FORM 941 - EMPLOYER'S QUARTERLY FEDERAL TAX RETURN#
The Form 941 – Employer’s Quarterly Federal Tax Return is a hard copy that must be completed manually. The following are the steps recommended to aid in completing the form.
Define Elements #
Create an element in IPPE (941 REPORT) that contains all of the PC's that need to be included in the report. Below is a list of the pay components that could be included. Your company may not require all of them or may require others.
| Description | PC Usage | PC Code | 941 Line |
|---|---|---|---|
| Fed Taxable Wages | 6004 | 2 | |
| Fed Supp Wages | 6005 | 2 | |
| Fed Tax | 6001 | 3 | |
| Add. Fed Tax | 6002 | 3 | |
| Supp Fed Tax | 6003 | 3 | |
| FICA Wages | 6202 | 6 | |
| Medicare Wages | 6502 | 7 | |
| FICA Tax EE | 6201 | 8 | |
| FICA Tax ER | 6210 | 8 | |
| Medicare Tax EE | 6501 | 8 | |
| Medicare Tax ER | 6503 | 8 | |
| EIC PC | 6101 | 12 |
Line 2 – Total Wages
Line 3 – Total Tax
Line 6 – SS (FICA) Wages
Line 7 – Medicare Wages
Line 8 – Total SS and Medicare
Line 12 - EIC
View Pay Run Information #
Line 1 - # of Employees #
For the quarterly report, there is a requirement to count the number of employees in the pay period that contains the 12th. (i.e. MArch 12 for the first quarter).- Open IPVT
- Enter Query Mode
- Select "Closed" for the Stage and enter the pay period that includes March 12 into the Period field.
- Execute the query
- The number of employees processed will be displayed in the Employees field.
Use this number for line 1
Produce Pay Totals Register #
Run the RPREGT for the current quarter using the parameters below.Todate Type: Quarter – this will select the quarter-to-date totals.
Starting and Ending Dates: Use the first and last day of the reporting quarter.
Register Sort Element: ‘941 REPORT’ to only select the amounts required.
Filters: Do not use any filters for 941 purposes.
RPREGT is the ‘todates’ register that can report the month-to-dates, quarter-to-dates, and year-to-date totals. The 941 REPORT element was defined to sort the register to the required amounts.
The report will print the details for each employee, this is for balancing purposes if required. The data for the 941 form will come from the totals page.
Balancing #
Line recommends that you run this report to a file and save it. At the time of completing the current quarter, run the RPGEGT for the previous quarter and compare it to what was submitted on the 941 form for the previous quarter to obtain the data required for the Adjustment lines (4 and 5) for the current quarter.These adjustments could be for previous quarter payrolls processed after the 941 was completed.
