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Print Quarterly Federal Payroll Tax Report

Use this screen to print information in a summarized form relating to amounts that are required to be reported on the quarterly Form 941 and on the annual Form 940.

The source of the information on this report is the Employee Earnings table. To obtain backup information for this report, print the Earnings Report or review Payroll Journals. You can print this report for any calendar quarter or for any check date range within the same payroll year.

This report prints YTD Gross, QTR Gross, QTD Gross Less Federal Exempt Deductions, QTD Taxable Social Security Wages, QTD Taxable Medicare Wages, and QTD FUTA Wages for each employee, as well as totals for each state and the number of employees on the report. Employees are not included on the report if they had no wages in this period, even if their working state is printed. The last page of the report includes summarized report totals, plus a comparison of computed social security and Medicare liabilities.

Note: Beginning January 1, 2013, the U.S. Internal Revenue Service (IRS) requires an employer to withhold Additional Medicare Tax on wages that are paid to an employee in excess of the IRS threshold amount (set at $200,000 in 2013). Costpoint has been updated for this requirement and now the Additional Medicare Withholding amount is stored in a separate column on the Employee Earnings table. As part of this enhancement, the FICA summary section on this report displays a separate row for the calculation of the Medicare Employee Additional Withholding amount.

The Federal 940 Data section that prints at the bottom of the report includes the FUTA Credit Reduction Amount (Line 11 of the 940 form) along with information about the FUTA credit reduction states, the percentages that apply to each, and the FUTA credit reduction amount for each.

Print this report at the end of each calendar quarter to obtain information relating to amounts required for the Form 941 quarterly report. This report also provides the quarterly and YTD FUTA liability, so that a FUTA tax deposit can be made. You can print this report for any quarter or for any check date range within the same payroll year.

Multi-state functionality was added to a number of applications. This functionality allows the proper calculation of withholdings for employee who work in multiple states during a single pay period. Because of the new tables needed for multi state calculation, the payroll reports looks to a new table, EMPL_EARN_STATE, that can hold multiple state taxes for one paycheck.