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    Comparing and Verifying the Taxes on a 941 Return with a Payroll Summary Report

    Article ID: 1001236

    Overview

    This article provides instructions for verifying the taxes on a 941 return against what is in your QuickBooks.

    Expected Outcome

    You will be able to create the necessary reports to compare with Form 941.

    Assumptions

    You want to verify that the tax forms match the information in your QuickBooks file.

    Details

    Use these clickable forms to to learn what each line means on the 941 or 944.

    Create a Payroll Summary Report.

    1. Click Reports on the top menu bar, choose Employees & Payroll > Payroll Summary.
    2. Enter custom dates into the From and To fields for the quarter you are reviewing, click the Refresh button.
    3. Click Modify Report, uncheck the Hours and/or Rate boxes,
    4. Click the Columns drop-down arrow, select Total Only and click OK.

    Print the 941.

    Assisted Payroll:
    1. Go to Employees on the top menu bar and choose Payroll Center
    2. QuickBooks 2014 and higher: Click the File Forms tab.
    3. Click View/Download Forms and W-2s in the bottom of the window.
    4. Enter your payroll PIN when prompted.
    5. Click Filed Forms at the top of the window.
    6. Click to select each forms you want to print.
    7. Click Open/Save Selected.
    8. Click the print icon in Adobe Acrobat.

    Enhanced & Standard Payroll:
    QuickBooks 2013 and earlier:
    1. Click the Employees drop-down menu bar.
    2. Select Payroll Tax Forms and W-2s and then click Process Payroll Forms  
    3. Select Federal Forms and click OK.
    4. Click on Quarterly Form 941/Sch.B-Employer's Quarterly Tax Return, select the correct quarter and click OK.
    5. Complete the Interview for Form 941/Schedule B and click Next.
    6. Click Print for Your Records.


    Enhanced & Standard Payroll:
    QuickBooks 2014 and higher:
    1. Click the Employees drop-down menu bar.
    2. Select Payroll Tax Forms and W-2s and then click Process Payroll Forms.  The File Forms tab in the Payroll Center will open.  
    3. Check the File History section to locate your saved form and double-click to open.  If you cannot find the form, continue to the next step.
    4. Under File Forms select Quarterly Form 941/Sch.B-Employer's Quarterly Tax Return form and click File Form.
    5. Select the correct quarter and click OK.
    6. Complete the Interview for Form 941/Schedule B and click Next.
    7. Click Print for Your Records.

    Compare Line 1 Number of employees.

    If you had any employees with a pay period that included the date of March 12 (for Q1), June 12 (for Q2), September 12 (for Q3), or December 12 (for Q4), 2013, they are counted here. It is not unusual to see a number that is less than the total number of employees who were paid this year if some of your employees were not paid in the period that included March 12 (for Q1), June 12 (for Q2), September 12 (for Q3), or December 12 (for Q4).

    Compare Line 2 Wages, tips, and other compensation:

    This is comprised of total gross pay plus any gross pay additions (i.e., tips), any company contributions that are taxable to federal withholding, (i.e. taxable GTLI, company car), minus all pretax deductions (i.e., 125 plans and 401K).
    • If you double-click on the total amount for Federal Withholding on the Payroll Summary report and scroll to the bottom, the amount in the Income Subject to Tax column should match.
    Assisted Payroll 941/944 Forms do not include GTLI amounts on Line 2. GTLI isn't taxable to federal withholding at the paycheck calculation (the Tax Tracking Type of Taxable Grp Trm Life doesn't have the taxability check mark set on the Payroll Item in QuickBooks). As a result, this doesn't get sent to the payroll service correctly for the GTLI amounts to be reported. If you see an error on your form that requires correction or amendment, contact Intuit for assistance.

    For more information see Form 941 line 2 does not match adjusted gross wages in Payroll Summary report.

    Compare Line 3, Income tax withheld for all wages, tips, and other compensation:

    This should match the total amount of tax listed on the Payroll Summary.

    Compare Line 5a, Taxable social security wages, Line 5b, Taxable social security tips, Line 5c Taxable Medicare wages & tips, Line 5d - Taxable wages & tips subject to Additional Medicare Tax withholding:

    Column 1: This is the total wages subject to social security.
    • This is comprised of total gross pay plus any gross pay additions (i.e. tips), any company contributions that are taxable to withholding, (i.e. taxable GTLI, Company car), minus all pretax deductions (e.g., 125 plans), but not deferred compensation (e.g., 401(k) or SIMPLE IRA).
    Note: Social security has a limit to taxable wages and may not match exactly to the payroll summary total gross. If any employees are highly compensated their taxable wages would have stopped, but the Payroll Summary would continue to add them. If you double-click on the total tax amount for Social Security and scroll to the bottom, the amount in the Income Subject to Tax column should match this number on the 941. If you double-click on the total tax amount for Medicare and scroll to the bottom, the amount in the Income Subject to Tax column should match this number on the 941.

    The total amount for Social Security or Medicare is either for the Employee or Company, depending on which item you click on the Payroll Summary Report.

    Column 2: This is the total wages multiplied by the tax amount (listed between column 1 and 2).
    • This should match the total amount of Social Security or Medicare tax withheld for both Employee and Company listed on the Payroll Summary.

    Line 5b: Taxable social security tips. This line will only have amounts if tips are being tracked specifically with a payroll item set aside for tips.
    Line 5c: Taxable Medicare wages and tips: This line will only have amounts if tips are being tracked specifically with a payroll item set aside for tips.
    Line 5d: Taxable wages & tips subject to Additional Medicare Tax withholding. The line will only have amounts all wages, tips, sick pay, and taxable fringe benefits that are subject to Additional Medicare Tax withholding. See QuickBooks Payroll: Additional Medicare Tax for additional information.

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