Four times a year, the seasons change (well, in most places, anyway). Four times a year, you should probably have your oil changed and your tire pressure checked. And four times a year, chances are you’re legally required to report your payroll information to federal and state governments.
Fortunately, COATS Staffing Software has a function for this: the Quarterly Cycle Report.
The Federal Quarterly Report in COATS is similar to the general payroll register that you print during each payroll cycle. The report prints each employee’s:
- Social Security number
- Gross wages
- Taxable wages
- Federal income tax withholding
- Eligible FICA wages and FICA withholding
- Eligible Medicare wages and Medicare withholding
- Eligible FUTA wages
The bottom of the report prints the company information relating to federal taxes and unemployment. All employees who have worked within the quarter will be included in this report.
Perhaps not surprisingly, the State Quarterly Report prints the same information, only state-based instead of federal-based.
You can also print IRS Form 941 and Schedule B directly from COATS Staffing Software. Next week, we’ll explore the thrilling world of transferring all this data electronically!