If you join Wagepoint during a quarter and have already paid your employees during that quarter (prior to joining Wagepoint), we must establish the previous pay periods since the beginning of the quarter during the sign-up process.
At the end of each quarter, we file the IRS 941 Schedule B for your company. This schedule requires a listing of each of the pay periods (by pay date), the total taxes paid, and totals for both the quarter to date and year to date.
There are three steps to the Mid-Quarter Transition: Pay Periods, Tax Amounts per Pay Period, and Review.
1. Pay Periods
Once you enter your first pay period to be paid, the system will calculate how many pay periods existed from the beginning of the quarter to the current pay period. Please enter the pay date for each of the prior periods. These dates will be used for the next step - Tax Amounts Per Pay Period.
2. Tax Amounts Per Pay Period
The Mid-quarter Tax page will keep track of how many periods you have left to enter.
The system will give you a form for each pay period (and each paygroup if you have more than one). On the first pay period of the quarter, you will have extra fields for the Year to Date (YTD) information. Once this is entered into the system, the remaining pay periods will automatically calculate the YTD information.
First, enter your Federal Tax information for each pay period. This is cumulative amounts across all of your employees for that time frame. You must enter both the employer and employee contributions.
After you enter the federal taxes, you will need to enter any state and local taxes. If you have more than one state or local tax, they will be listed in alphabetic order by state and locality.
Repeat these steps for each pay period. Once you have completed all of the pay periods, you will receive a notice that the process is completed. This information is passed to the next step - Review.
The review process will show you all of the information you have entered for each pay period and all of the YTD calculations. Please review this information. If you need to make a change on a particular pay period, please click the Paygroup/Pay Date title to go back to that period and make changes.
This is what will be transmitted to the IRS 941 Schedule B and sent to the IRS. If the information is correct, please click the FINALIZE button at the bottom of the review page.
Note: Once you finalize a review, you cannot make any changes to the any of the pay period information.