Quarterly Totals Incorrect Medicare Tax Calculated

[greenthumb]

Guys,

What am I missing? My Quarterly Totals for Tax Reporting shows Medicare Wages of13,440.00 and a Medicare rate of 1.45%. My hand calculation is 194.88 times 2 is 389.76. However the software calculates 194.91 time 2 or 389.62. Yes it is immaterial, but shouldn't the software calc. it correctly>

Thx,

Jim

[Paul Mayer]

As the employee's deduction is saved when they are paid, that number is used when that report is created. The employers share is calculated by the total wages by the rate. Now if you had edited any figure after calculating the taxes but before saving, it can be off.

This FAQ shows all the things anyone has done to be off like you just described:

https://zpay.com/vbulletin/showthread.php?3274-941-Form-Numbers-Do-Not-Match-Employer-Totals-Report

You want to identify which transaction it was ad correct it. our 941 Form will also be off so it is best to go through the first months transactions to see if you can spot it. Print out the normal 80 column report and use your calculator to get the correct FICA to sot the problem transaction.