New FICA Rates?

[judy]

I just ran 1st payroll, and my figures appear to be off... am I supposed to hand edit the FICA & MC deducts?? and call me dumb, but what the heck are they now??? I figured they are 4.2 for SS and 1.45 for MC. On the Schedule B it seems to show correct amount... but on Emp. PR Totals it is off on the Employee & Employer FICA... I am so confused!! Sorry.
Judy

[Paul Mayer]

I just send out a newsletter yesterday before anyone asked this question. This is what it said:

941 Form IMPORTANT information.
As most of you know, the 941 Form for 2011 will not be released until the third month of the year. You cannot use the 2010 941 Form with the new FICA split since the 941 Form audits the tax by computing on the fly with 2010 FICA rates which will present you with a big current quarter's adjustment for fraction of cents on line 7a of the 2010 form. The 941 Form is a Quarterly Report and is NOT a tool to figure out your tax payments from month to month, that is what the Employer Totals Report is for. But just remember to keep using your Update Checker during the year to pick up changes such as the bugs we just went through in the last two days, tax changes and when the 941 Form for 2011 is released.

Me again:

You cannot use the 941 Form from 2010 for 2011. And the IRS will not release it until the third month of the year since it is a Quarterly report and in past years people would use them to report the last quarter of the year and that caused them problems.