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 - 2003 Page 3
ADVERTISEMENT
1
2
3
4Prior period adjustments. Use line 9 to correct errors in
Line 6a—Taxable Social Security Wages
tax reported on an earlier return. If you report both an
Enter the total wages (before deductions and excluding
underpayment and an overpayment, show only the net
tips) subject to social security tax that you paid to your
amount. Enter the adjustments for sick pay and fractions
employees during the quarter. See section 4 of Circular
of cents (see instructions above) in the appropriate line 9
SS (Pub. 80) for information on types of wages subject to
entry spaces. Enter the amount of all other adjustments
social security tax. Enter the amount before deductions.
in the “Other” entry space, and enter the total of the three
Do not include tips on this line. Also include any sick pay
types of adjustments in the line 9 entry space to the right.
and taxable fringe benefits subject to social security
Except for current period adjustments (see above),
taxes. After you reach $87,000 (including tips shown on
explain any amount on line 9 on Form 941c, Supporting
line 6c) for an employee in 2003, do not report any
Statement To Correct Information, or attach an
amount you later pay the employee in the year. See the
equivalent supporting statement.
line 7a instructions for Medicare tax. If none of the
Because Form W-2AS, W-2GU, W-2CM, or W-2VI is
payments are subject to social security tax, enter “-0-.”
used by the SSA to post the employee’s wages to his or
Line 6c—Taxable Social Security Tips
her earnings record, you must give a corrected form to
the employee if a form was issued showing any incorrect
Enter all tips your employees reported during the quarter
information. Use Form W-2c, Corrected Wage and Tax
until tips and wages (line 6a) for an employee reach
Statement. Give your employees Copies B and C of
$87,000 in 2003. Do this even if you were not able to
Form W-2c. Send Copy A of the Form W-2c, together
withhold the employee tax (6.2%). However, see
with Form W-3c, Transmittal of Corrected Wage and Tax
Adjustment of Tax on Tips on page 2.
Statements, to the Social Security Administration.
An employee must report to you cash tips, including
tips you paid to the employee for charge customers,
Line 10—Adjusted Total of Social Security
totaling $20 or more in a month by the 10th of the next
and Medicare Taxes
month. The employee may use Form 4070, Employee’s
Combine lines 8 and 9; enter the result on line 10.
Report of Tips to Employer, or a written statement.
Line 15—Balance Due
Do not include allocated tips on this line. Instead,
report them on Form 8027, Employer’s Annual
You do not have to pay if line 15 is under $1.
Information Return of Tip Income and Allocated Tips.
Allocated tips are not reportable on Form 941-SS and are
Generally, you should show a balance due only if your
not subject to withholding of social security or Medicare
total tax liability for the quarter (line 10) is less than
taxes.
$2,500. However, see section 8 of Circular SS (Pub. 80)
regarding payments made under the Accuracy of
Line 7a—Taxable Medicare Wages and Tips
Deposits Rule. Pay to the “United States Treasury.”
Report all wages and tips subject to the Medicare tax. If
Enter your EIN, “Form 941-SS,” and the tax period on
none of the payments are subject to the Medicare tax,
your payment.
enter “-0-.” Include all tips your employees reported
If you fail to make deposits as required and
during the quarter, even if you were not able to withhold
!
instead pay these amounts with your return, you
the employee tax (1.45%). However, see Adjustment of
may be subject to a penalty.
CAUTION
Tax on Tips on page 2.
Line 16—Overpayment
Line 9—Adjustment of Social Security and
If you deposited more than the correct amount for a
Medicare Taxes
quarter, you can have the overpayment refunded or
Current period adjustments. In certain cases, amounts
applied to your next return. Also, the IRS may apply your
reported as social security and Medicare taxes on lines
overpayment to any past due tax account under your
6b, 6d, and 7b must be adjusted to arrive at your correct
EIN. If line 16 is under $1, the amount will be refunded or
tax liability. Use parentheses (if possible) to show a net
applied to your next return only on written request.
decrease to the amounts reported on lines 6b, 6d, and
Line 17—Monthly Summary of Federal Tax
7b. Provide a supporting statement explaining any
adjustments reported in the “Other” entry space.
Liability
The most common current period adjustment is the
Note: This is a summary of your monthly tax liability, not
fractions of cents (rounding) adjustment. Each pay
a summary of deposits made. If line 10 is less than
period, you round off fractions of cents when computing
$2,500, do not complete line 17 or Schedule B (Form
social security and Medicare tax withholding for each
941).
employee. This rounding can result in a difference
Complete line 17 only if you are a monthly schedule
between the actual amount of tax withheld and deposited
depositor (see Circular SS (Pub. 80), section 8, for
(with your share) and the amount of the total tax shown
details on the deposit rules). You are a monthly schedule
on line 8. If there is a difference due to fractions of cents
depositor for the calendar year if your Form 941-SS taxes
rounding, report it as an adjustment on line 9 and in the
(line 10) reported for the lookback period are not more
“Fractions of Cents” entry space.
than $50,000. The lookback period is the four
See Adjustment of Tax on Tips on page 2 for
consecutive quarters ending on June 30 of the prior year.
information on adjustments for uncollected tax on tips.
For 2003, the lookback period begins July 1, 2001, and
Information on current period adjustments for group-term
ends June 30, 2002. If you reported more than $50,000
life insurance premiums paid for former employees and
during the lookback period or accumulated $100,000 or
sick pay paid by a third-party payer is available in section
more on any day during a month, do not complete line
13 of Circular E (Pub. 15), Employer’s Tax Guide.
17. Instead, complete and attach Schedule B (Form 941).
-3-
ADVERTISEMENT
0 votes
Related Articles
Related forms
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 - 2017
Financial
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 - 2012
Financial
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
Financial
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 - 2009
Financial
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 - 2010
Financial
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 - 2010
Financial
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 - 2010
Financial
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 - 2011
Financial
Related Categories
Parent category: Financial