Instructions For Form 941-Ss - Employer'S Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2006 Page 4
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7in column 2 of lines 5a – 5c may differ slightly from amounts
line 5a (column 1)
x
.124
actually withheld from employees’ paychecks due to the
line 5a (column 2)
rounding of social security and Medicare taxes based on
statutory rates.
5b. Taxable social security tips. Enter all tips your
7b. Current quarter’s sick pay. Enter the adjustment
employees reported to you during the quarter until the total
for the employee share of social security and Medicare
of the tips and wages for an employee reach $94,200 in
taxes that were withheld by your third-party sick pay payer.
2006. Do this even if you were unable to withhold the
employee tax of 6.2%.
7c. Current quarter’s adjustments for tips and
group-term life insurance. Enter adjustments for:
An employee must report cash tips to you, including tips
•
any uncollected employee share of social security and
you paid the employee for charge customers, totaling $20 or
Medicare taxes on tips and
more in a month by the 10th of the next month. Employees
•
the uncollected employee share of social security and
may use Form 4070, Employee’s Report of Tips to
Medicare taxes on group-term life insurance premiums paid
Employer, or submit a written statement or electronic tip
for former employees.
record.
Prior period adjustments. Use lines 7e and 7g to adjust
Do not include allocated tips on this line. Instead, report
amounts reported on previous returns. If you need to
them on Form 8027, Employer’s Annual Information Return
report both an increase and a decrease for the same line,
of Tip Income and Allocated Tips. Allocated tips are not
show only the difference.
reportable on Form 941-SS and are not subject to social
security or Medicare taxes.
Adjustments you report here change your tax liability and
your tax deposits. You will have to take these adjustments
line 5b (column 1)
into account on line 15 as Tax liability: Month 1; Month 2;
x
.124
Month 3 or on Schedule B (Form 941). You must explain
line 5b (column 2)
any prior period adjustments that you make on Form
941c, Supporting Statement to Correct Information, or in an
5c. Taxable Medicare wages and tips. Report all
equivalent statement.
wages, tips, sick pay, and taxable fringe benefits that are
subject to Medicare tax. Unlike social security wages, there
Form 941c is not an amended return but is a statement
is no limit on the amount of wages subject to Medicare tax.
providing the necessary information and certifications for
adjustments shown on lines 7e and 7g. Do not file Form
Include all tips your employees reported during the
941c separately from Form 941-SS. See also section 9 of
quarter, even if you were unable to withhold the employee
Pub. 80 (Circular SS).
tax of 1.45%.
7e. Prior quarters’ social security and Medicare
line 5c (column 1)
taxes. Enter adjustments for prior quarters’ social security
x
.029
and Medicare taxes. For example, if you made a mistake
line 5c (column 2)
when reporting social security and Medicare taxes on
previously filed Forms 941-SS, adjust it here. If you need to
For more information, see section 4 of Pub. 80
report both an underpayment and an overpayment, show
(Circular SS).
only the net difference.
5d. Total social security and Medicare taxes. Add
social security tax, social security tips tax, and Medicare tax.
If you are adjusting an employee’s social security
TIP
wages, social security tips, or Medicare wages and
line 5a(column 2)
tips for a prior year, you must also file Form W-2c,
line 5b(column 2)
Corrected Wage and Tax Statement, and Form W-3c,
+ line 5c(column 2)
Transmittal of Corrected Wage and Tax Statements.
line 5d
7g. Special additions to social security and
Medicare. This line is reserved for employers with special
7. TAX ADJUSTMENTS
circumstances. Use this line only if the IRS has sent you a
Enter tax amounts on lines 7a – 7g that result from current
notice instructing you to do so. You must attach Form 941c
or prior period adjustments. Use parentheses (if possible) to
explaining the tax increase.
show an adjustment that decreases the total taxes shown on
7h. Total adjustments. Combine all adjustments
line 5d. Otherwise, use a minus sign. Do not enter an
shown on lines 7a through 7g and enter the result here.
amount on line 7g unless the IRS has sent you a notice
instructing you to do so.
8.
Total taxes after adjustments
Current period adjustments. In certain cases, you must
Combine the amounts shown on lines 5d and 7h and enter
adjust the amounts you reported as social security and
the result here.
Medicare taxes in column 2 of lines 5a, 5b, and 5c to figure
•
If line 8 is less than $2,500, you may pay the full amount
your correct tax liability for this quarter’s Form 941-SS. See
with a timely filed return because you were not required to
section 8 of Pub. 80 (Circular SS). Do not attach Form 941c
deposit. See section 8 of Pub. 80 (Circular SS) for
or an equivalent statement for current period adjustments.
information and rules about federal tax deposits.
•
If you need to adjust any amount previously reported on
If line 8 is $2,500 or more, you must deposit your tax
lines 7a – 7c, use line 7e to report the adjustment and attach
liabilities by using the Electronic Federal Tax Payment
Form 941c or an equivalent statement with an explanation.
System (EFTPS) or at an authorized financial institution with
7a. Current quarter’s fractions of cents. Enter
Form 8109. The amount shown on line 8 must equal the
adjustments for fractions of cents (due to rounding) relating
“Total liability for quarter” shown on Form 941-SS, line 15 or
to the employee share of social security and Medicare taxes
the “Total liability for the quarter” shown on Schedule B
withheld. The employee share (one-half) of amounts shown
(Form 941).
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