PRINT QUARTERLY FEDERAL PAYROLL TAX REPORT

Use this screen to print information in a summarized form relating to amounts that are required to be reported on the quarterly Form 941 and on the annual Form 940. The source of the information on this report is the Employee Earnings table. To obtain backup information for this report, print the Earnings Report or review Payroll Journals. You can print this report for any calendar quarter or for any check date range within the same payroll year.

This report prints YTD Gross, QTR Gross, QTD Gross Less Federal Exempt Deductions, QTD Taxable Social Security Wages, QTD Taxable Medicare Wages, and QTD FUTA Wages for each employee, as well as totals for each state and the number of employees on the report. Employees are not included on the report if they had no wages in this period, even if their working state is printed. The last page of the report includes summarized report totals, plus a comparison of computed social security and Medicare liabilities.

Beginning January 1, 2013, the U.S. Internal Revenue Service (IRS) requires an employer to withhold Additional Medicare Tax on wages that are paid to an employee in excess of the IRS threshold amount (set at $200,000 in 2013). Costpoint has been updated for this requirement and now the Additional Medicare Withholding amount is stored in a separate column on the Employee Earnings table. As part of this enhancement, the FICA summary section on this report displays a separate row for the calculation of the Medicare Employee Additional Withholding amount.

The Federal 940 Data section that prints at the bottom of the report includes the FUTA Credit Reduction Amount (Line 11 of the 940 form) along with information about the FUTA credit reduction states, the percentages that apply to each, and the FUTA credit reduction amount for each.

Print this report at the end of each calendar quarter to obtain information relating to amounts required for the Form 941 quarterly report. This report also provides the quarterly and YTD FUTA liability, so that a FUTA tax deposit can be made. You can print this report for any quarter or for any check date range within the same payroll year.

Multi-state functionality was added to a number of applications. This functionality allows the proper calculation of withholdings for employee who work in multiple states during a single pay period. Because of the new tables needed for multi state calculation, the payroll reports looks to a new table, EMPL_EARN_STATE, that can hold multiple state taxes for one paycheck.

Location

Identification

Use the fields in this block to create a new parameter ID or to retrieve a previously saved parameter ID. A parameter ID represents a set of screen selection parameters. After you have saved a parameter ID and its related parameters, you can retrieve them using Query.

You can use the retrieved parameters to produce reports and run processes more efficiently and with greater consistency. The saved parameters are also useful and necessary when you want to run the process as part of a batch job. Many users save a unique set of parameters for each different way they run a report or process. When you select a previously saved parameter ID or parameter description, the associated saved screen selection parameters automatically display as selection defaults. The page setup and print options are also included in the saved parameter ID if there are any. You can change any of the associated selection defaults as necessary.

Parameter ID

Enter, or click to select, a parameter ID of up to 15 alphanumeric characters. Choose characters for your parameter ID that help identify the type of selections you made in the screen, such as PERIOD or QUARTERLY.

When you save your record, all the selections made in the screen are stored with the parameter ID. Later, you can retrieve the parameter using Query.

You can use the parameter to run the process more efficiently because you can select the parameter ID with its previously defined screen selections. After the default selections display in the screen, you can override the defaults.

Description

Enter, or click to select, a parameter description of up to 30 alphanumeric characters.

Selection Ranges

Taxable Entity

Use these fields to enter taxable entity information.

Option

This field always displays One.

Start

Enter, or click to select, the ID for the taxable entity for which you are creating the report. Establish taxable entity information on the Configure Company Information screen.

Payroll Year

Use these fields to enter payroll year information.

Option

This field always displays One.

Start

Enter the payroll year for which you wish to print this report.

Reporting Date

Use this group box to enter a range of check dates to include on the report.

Option

Use this drop-down list to select the range for the report. Options are:

Start

Enter, or click to select, the starting check date to include on this report. The system date format is MM/DD/YYYY.

End

Enter, or click to select, the ending check date to include on this report. The system date format is MM/DD/YYYY.

Sort By

1st Sort

The only option currently available is Employee Name.

Options

Report Type

Use this drop-down list to select the type of report. Options include: