Payroll Mate Payroll Program handles Form 941 adjustments in a unique way, different from any other payroll software by allowing you to edit the adjustments of any day in the quarter, and automatically reflects your changes on the adjustments total in Form 941 and on Schedule-B entries.
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The form 941 adjustments screen allows the user to add or delete the following types of adjustments (as of 2008 version of form 941):
- Current quarter's fractions of cents.
- Current quarter's sick pay.
- Current quarter's adjustments for tips and group-term life insurance.
- Current year's income tax withholding (attach Form 941c).
- Prior quarters' social security and Medicare taxes (attach Form 941c).
- Special additions to federal income tax (attach Form 941c).
- Special additions to social security and Medicare.
There are two types of adjustments reported on Form 941 : current period adjustments and prior period adjustments to correct errors. See the Instructions for Form 941 and Publication 15 (Circular E - Employer’s Tax Guide) for more information on how to report these adjustments.