941 adjustments +/- Line 10
Posted: Thu Apr 08, 2021 10:27 am
Power Church Online
When generating from Power Church the 941 Quarterly Tax Return, Line 7 "Current quarter's adjustment for fraction of cents" lists 0.07. Line 6 "Total taxes before adjustments" lists $8698.19. Line 10 "Total taxes after adjustments" adds the 0.07 for a total of $8698.26. What causes the adjustments? Is this simply a rounding issue that needs to be corrected or could a tax table be wrong?
When should I be concerned with an amount that shows in line 7? What do I do if it is a -0.07? What do I do if it is a +0.07. How much does this line need to show before something has to be done on my part.
Do I need to do anything to correct this adjustment before filing the 941 for the 1st quarter so this will not come back to bite me later?
Thank you.
When generating from Power Church the 941 Quarterly Tax Return, Line 7 "Current quarter's adjustment for fraction of cents" lists 0.07. Line 6 "Total taxes before adjustments" lists $8698.19. Line 10 "Total taxes after adjustments" adds the 0.07 for a total of $8698.26. What causes the adjustments? Is this simply a rounding issue that needs to be corrected or could a tax table be wrong?
When should I be concerned with an amount that shows in line 7? What do I do if it is a -0.07? What do I do if it is a +0.07. How much does this line need to show before something has to be done on my part.
Do I need to do anything to correct this adjustment before filing the 941 for the 1st quarter so this will not come back to bite me later?
Thank you.