8.3 KiB
Monthly/Quarterly/Annual Payroll Liabilities Payments
This needs to be done for both Bitnetix and EverWatch, even if there are zero dollars paid.
Note that QB used to do this for us. While it still calculates things (entered manually from paychecks) we have to pay them manually. I generated a spreadsheet that helps with (and/or verifies) the calculations. It is Nextcloud\Eric Loyd\Excel\Payroll Liability Calculator.xlsx.
Table of Contents
Federal
Quarterly 941
Note that this needs to be done even if there were no payroll taxes. Can be obtained from https://www.irs.gov/pub/irs-pdf/f941.pdf.
Instructions
Top of Form
Bitnetix:
- ID: 26-4029404
- Name: Bitnetix Incorporated
- Trade Name: SmartVox
- Address: PO Box 180, Walworth, NY 14568
- Select the appropriate quarter
EverWatch:
- ID: 47-5330323
- Name: EverWatch Global Inc
(Note: EverWatch typically only makes payments at the end of the year so most of the numbers will be zero. But the form still has to be sent.)
Line Items
All information is pulled from QB Payroll Summary for Last Calendar Quarter. Numbers should reflect totals for all employees unless otherwise specified. Can change the report to show "Total Only" if it's easier.
- 1 - 2 (Eric and Sally)
- 2 - Enter Adjusted Gross Pay
- 3 - Enter Federal Withholding
- 4 - Leave unchecked
- 5a - Probably the same as #2
- 5b - Likely zero
- 5c - Probably the same as #2
- 5d - Likely zero
- 5e-15 - Do the math and enter the amount paid (which will be paid after this step via EFTPS)
- Note: line 13 should be the amount that will be deposited via EFTPS, so it should match amount owed
- 16 - Hopefully, check box 1, under $2500
- Sign part 5 with scanned signature, Eric Loyd, President, 8772486384 x3100, and date of submission
Double check that ALL FIELDS have been filled out appropriately, the correct quarter has been selected, and the form is signed. Save form to \Bitnetix Documents\Quickbooks\Bitnetix Incorporated Tax Form History\INWKS941\YYYYMMDD.pdf where YYYY is current year, MM is last month and DD is the last day of last month. So if you're doing this in July of 2024 for 2nd quarter ending June 30, the file would be 20240631.pdf.
Print double-sided (only pages 1-2) and mail to:
Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999-0005
Form 941 is paid via EFTPS
Yearly 944
Note that this is done instead of a Quarterly 941, but only if approved by the IRS. Currently, both Bitnetix and EWG are 941 filers.
Yearly 940
Note that this needs to be done in addition to the Quarterly 941 form and/or the Yearly 944. The form is at (https://www.irs.gov/pub/irs-pdf/f940.pdf). Instructions are available at (https://www.irs.gov/instructions/i940).
Special Note for Schedule A: New York seems to be a credit reduction state every year. So make sure to download the year-specific F940 Schedule A form that shows what the rates are for that year. For example, in 2024, NY is 0.009 and this form is at (https://www.irs.gov/pub/irs-prior/f940sa--2024.pdf). This site may have the latest rates. For some reason, this is really hard information to get.
Instructions
Top of Form
Bitnetix:
- ID: 26-4029404
- Name: Bitnetix Incorporated
- Trade Name: SmartVox
- Address: PO Box 180, Walworth, NY 14568
Line Items
- 1a - NY
- 2 - Likely checked (also complete Schedule A)
- 3 - Enter Adjusted Gross Pay
- 4 - Likely zero for all boxes
- 5-8 - Do the math
- 9 - Likely blank
- 10 - Likely blank
- 11 - Enter from Schedule A
- 12-15 - Do the math
- Part 5 (lines 16-17) will likely be blank
- Schedule A: Enter the appropriate amount in the NY box, do the math, and carry back to line 11
Print double-sided (only pages 1-2, make sure you have Schedule A if required and staple it together) and mail to:
Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999-0046
Form 940 is paid via EFTPS.
EFTPS
Log in to EFTPS at https://www.eftps.gov/eftps. You will need login.gov access:
- Bitnetix: eric@bitnetix.com, EIN: 26-4029404
- EWG: eloyd@everwatch.global, EIN: 47-5330323
You'll need access to Google Authenticator app on Eric's phone (see other information on how to get that access). You may also need SMS access to 585-259-3742. EFTPS PINs and passwords are in KeePass. I know, it's complicated.
Pay the amount just calculated from the 941 in the previous step. For 941, this is a "Federal Tax Deposit" and you will need the numbers from the 941 in front of you. Repeat for 940 payment if needed. Generally, I choose a settlement date that is a few days before the end of the month. EWG will likely need to adjust payroll liabilities in QB to make it match with what the math works out to be on the forms.
For the 940, if any amounts are zero (which is likely the case for EWG Federal Tax withheld) leave the field blank. Do not put 0.00 in or else it will flag it as invalid data.
New York
NYS-45
Go online to https://www.tax.ny.gov/bus/ads/efile_addnys45.htm and log in to web file. It make take a few pages to get there. Username is er1cl0yd and Firefox/KeePass knows the password. You may need to start a private browser window or clear cookies to get the thing to log in properly. The web site has recently been updated so the flow is:
- Web site
- Log in (at top)
- Mangle your way through maybe having to clear browser cookies
- Eventually get to "Account Summary for BITNETIX INCORPORATED"
Select Services -> Employment and Withholding Tax -> NYS-45 Web File in left-hand menu and select the correct quarter and year. Follow the instructions, moving through the form, using data from the QB Payroll Summary for Last Calendar Quarter report. In this case, we need employee-specific numbers as well as the totals. You can at least "Load Data From Previous Return" to save some typing. EWG will likely need to payroll liabilities in QB to make it match with what the math works out to be on the forms. Don't forget to save the form before exiting, or else it won't be there for a few days!
Note that this needs to be done for both Bitnetix (er1cl0yd) and EWG (everwatch).
Specific Instructions
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Do you have anything to report at this time? YES
-
Are you amending? NO
-
Wage reporting filing options: MANUAL
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How many employees records do you need to report wage reporting and withholding information for?: TWO (Bitnetix) or ONE (EWG)
-
Are you a seasonal employer? No
-
Did you permanently cease paying wages? No
-
Did you sell or transfer all or part of your business? No
-
Do you offer dependent health insurance benefits to any employee? No
-
Load Data from Previous Form to save some typing
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Note that this is a wide form so you may need to scroll right to get all the fields (but most of these are zero over here anyway)
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The form updates have made it easier. Enter wages and NY witholding, calculate, and then continue.
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Enter proper numbers for # employees each month
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Unfortunately, have to calculate each employee's total wages in excess of the $12,800 limit (which changes each year). Use Excel spreadsheet "Payroll Liability Calculator"
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Make sure any amount paid is paid before the due date, but I like to select 24 hours ahead to give time to make corrections and move money, if needed.
Since the end of this form submits an ACH payment, QB should be able to pay this automatically from the Pay Payroll Liabilities page. You may have to make adjustments to the Payroll Liabilities because QB no longer keeps track of things properly without the subscription. Still, it's worth not paying $65/month for this "service."
When done, make sure the numbers match in QB and the web page, and Print/Save a copy of the PDF. Save the PDF to \Bitnetix Documents\Quickbooks\Bitnetix Incorporated Tax Form History\NYS45MN\YYYYMMDD.pdf, where YYYY is the current year, and MMDD is the last day of the previous quarter. Verify that the form/payment is pending in the main screen.