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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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This is a follow-up. I have submitted all the necessary w-2C

Customer Question

This is a follow-up. I have submitted all the necessary w-2C and W-3C and a 941X to correct a 2014 mistake due to a newly hired minister failing to inform us that he had filed a form 4361 exempting him from ss & med taxes. My question is, can I go ahead
and file the 941X for the first three quarters of 2015? He did not notify of this mistake until 9/15/15. And if I can go ahead, how do I get the funds off his W2 for 2015?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi,

...

Sue you can file an amended return any time after the original was returned.

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On your other question, not sure I understand ... are you asking an accounting question? (how to get the funds off the w-2)

Customer: replied 1 year ago.
AFTER I RECEIVE REFUND, HOW DO I TAKE IT OFF HIS W-2 SO THAT PAYROLL LEDGER WILL BE ACCURATE WHEN I FILE THE w-2s to Social Security?
Expert:  Lane replied 1 year ago.

I'm guessing that you accrue the expense by making an entry like this:

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Debit payroll tax expense 1000

Credit Payroll taxes payable 1000

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So the entry would be the reverse of that for the amount that takes the payable to zero