The Payroll Tax Summary report is the key 'what taxes do I owe' report.

Print (on paper) and save this report for each payroll.

•The upper left section shows the calculation information for Social Security and Medicare.

•The upper right shows the Federal Form 941 Liability for the report period, the employee amounts, the employer amounts, and totals.

•The middle section shows the Employer Paid Taxes you have setup on the Setup / Employer Paid Taxes screen.

•This should include federal unemployment, state unemployment, and any other state or local employer paid taxes.

•The lower left section shows a summary of the paychecks.

•The lower right section is a summary of State and Local Deductions

Taxable Wages (Employer Paid Taxes)

•The part of the 'Subject' wages which is at or below the Taxable Limit.

Excess Wages (Employer Paid Taxes)

•Wages beyond the Limit (calculated on a per employee basis).

•Excess Wages are not subject to the tax.

Exempt Wages (Employer Paid Taxes)

•FUTA

•Wages for employees marked as exempt from FUTA.

•Also includes all Employee Section 125 and Cafeteria Plan Contributions.

•SUTA

•Wages for employees marked as exempt from SUTA.

•Includes all Employee Section 125 and Cafeteria Plan Contributions unless you have set the Section 125 and Cafeteria contributions to be taxable for SUTA (on the Setup / Program Options screen).

•User Set Taxes

•Includes Employee Section 125 and Cafeteria Plan Contributions.

•Employees cannot be set as exempt from user set employer taxes.

Totals

•If the report period is not Year, the total amount of the payroll is shown.

•This total is designed for those who deposit the total amount into a separate bank account to cover payroll expenses.

•The total amount does not include any items not part of the paycheck calculations, such as employer match/contributions to a retirement account

NOTES

•In addition to printing and saving this report for each payroll, you can and should print and save a report for each tax deposit.

•For example, if you make tax deposits monthly, print and save a Tax Summary for each month.

•When you make your tax deposits, it is handy to make a note on the Tax Summary showing the amount paid, to what tax agency, and a check or reference number for each deposit.

Professional Edition

•If there are shareholder employees reporting S Corp Insurance, Total Pay and Gross Pay include the reported insurance amount..