941 Worksheet

To access this report, go to Reports>Payroll>Tax Worksheets>941 Worksheet

Use this report to summarize federal tax amounts and tax liability—except for Federal Unemployment Tax. This report helps when completing the Form 941 and the Schedule B (Form 941).

The 941 Worksheet is a fixed-format report. You cannot customize the columns in the report; the system has already determined them.

Earning Codes with "Contribute to Net Pay Only" checkbox selected (see Payroll Earning Codes) are excluded from the amounts. These Earning Codes were set up to process Employee Reimbursement and Advances through regular payroll processing).

Additional Medicare Tax for High Income Wage Earners

When an employee’s wages subject to Medicare exceed $200,000.00 for the calendar year, an additional .09% of Medicare tax will be added to the Employee portion and withheld at 2.35%. For those employees who exceed the $200,000.00 threshold, this additional amount is reported separately on the report.

The system accommodates the break-out of Additional Medicare Wages and Additional Medicare Withholding needed for 941 reporting by taking the difference between the Employee’s Medicare Withholding and the Employer’s Medicare Tax, recorded in the system for each Pay Date. These values will always be the same unless Additional Medicare Tax has been withheld from the employee because their annual earnings have exceeded $200,000.00.

If this is the case, the Medicare Withholding will be greater than the Employer’s Medicare Tax. The system then divides the difference by.09% to derive the break-out for Additional Medicare Wages.

Adjustments:

If adjustments are needed to the Additional Medicare Tax or Additional Medicare Wages reported on the 941, this can be accomplished by going to Set Up and Adjust Employee Balances and entering a Medicare tax adjustment for both Employee Amount and Employer Amount.

As long as the Employee Amount is larger than the Employer Amount being adjusted the system will generate an Additional Medicare Withholding and an Additional Medicare Wage adjustment based on the formula described above.

 

Tip: If you're not familiar with the MIP Cloud Report Builder interface, see Report Builder for an introduction.

Current Transaction dates are required to specify the date range for data included in the report. Enter these dates on the Setup tab.

Use the Filter tab to narrow down and define the data using the available filters.

Use the Options tab to Summarize Amounts on the report, to implement security features, and more.

  • Select "Summarize Amounts" to add amounts together and display one line item with the total amount. All document information must be identical for the system to add items together

  • You can secure the report so that other users cannot save their changes to it. This option can only be undone by the user that locked the report.

  • Select the "Year End Adjustments" option to include year end adjustments on the report. This entry type was designated during transaction entry.

  • Select the "Replace total debits and credits with Balance" option to show the net amount for each segment where totals have been requested. Otherwise, the report displays the total debits and total credits for each segment.

  • Select the "Total by Payroll" option to total processing group information, such as the hours taken and the hours accrued for the employees.

  • Select the "Employer Amounts" option if you entered employer amounts and would like to print them on the report.

Use the Layout tab to change the font and page setup for a report.