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941 for 2021 1st Qtr is off
Posted: Thu Apr 15, 2021 4:31 pm
by christybeth
Needing some help with my 941. It is off by $727.92 and I believe it may have something to do with the "round tax to nearest whole dollar" that I checked this year for each of the Federal Tax Tables. That was noted in the instructions this year from Powerchurch and I do not believe that was selected in previous years. I am wondering if that is the issue? Should that box not be checked? My line 2 wages for the quarter is $155817.76 and I paid $30250.41 in payroll taxes. $30978.33 is line 6, 10 and 12. Would it be off that amount with rounding? How do I fix this? Can we just pay the $727.92 to get it back in balance or will that cause issues with the w-2's printing accurately? I have been running multiple reports, checking payroll codes and the tax tables trying to figure out what the issue may be. Any new employees hired this quarter look like they are accurate with payroll codes. Appreciate anyone's assistance!
Re: 941 for 2021 1st Qtr is off
Posted: Fri Apr 16, 2021 10:50 am
by NeilZ
christybeth wrote: ↑Thu Apr 15, 2021 4:31 pm
Needing some help with my 941. It is off by $727.92 and I believe it may have something to do with the "round tax to nearest whole dollar" that I checked this year for each of the Federal Tax Tables. That was noted in the instructions this year from Powerchurch and I do not believe that was selected in previous years. I am wondering if that is the issue? Should that box not be checked? My line 2 wages for the quarter is $155817.76 and I paid $30250.41 in payroll taxes. $30978.33 is line 6, 10 and 12. Would it be off that amount with rounding? How do I fix this? Can we just pay the $727.92 to get it back in balance or will that cause issues with the w-2's printing accurately? I have been running multiple reports, checking payroll codes and the tax tables trying to figure out what the issue may be. Any new employees hired this quarter look like they are accurate with payroll codes. Appreciate anyone's assistance!
That's an awful lot of 'rounding'. All it does is round up to the nearest dollar, you don't HAVE to do this unless you want to. Have you posted all your payroll?
Re: 941 for 2021 1st Qtr is off
Posted: Fri Apr 16, 2021 1:25 pm
by christybeth
All of the payroll has been posted so I am not sure what the issue is. I had not previously checked the rounding button until this year per the instructions in PowerChurch and I was hopeful that was where it got off. I'm not even sure where to start now on solving the issue and where to turn to for help.
What have others done if your 941 is out of balance??
Re: 941 for 2021 1st Qtr is off
Posted: Sat Apr 17, 2021 7:38 pm
by NeilZ
christybeth wrote: ↑Fri Apr 16, 2021 1:25 pm
All of the payroll has been posted so I am not sure what the issue is. I had not previously checked the rounding button until this year per the instructions in PowerChurch and I was hopeful that was where it got off. I'm not even sure where to start now on solving the issue and where to turn to for help.
What have others done if your 941 is out of balance??
I think you may have misunderstood the Powerchurch rounding advice, its not required at all.
As far as the amount being off, what exactly is 'out of balance', FITW, Social Security, or Medicare? If your Federal Income Tax tables are setup properly, then the taxes being withheld is correct, not knowing if your employees are subject to SS or Medicare (usually these are ordained positions), its hard to give any advice.