Quarterly Federal Tax Report

The Quarterly Federal Tax Report provides all information necessary for preparation of Tax Form 941. Included are scheduled deposit dates based on the deposit rules for Social Security Taxes and Withheld Income Taxes given in IRS Publication 15, Circular E. This report includes employees from all companies identified in CP Company Maintenance.

This report is designed to run for one quarter only. Selecting a date range in excess of one quarter may return inaccurate results.

The employee count is shown only when the report is printed for each quarter. It computes the number of employees who worked in the pay period that included the 12th day of the given month:
  • 1st quarter - March 12
  • 2nd quarter - June 12
  • 3rd quarter - September 12
  • 4th quarter - December 12

For each first quarter, it sums the number of employees who received a check with a period-end date of 12th day of the given month.

Note: FICA limits are calculated based on the current limits in the Payroll tax tables. When printing this report for a prior year, and if the FICA limits have since changed, temporarily change the FICA limits in the US tax table.