How do I apply a payroll tax deposit in the current year for the previous year?
Payroll withholding ATIG codes are 941x where the x value for the G-Code is 2=Social Security, 3=Medicare, 8=State, and 9=Federal. To make a tax deposit for any of the withhold use the corresponding A-Code of 0 or 041y where the y value equals the x value above for the G-Code. To designate the payment as the previous year use an External Code in the range 985 to 990. For instance, pay the federal tax deposit for the previous year use ATIG=0419 with an external code of 990 for “PRV YEAR FED INC TAX”. Run the Payroll Summary report and you will notice that the column “Amount Paid” does not reflect the payment for the previous year which allows the “Amount to be Deposited” column to be accurate for the current year.
Related Questions
- If a new employee has reached the limit for social security taxes with a previous employer in the same year, does the new employer need to take out the tax for both the company and employee?
- Will neveCPAonline Internet Payroll Service process payroll tax filings for a previous quarter or year?
- Will SurePayroll process payroll tax filings for a previous quarter or year?
