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Form 941 Worksheet

The Form 941 Worksheet provides most of the information that you need to fill out the Internal Revenue Service Form 941, Employer’s Quarterly Federal Unemployment Tax Return that your enterprise must file with the Internal Revenue Service every quarter.

The Form 941 Worksheet includes information about your enterprise's FICA liability. Vantagepoint calculates the liability based on FICA withholding settings that you specify on the Payroll Withholding Setup form (Settings > Payroll > Withholding Codes).

The Form 941 Worksheet supports pre-tax calculations. In addition, the report can calculate FICA wages based on the employee’s wages associated with FICA-HI or FICA-OASDI.

The Schedule B section on the last page of this report lists the daily federal tax liabilities for your company, listed by month.

Form 941 Worksheet and FICA

The employer FICA OASDI and FICA HI calculation on the 941 report takes a flat 6.2% and 1.45% of taxable wages, respectively. This may not be equal to the actual liabilities posted from individual payroll runs for the following reasons:

  • Rounding differences.
  • FICA withholding codes not set to System calculations (in which case the employer liability is not posted).
  • FICA withholding codes not set to active (in which case the employer liability is not posted).

In any of these scenarios, a contribution code or a manual transaction entry may be entered to record the correct employer liability to the general ledger.

How To Use this Worksheet

Use the data on the report's summary page to fill in the appropriate spaces on your Form 941, Employer’s Quarterly Federal Unemployment Tax Return.

Multiple Companies

If you use multiple companies, this report may contain employee data for one or more companies that are associated with the employee.