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taxmanrog
taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 373
Experience:  Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
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accountant -- IN MAJOR NEED TO BE TOLD HOW TO DO THE 941 REPORT

Customer Question

accountant -- IN MAJOR NEED TO BE TOLD HOW TO DO THE 941 REPORT THAT YOU SEND IN TO IRS AND THE 940 PLEASE SOMEONE FAST
Submitted: 9 months ago.
Category: Tax
Expert:  taxmanrog replied 9 months ago.

Welcome to Just Answers! Thank you for giving me the opportunity to assist you! I will do my best to help!

 

What are your particular questions with the Form 941 and Form 940?

 

The Form 941 is used to report quarterly wages that employees earn. They are due on the last day of the month following the end of the quarter. The third quarter ended September 30, so the 941 for this quarter is due October 31.

 

Line 1 is simple - How many employees you had on the date specified for the quarter - March 12 for 1st Qtr, June 12 for 2nd Qtr, September 12 for the 3rd Qtr, or December 12 for the 4th Qtr. Line 2 asks for the total compensation that you paid to your employees for the quarter. Line 3 asks for the Federal income tax that you withheld from the employees for the quarter.

 

Line 5 is where it gets complex, as the Social Security/Medicare wages can be different from the taxable wages. Things like 401(k) deductions are not included in the Line 2 wages but are in the Line 5 wages. Line 5a column 1 is your Social Security Wages, column 2 is those wages times 12.4%, which is the employee plus the employer amounts. Line 5b applies only if you are a restaurant. Line 5c column 1 is the Medicare wages, which are the same as the Social Security wages, at least up to the FICA max ($113,700 this year). Column 2 is those wages times 2.9%.

 

The rest is simply reconciliation. I can help you actually complete the form if you give me the data - Gross wages, let me know if you have any 401(k) contributions, the amounts of Federal , Social Security and Medicare withholding, I can complete the Form for you.

 

The Form 940 is prepared annually. However, the deposits have to be made quarterly. In order to know the correct percentage to pay, I need to know if your employees are covered by a State unemployment plan, and what state you are in.

 

It is important to remember that there may also be a State 941 to complete as well.

 

I look forward to your reply. Then I can give you a completed sample Form 941.

 

Thanks!

 

Roger

 

 

Customer: replied 9 months ago.

I work for a body shop in Maine and we thought that our bookkeeper was do and come to find out he has not. If I do them and forward them to you can you check them for me

Expert:  taxmanrog replied 9 months ago.

Unfortunately I cannot contact you directly or receive emails from you, but if you can upload the information, or the form, on this website (block out identifying information) I will be happy to review it for you. Alternatively, if you give me the payroll information I can complete the form for you.

 

Thanks!

 

Roger

Customer: replied 9 months ago.

awesome I will do that in about 20 mins if that is ok

Customer: replied 9 months ago.

2013-01-16 --3713.22


2013-02-14 --4365.32


2013-03-15 --4507.53


2013-04-16 --3976.83


2013-05-15 --4363.76


2013-06-17 --4729.84


2013-07-14 -- 3493.07 WAS LATE


2013-08-14 --3759.47


2013-09-15 --4582.18


 


I seem to be having a problem getting the form on here. I have it on my laptop but can't get it to upload. Can you try. Had to talk to a mechanic and he was able to when I could not


 

Expert:  taxmanrog replied 9 months ago.

Are these the amounts of gross pay? Or are these the Federal Tax Deposits for each month? I am guessing that these are your Federal Tax Deposits (FTD) because you mention late on one.

 

In order to complete the Form 941, I need the 1) Gross Wages, 2) Federal income tax withheld from the checks, and 3) FICA and Medicare withheld from the checks. There would also have been state income tax withheld, but I am not worried about state here! I want to help you calculate the Federal first.

 

How many employees do you have?

 

What are you using for computing payroll? QuickBooks? or something similar?

 

The good news is that if you have been making the FTDs on time, and just not filing the returns, your penalty exposure is much less. The big penalties are for failure to make the timely deposits!

 

Thanks! I want to get this resolved for you in the easiest way possible. It looks like you have at least two Forms 941 missing, I can do them both. If you have the deposit you would make on 10/15 I can do the third quarter one too.

 

 

 

Roger

Customer: replied 9 months ago.

9 EMPLOYEES


 


FIRST QUARTER


Employ /GROSS/FED/SSORMED/ STATE =NET


PAUL-- 6656.00 / 722.00 / 412.68 / 119.68 / 254.75 = 5146.89


MATT --1032.00 / 12.00 / 65.74 / 14.92 = 939.34


WANDA-- 9048.75 / 839.00 / 561.04 / 131.24 =7197.47


JOHN --8918.00 / 580.81 / 552.93 / 129.34 / 171.00=7483.92


TRACY --4160.00 / 442.00 / 245.16 / 60.32 / 180.44 = 3232.12


CODY --1488.00 / 115.00 / 92.45 / 21.78 / 17.00=1241.77


GARY --9425.00 / 923.00 / 555.35 / 136.63 / 377.00 =7433.02


COREY --9503.5 / 1300.00 / 589.20 / 172.28 =6896.32


PETER 3510.00 / 371.00 / 217.62 / 50.90 / 117.94=2752.54


 


ON THE SS


WHICH ONE IS THE MED AND FICA


GROSS X .145


GROSS X .062


ALL IS BEING DONE BY HAND


BOSS IS OLD SCHOOL WOULD LOVE TO DO IT ON COMPUTER


 


YES I HAVE BEEN PAYING THEM

Customer: replied 9 months ago.

SECOND QUARTER


PAUL -- 8625.75 /916.00 / 534.26 / 125.11 / 394.00=6656.38


 


MATT -- 1008.00 / 14.00 / 64.43 / 14.57 =915.00


 


WANDA -- 8981.25 / 840.00 / 556.84 / 130.28 / 321.00 =7133.13


 


JOHN --8172.5 / 460.00 468.01 / 117.39 / 143.73 =6983.37


 


TRACY --4160.00 / 442.00 / 257.92 / 60.32 / 180.44 =3219.32


 


CODY --2245.00 / 96.00 / 138.65 / 33.11 / 23.75 =1953.49


 


GARY --9425.00 / 923.00 / 584.35 / 136.63 / 377.00 =7404.02


 


COREY --9144.00 / 1202.00 / 566.96 / 149.69 / 512.00 =6713.38


 


 


 


MATT DID NOT HAVE ANY MAINE STATE TAXES TAKEN OUT


 

Expert:  taxmanrog replied 9 months ago.

OK. Give me a few minutes, I will complete and upload the completed forms. I am about to take my son out for dinner. I will do this as soon as I get back, if that is OK.

 

Roger

Customer: replied 9 months ago.

YES omg thank you probably about an hour or so


 

Expert:  taxmanrog replied 9 months ago.

I have the two quarters, but I can't upload them yet. They will only accept a jpg or tiff file, not a pdf. So I need to run up to the office and scan the files into a jpg.

 

Since federal tax deposits are made in the month following the month of the liability, I assumed that the January 16 deposit was for December 2012, and the February 14 deposit was for January 2013.

 

Several of your numbers did not add across, and some of the Social Security calculations were not 6.2% and some of the Medicare amounts were not 1.45%. I adjusted the amounts so that the numbers worked.

 

I will scan it and attach it to another page.

 

Thanks!

 

Roger

Customer: replied 9 months ago.

awesome thank you

Expert:  taxmanrog replied 9 months ago.

OK. Attached please find the Page 1 of both first and second quarter Forms 941, based on the numbers you gave me.

 

 

 

graphicgraphic

 

Please let me know if you have any questions.

 

Again thanks!

 

Roger

taxmanrog, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 373
Experience: Licensed CPA, MA, MST with 29 year's experience. Teach Accounting and Tax courses at Masters level.
taxmanrog and other Tax Specialists are ready to help you
Customer: replied 9 months ago.

THANX ----- YOU ARE AWESOME

Customer: replied 9 months ago.

Thank you again .... what about the second page. I would really like to know how you figured it out

Expert:  taxmanrog replied 9 months ago.
The second page I was not able to figure out, unless you send me the pay by week. If you do that, then I can calculate it.

Basically, the second page is the Fed withholding tax, plus two times the FICA and Medicare tax (the 6.2% and the 1.45%), on a per-month basis. IT is very similar to your Federal Tax Deposits. Conservatively, you could take your monthly tax deposits, and add 1/3 of the balance due for each quarter to each of the months in the quarter to get an approximate for each month.

Let me know if you want me to calculate using this method.

Thanks!

Roger
Customer: replied 9 months ago.

i WILL SEND THE INFO WHEN I GET HOME TONIGHT SO THAT IT IS ALL CORRECT. THANK YOU SO SO MUCH

Expert:  taxmanrog replied 9 months ago.
I will be teaching tonight, so I might not get this back until tomorrow morning. Is that OK?

Thanks!

Roger
Customer: replied 9 months ago.

YES

Expert:  taxmanrog replied 9 months ago.
OK. Send me the info when you can.
Customer: replied 8 months ago.

I will be sending he stuff today. I have been sick. thank you again for helping me

Expert:  taxmanrog replied 8 months ago.

No problem! I will be on and off today. My son is sick, and missed school Thursday and Friday. I hope you feel better!

 

Roger

Customer: replied 8 months ago.

Are you around. I am finally well now..... man bronchitis is horrible.

Expert:  taxmanrog replied 8 months ago.
I am still here. I have bronchial asthma and my wife had COPD before she got cancer, so I know how bad that can be!

Send me your information when you can and I will look at it.

Thanks!

Roger
Customer: replied 8 months ago.

I hope you can read this and it has the whole year for all of the employees

Expert:  taxmanrog replied 8 months ago.
There was nothing attached. Can you try uploading it again?
Customer: replied 8 months ago.

I am trying and not sure as to why it is not working. It may be a few minutes

Customer: replied 8 months ago.
Expert:  taxmanrog replied 8 months ago.
I will throw this in an Excel spreadsheet and get you something tomorrow if that is OK.

Thanks!

Roger
Customer: replied 8 months ago.

NOT REALLY SURE WHAT YOU GOT.

Attachment: 2013-11-12_043539_2013_---_rickie.xlsx

Customer: replied 8 months ago.

Attachment: 2013-11-12_043645_2013_---_cody.xls

Attachment: 2013-11-12_043708_2013_----_corey.xls

Attachment: 2013-11-12_043729_2013_---_gary.xls

Attachment: 2013-11-12_043748_2013_--_gerard.xlsx

Attachment: 2013-11-12_043820_2013_---_john.xls

Attachment: 2013-11-12_043840_2013_---_matthew.xls

Attachment: 2013-11-12_043903_2013_---_nicholas.xlsx

Attachment: 2013-11-12_043944_2013_---_paul.xls

Attachment: 2013-11-12_044016_2013_---_peter.xls

Attachment: 2013-11-12_044045_2013_---_rickie.xlsx

Attachment: 2013-11-12_044116_2013_--_wanda_l.xls

Attachment: 2013-11-12_044138_2013_---_tracy.xls


 


THERE SHOULD BE 11


CODY, COREY, GARY, GERALD, JOHN, MATTHEW, NICHOLAS, PAUL, PETER, RICKIE, TRACY, WANDA


 


 


THANK YOU THANK YOU.


AND MOST OF ALL I WAS REALLY SORRY TO HEAR ABOUT YOUR WIFE, SHE SOUNDS ALOT LIKE MY MOM AND ME. THE ONLY DIFFERENCE I DO NOT HAVE THE COPD


 


YOU REALLY ARE AWESOME

Customer: replied 7 months ago.

hope all is well with you


did you get the last ones I sent you

Expert:  taxmanrog replied 7 months ago.
Yes I did. Some have only first, or first and second. One has first and third. Did they only work those quarters?
Customer: replied 7 months ago.


YES ONLY THOSE

Expert:  taxmanrog replied 7 months ago.
OK. I have put it in my spreadsheet. What exactly would you like me to do? I can manipulate the data for almost anything you need. Just let me know.
Customer: replied 7 months ago.

The 941's what else can you do?

Expert:  taxmanrog replied 7 months ago.
I will be able to upload the forms, but only as JPGs. Can you tell me the amounts of Federal Tax Deposits you made every month?

Thanks!

Roger
Expert:  taxmanrog replied 7 months ago.
I have the Forms 941 for the first three quarters. I need the Federal Tax Deposits that you made each quarter so that I can finish the returns.

Thanks!

Roger
Customer: replied 7 months ago.

JAN -- $3713.22


FEB -- $4365.32


MARCH -- $4507.53


APRIL -- $3976.83


MAY -- $4363.76


JUNE -- $4729.84


JULY -- $3493.07


AUG -- $3759.47


SEPT -- $4582.18


OCT -- $3551.13


NOV -- $4306.98

Expert:  taxmanrog replied 7 months ago.
Is the January payment from the December 2012 payroll?
Customer: replied 7 months ago.

YES I BELIEVE SOOO


 

Customer: replied 7 months ago.

DID YOU GET MY REPLY

Expert:  taxmanrog replied 7 months ago.

Attachment: 2013-11-20_172034_just_answer_2013_941.pdf

Yes, I have the three quarters done. I have attached them as PDFs.

 

You have large overpayments for each of the three quarters. I am not sure why, but there are. What did you use to calculate the deposit amounts?

After you look at the Forms, contact me and we can talk about them.

Thanks!

Roger

Expert:  taxmanrog replied 7 months ago.

Attachment: 2013-11-20_192044_just_answer_2013_941.pdf

The above PDF is not correct. This is the correct one.

Please review it and let me know what you think. The large overpayment is gone, there was an error in one of the formulas where it was not adding two employees' wages to the total.

Thanks!

Roger

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