Form 941 or Form 944 Flashcards
1
Q
Fractions-of-cents adjustment.
A
Multiply the total wages and tips for the quarter subject to:
SS tax reported on Form 941 by the employee’s tax rate for SS.
MD tax reported on Form 941 by 1.45% (.0145), and
Additional MD Tax reported on Form 941 by 0.9% (.009).
Compare these amounts (the employee share of ss+md) with the total SS and MD taxes actually withheld from employees for the quarter (from your payroll records).
