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941 calculates wages from YTD

Posted: Wed Jul 20, 2022 9:25 pm
by muthus101
Greetings
We introduced 401K from this quarter ( solo employee) and i added it as deduction (Taxes and deductions section) and pay stub comes out correctly (deducts the 401K amount and does tax calc) even the summary report for 941 shows correct numbers but 941 form seems to add YTD wags as dfbase wage and taxes it. ( Example Gross wage for the month was 13500 and with 7K 401K deduction calculates taxes using 6500 as base for Paystub and 941 summary report - however 941 form shows 20K as base wage. appreciate any help. We run payroll once a quarter only

Re: 941 calculates wages from YTD

Posted: Thu Jul 21, 2022 8:04 am
by shaunw
You mentioned you only process payroll once per quarter, but then you said gross wage for the month is $13,500. That doesn't make sense, can you please clarify?