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Standard Report - 941 Report

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Report Description

The 941 is for employers withholding income tax, social security tax, or Medicare tax from an employee’s paycheck or an employee who must pay the employer’s portion of those taxes - in which case the employee must use the 941 Form to report those taxes on a quarterly basis. This report makes filing quarterly 941 Federal Tax Returns easy.

941Report.png

 

 

 

Parameters

Parameter Name

Options

Explanation

Year Quarter

List of Year followed by quarter name or Year followed by quarter name then | and Staffing Company (if Supplier property GenerateSeparateGSXMLFile

Is set to True)

Shows the Year, Quarter and the staffing company from the Config Year (Admin>Employer>Config Year). The year shown is of this year or prior year.

 

 

 

 

Report Fields

Field Name

Explanation

Employer identification number (EIN)

FEIN of supplier

Name

Full name of supplier

Trade name

Not pulled

Address

Street1 and Street2 from address of the supplier

City

City from address of supplier

State

State from address of supplier

ZIP code

Zip code from address of supplier

Foreign country name

Not pulled

Foreign province/county

Not pulled

Foreign postal code

Not pulled

Report for this Quarter of

1: January, February, March is checked if the report is run for Q1

2: April, May, June is checked if the report is run for Q2

3: July, August, September is checked if the report is run for Q3

4: October, November, December is checked if the report is run for Q4

1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4)

Shows the Total941Employees from GS_Company941Info

2 Wages, tips, and other compensation

Shows the Total941Wages from GS_Company941Info

3 Federal income tax withheld from wages, tips, and other compensation

Shows the Total941IncomeTaxWithheld from GS_Company941Info

4 If no wages, tips, and other compensation are subject to social security or Medicare tax

Check and go to line 6.

Checked if NotSubjectToIndicator from GS_Company941Info is True

5a Taxable social security wages..

Shows TaxableSocialSecurityWages from GS_Company941Info under Column 1 and TaxableSocialSecurityWages * .124 under Column 2

5b Taxable social security tips...

Shows TaxableSocialSecurityTips from GS_Company941Info under Column 1 and TaxableSocialSecurityTips * .124 under Column 2

5c Taxable Medicare wages & tips

Shows TaxableMedicareWagesTips from GS_Company941Info under Column 1 and TaxableMedicareWagesTips * .029 under Column 2

5d Taxable wages & tips subject to Additional Medicare Tax withholding

Shows AdditionalTaxableMedicareWagesTips from GS_Company941Info under Column 1 and AdditionalTaxableMedicareWagesTips * .009 under Column 2

5e Add Column 2 from lines 5a, 5b, 5c, and 5d ...............

Shows the sum of values from Column 2 of 5a, 5b, 5c and 5d

5f Section 3121(q) Notice and Demand - Tax due on unreported tips (see instructions) ..

Not pulled, default value 0.00 shown

6 Total taxes before adjustments. Add lines 3, 5e, and 5f ............

Sum of values from question 3, 5e and 5f

7 Current quarter's adjustment for fractions of cents .............

Shows the FractionOfCentsAdjustment from GS_Company941Info

8 Current quarter's adjustment for sick pay ................

Shows the SickPayAdjustment from GS_Company941Info

9 Current quarter's adjustments for tips and group-term life insurance .......

Shows the IncomeTaxWithheldAdjustment from GS_Company941Info

10 Total taxes after adjustments. Combine lines 6 through 9 ...........

Shows the sum of values from question 6, 7, 8 and 9

11 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X, 941-X (PR), 944-X, 944-X (PR), or 944-X (SP) filed in the current quarter .......................

Not pulled, default value 0.00 shown

12 Balance due. If line 10 is more than line 11, enter the difference and see instructions...

Calculated as value from question 10 – value from question 11 if the value in question 10 is greater than value in question 11

13 Overpayment. If line 11 is more than line 10, enter the difference

Shows the difference of value from question 11 and question 10 if value in question 10 is less than value in questions 11

Check one:

Apply to next return. Is checked if ApplyToNextIndicator from GS_Company941Info is True

Send a refund. . Is checked if RefundedIndicator from GS_Company941Info is True

14 Check one:

Line 10 on this return is less than $2,500 or line 10 on the return for the prior quarter was less than $2,500, and you did not incur a $100,000 next-day deposit obligation during the current quarter. If line 10 for the prior quarter was less than $2,500 but line 10 on this return is $100,000 or more, you must provide a record of your federal tax liability. If you are a monthly schedule depositor, complete the deposit schedule below; if you are a semiweekly schedule depositor, attach Schedule B (Form 941). Go to Part 3. Is not checked from the logic of the report

 

You were a monthly schedule depositor for the entire quarter. Enter your tax liability for each month and total liability for the quarter, then go to Part 3. Is checked if the value of supplier property GS_Company941Info_MonthlyDepositorIndicator is True

 

Tax liability:

Month 1 shows the value of FirstMonthLiability from GS_MonthLiability if the value of supplier property GS_Company941Info_MonthlyDepositorIndicator is True

 

Month 2 shows the value of SecondMonthLiability from GS_MonthLiability if the value of supplier property GS_Company941Info_MonthlyDepositorIndicator is True

 

Month 3 shows the value of ThirdMonthLiability from GS_MonthLiability if the value of supplier property GS_Company941Info_MonthlyDepositorIndicator is True

 

Total liability for quarter shows the sum of Month 1, Month 2 and Month 3

 

You were a semiweekly schedule depositor for any part of this quarter. Complete Schedule B (Form 941), Report of Tax Liability for Semiweekly Schedule Depositors, and attach it to Form 941. Is checked if the value of the supplier property GS_Company941Info_SemiweeklyDepositorIndicator is True

 

15 If your business has closed or you stopped paying wages ...............

Not pulled for both checkbox and textbox field

16 If you are a seasonal employer and you do not have to file a return for every quarter of the year.

Not pulled

Do you want to allow an employee, a paid tax preparer, or another person to discuss this return with the IRS?

Yes is checked if DesigneeIndicator from GS_Company940 is True

No is checked if DesigneeIndicator from GS_Company940 is False

 

Designee's name and phone number

Shows the DesigneeName and DesigneePhone from GS_Company940

Select a 5-digit Personal Identification Number (PIN) to use when talking to IRS

Shows the DesigneePin from GS_Company940

Sign your name here

Not pulled

Date

Not pulled

Print your name here

Not pulled

Print your title here

Not pulled

Best daytime phone

Not pulled

Check if you are self-employed...........

Not pulled

Preparer's name

Not pulled

PIN

Not pulled

Preparer's signature

Not pulled

Date

Not pulled

Firm's name (or yours if self-employed)

Not pulled

EIN

Not pulled

Address

Not pulled

Phone

Not pulled

City

Not pulled

State

Not pulled

ZIP code

Not pulled

 


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