The Consolidated Tax Report has been modified to display amounts withheld for FICA and Medicare by third-party sick pay providers. The report uses deduction description identifications that contain 3RD PARTY SICK and with deduction types of FICA and MEDICARE. These amounts must be reflected in FICA and Medicare liability amounts on the 941 but are then subtracted as adjustments for reconciliation to tax deposits. The report will also display matching FICA and Medicare amounts (summary amounts for the calendar year and selected quarter).
Maximizing Tech Efficiency: 5 Strategies for Schools & Governments
In an age where technology is intertwined with every aspect of our lives, it’s especially crucial for K-12 school districts and small local governments to...
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