Form 941 Worksheet
The Form 941 Worksheet provides most of the information you need to fill out the Internal Revenue Service Form 941, Employer’s Quarterly Federal Unemployment Tax Return that your firm must file with the Internal Revenue Service every quarter.
The Form 941 Worksheet includes information about your firm's FICA liability. Vision calculates the liability based on information entered when FICA withholding was set up in Payroll Configuration. The Form 941 Worksheet supports Vision's 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 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.
Multicompany
If you are using the Multicompany feature, this report may contain employee data for one or more companies that are associated with the employee.
Options Dialog Box
Use the Options dialog box to specify reporting options for a report. Depending on the report, the dialog box contains one or more of the following tabs: General, Sorting/Grouping, Columns, Budget, Metrics, User Defined Sections, Activity, Drill Down, Layout, and Graph.