This program allows the user of the FACTS system to print the 941 report for the current period for each company.
Although the report may be printed at any time, information is incomplete until the last payroll of the period is run and the Check Register updated. The report should be printed PRIOR to running the End-of-Period Update since that program zeros period-to-date figures.
Income tax withheld for payroll items will be reported on this form. Report information includes the following: company name and address and federal tax identification number. For each employee, the following is printed: social security number, employee name, gross wages, total wages subject to federal taxes, amount of federal tax withheld, total wages subject to FICA and FICA amount withheld, total wages subject to state tax and state tax withheld and total wages subject to local tax and local tax withheld. Report totals for gross wages, federal wages, federal tax, FICA wages, FICA tax, state wages, state tax, local wages and local tax are printed. The total number of employees listed is also included.
The Tax Liability Recaps prints date wages paid through for the three months of the quarter.
1. Period
Enter whether to print 941’s information for the Period, Quarter or Year. Enter (CR) defaults to P.
2. Order
Enter N or Y to indicate whether to print 941 information in state order. Enter (CR) defaults to N.
3. Recap
If P or Y was entered in field #1 this field is skipped. IF Q was entered in field #1, and Y was entered in field #2, this field is skipped. If Q was entered in field #1 and N was entered in field #2, enter N or Y to indicate whether to print the detail of each month of the quarter. The detail includes a tax liability recap. Enter (CR) defaults to N.
4. Earned Income
Enter N or Y to indicate whether to include earned income credit (FIEI) amounts on this report. This field is displayed only if the FIEI code is set up in the Deductions Code F/M and the Code Sequence F/M. Enter (CR) defaults to N.