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Income Tax showing as negative numbers

Posted: Mon Jan 02, 2023 6:38 pm
by awolfgangc
I think I screwed up some setting, but for some reason when I run a tax summary or 941, it shows the wrong amounts for my income tax, all negative numbers. It used to work correctly, so I know I must have changed something. It seems to be calculating correctly on the Pay Stubs, just not on reports. This is wreaking havoc with my bookkeeping!

Any help would be appreciated,
Al

Re: Income Tax showing as negative numbers

Posted: Tue Jan 03, 2023 5:26 pm
by mikeb
Please attach a copy of your 941 form generated from TimeTrex as well as a screenshot of the Form 941 report "Form Setup" tab settings.

Re: Income Tax showing as negative numbers

Posted: Wed Jan 11, 2023 1:37 pm
by awolfgangc
Looks like the October numbers are right, but the November and December ones are screwy. Definitely something dumb I did! Thank you in advance.

Re: Income Tax showing as negative numbers

Posted: Thu Jan 12, 2023 10:11 am
by awolfgangc
Actually I can get it set-up so it is showing the correct information. I save it but then it keeps flipping it back to the wrong configuration (attached above). I can't make the new, correct form set-up to "stick". So really what help I need is how to save the form set-up settings so that they will stay.

Re: Income Tax showing as negative numbers

Posted: Thu Jan 12, 2023 10:33 am
by awolfgangc
OK, I think I figured out how to make it "stick"--it's the "Form" button on the upper right, then Save, isn't it?

So, attached is what I think is the right way to set it up. The 3 items for Wages, Tips, Compensation are Regular Time, Overtime, and Shareholder Distribution (I am an S-corp). The 2 items for Taxable Social Security Wages and Taxable Medicare Wages are just Regular Time and Overtime. With this set-up, all of the numbers are correct for the 941.

I do have one further question:
I sometimes receive freelance checks for jobs performed for other companies. This would be reported to me on a 1099 at the end of the year. How do I classify these checks and include this income so that it is included in my wages and to make sure I am remitting the correct tax amounts to the IRS?