Quarterly Taxes

Fund Accounting, Accounts Payable, Accounts Receivable, Payroll

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RGWalk
Posts: 28
Joined: Tue Jun 15, 2010 3:32 pm

Quarterly Taxes

Post by RGWalk »

I have not yet this year had the 941 calculations from the IRS form come out the same as the amounts from my Poewrchurch quarterly report. I expected it for the first quarter, because I had not realized that I needed to change the withholding table for SSI to 4.2% (per the late decision by our President.) I have now the correct figure in Powerchurch, but I still, after the 3rd quarter, have not had it compute correctly, though. Every quarter I seem to be off by more. Any help?
Thanks!

Zorak
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Re: Quarterly Taxes

Post by Zorak »

It sounds like your calculations are still not correct if it is getting further off each quarter. Double check your setup against what's listed in this article:

http://www.powerchurch.com/support/kb/k ... cle_id=152

RGWalk
Posts: 28
Joined: Tue Jun 15, 2010 3:32 pm

Re: Quarterly Taxes

Post by RGWalk »

Thanks for the article. I discovered that when our PC was set up there had only been one SSI component put into it. This article made me realize that I had to have another component set up as the Employer SSI liability, at the rate of 6.2%, and having added that to the tax tables and then changing that line on the pay item descriptions, it appears that my problem is solved. :D I truly appreciate the help.

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