Reconciling Year End Payroll Forms - Payroll Tax Forms 941, 940, W-2, W-3

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Payroll Accounting
Reconciling the year end payroll tax forms will take a look at the payroll forms we put together including the quarterly payroll tax forms 941, the yearly payroll tax form 940, the yearly payroll tax form W-2, and the yearly payroll tax forms W-3.
It is very common for problems to become apparent at the end of the year with relation to payroll because this is when we can reconcile the payroll tax forms. Finding problems in the payroll tax forms before finalizing them can save a lot of time because the IRS is very unforgiving with payroll. As accountants the reconciling process is nice and give us a scene of security that the number are correct in a similar way as the double entry accounting system helping to reduce errors in bookkeeping.
The reconciling of the payroll tax forms is not as easy as it would seem. For example. the wages reported on W-2 and W-3 can be confusing to tie out to the wages reported on forms 941. The form W-3 will include three boxes that could have different wage numbers. Form W-3 can be difficult to match up with the forms 941s with regard to social security and medicare taxes because the form W-3 shows only the employee portion while the form 941s show both employee and employer portions.
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[@michaelsang2583]

Question: if 941 is filed up to January 31st with IRS, how do you reconcile an s-Corp when filing annual returns, when the money is paid in to the IRS after the end of the year.

[@luckydog-287]

Thank you for explaining, at 5:20, that 1/2 of Social Security, and Medicare tax that shows on the 941 is the portion that is reported on the W-2. Just what I was looking for! Thanks!