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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6line 5a (column 1)
7b. Current quarter’s sick pay. Enter the adjustment
x
.124
for the employee share of social security and Medicare
line 5a (column 2)
taxes that were withheld by your third-party sick pay payer.
7c. Current quarter’s adjustments for tips and
5b. Taxable social security tips. Enter all tips your
group-term life insurance. Enter adjustments for:
employees reported to you during the quarter until the total
•
any uncollected employee share of social security and
of the tips and wages for an employee reach $94,200 in
Medicare taxes on tips and
2006. Do this even if you were unable to withhold the
•
the uncollected employee share of social security and
employee tax of 6.2%.
Medicare taxes on group-term life insurance premiums paid
An employee must report cash tips to you, including tips
for former employees.
you paid the employee for charge customers, totaling $20 or
Prior period adjustments. Use lines 7e and 7g to adjust
more in a month by the 10th of the next month. Employees
amounts reported on previous returns. If you need to
may use Form 4070, Employee’s Report of Tips to
report both an increase and a decrease for the same line,
Employer, or submit a written statement or electronic tip
show only the difference.
record.
Adjustments you report here change your tax liability and
Do not include allocated tips on this line. Instead, report
your tax deposits. You will have to take these adjustments
them on Form 8027, Employer’s Annual Information Return
into account on line 15 as Tax liability: Month 1; Month 2;
of Tip Income and Allocated Tips. Allocated tips are not
Month 3 or on Schedule B (Form 941). You must explain
reportable on Form 941-SS and are not subject to social
any prior period adjustments that you make on Form
security or Medicare taxes.
941c, Supporting Statement to Correct Information, or in an
equivalent statement.
line 5b (column 1)
x
.124
Form 941c is not an amended return but is a statement
line 5b (column 2)
providing the necessary information and certifications for
adjustments shown on lines 7e and 7g. Do not file Form
5c. Taxable Medicare wages and tips. Report all
941c separately from Form 941-SS. See also section 9 of
wages, tips, sick pay, and taxable fringe benefits that are
Pub. 80 (Circular SS).
subject to Medicare tax. Unlike social security wages, there
7e. Prior quarters’ social security and Medicare
is no limit on the amount of wages subject to Medicare tax.
taxes. Enter adjustments for prior quarters’ social security
Include all tips your employees reported during the
and Medicare taxes. For example, if you made a mistake
quarter, even if you were unable to withhold the employee
when reporting social security and Medicare taxes on
tax of 1.45%.
previously filed Forms 941-SS, adjust it here. If you need to
report both an underpayment and an overpayment, show
line 5c (column 1)
only the net difference.
x
.029
line 5c (column 2)
If you are adjusting an employee’s social security
TIP
wages, social security tips, or Medicare wages and
For more information, see section 4 of Pub. 80
tips for a prior year, you must also file Form W-2c,
(Circular SS).
Corrected Wage and Tax Statement, and Form W-3c,
5d. Total social security and Medicare taxes. Add
Transmittal of Corrected Wage and Tax Statements.
social security tax, social security tips tax, and Medicare tax.
7g. Special additions to social security and
Medicare. This line is reserved for employers with special
line 5a(column 2)
circumstances. Use this line only if the IRS has sent you a
line 5b(column 2)
notice instructing you to do so. You must attach Form 941c
+ line 5c(column 2)
explaining the tax increase.
line 5d
7h. Total adjustments. Combine all adjustments
shown on lines 7a through 7g and enter the result here.
7. TAX ADJUSTMENTS
Enter tax amounts on lines 7a – 7g that result from current
8.
Total taxes after adjustments
or prior period adjustments. Use a minus sign to show an
Combine the amounts shown on lines 5d and 7h and enter
adjustment that decreases the total taxes shown on line 5d.
the result here.
•
Do not enter an amount on line 7g unless the IRS has sent
If line 8 is less than $2,500, you may pay the full amount
you a notice instructing you to do so.
with a timely filed return because you were not required to
Current period adjustments. In certain cases, you must
deposit. See section 8 of Pub. 80 (Circular SS) for
adjust the amounts you reported as social security and
information and rules about federal tax deposits.
•
Medicare taxes in column 2 of lines 5a, 5b, and 5c to figure
If line 8 is $2,500 or more, you must deposit your tax
your correct tax liability for this quarter’s Form 941-SS. See
liabilities by using the Electronic Federal Tax Payment
section 8 of Pub. 80 (Circular SS). Do not attach Form 941c
System (EFTPS) or at an authorized financial institution with
or an equivalent statement for current period adjustments.
Form 8109. The amount shown on line 8 must equal the
“Total liability for quarter” shown on Form 941-SS, line 15 or
If you need to adjust any amount previously reported on
the “Total liability for the quarter” shown on Schedule B
lines 7a – 7c, use line 7e to report the adjustment and attach
(Form 941).
Form 941c or an equivalent statement with an explanation.
If you are a semiweekly depositor, you must
7a. Current quarter’s fractions of cents. Enter
!
complete Schedule B (Form 941). If you fail to
adjustments for fractions of cents (due to rounding) relating
complete and submit Schedule B (Form 941), IRS
to the employee share of social security and Medicare taxes
CAUTION
will assert deposit penalties based on available information.
withheld. The employee share (one-half) of amounts shown
in column 2 of lines 5a – 5c may differ slightly from amounts
11. Total deposits for this quarter...
actually withheld from employees’ paychecks due to the
rounding of social security and Medicare taxes based on
Enter your deposits for this quarter, including any deposits
statutory rates.
that you were required to make to cover prior period
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