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I am trying to get an answer regarding accounting. If a

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Good afternoon. I am...

Good afternoon. I am trying to get an answer regarding accounting. If a company uses a payroll company and that company sends everything to the irs or wherever it goes. Why would the accountant need the quarterly payroll report, year end report and the 941? I'm a bit confused.

Submitted: 8 months ago.Category: Finance
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Answered in 5 minutes by:
1/7/2018
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 15,208
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there.

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Could be several reasons, depending on what function the accountant is providing.

...

If auditing, this would be needed to reconcile with the Income statement and balance sheet.

...

If preparing taxes, becasue the payroll taxes (the employer half) is a deduction on the business return (or schedule C if you're a sole proprietor or single member LLC)

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Customer reply replied 8 months ago
what numbers are used as a deduction? each employee's or the final numbers?
Financial Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

The total amount paid in by the employer.

...

1/2 of the Social Security and Medicare is withheld from the employees' paychecks (not doing so would be in violation of the trust fund recovery penalty) ... a liability for the employer once withheld until paid in (at least monthly) but the other half is paid BY the employer and is a cost of doing business (again could be on a schedule C, a 1065 for partnerships, and 1120-S for S-Corps or an 1120 for a C-Corp.

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Financial Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

Hi, Lane here.

...

I’m just checking back in to see how things are going.

...

Did my answer help?

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit"– That’s the only way I’ll be credited for the work.

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