you are meeting all of the instructions for the 941 Schedule B, we recommend using Quickbooks online payroll.