Q.How can I calculate my monthly tax liability for deposit?
A.For example, if a weekly payroll client has to make a monthly deposit, the deposit for January (assuming you had started at beginning of the year) would be determined by printing the Form 941 Report by selecting YTD1 for the Beginning Date and selecting YTD4 as the Ending Date. Use the following steps to determine the deposit amount:
1. Select "Print Reports" on the Main Menu bar.
2. Highlight "Monthly/Quarterly Reports" and "Federal Form 941". Click "Page 1 + Voucher".
3. Click the down arrow on the "Select Beginning Date"
and click on the 1st pay period date (YTD1).
4. Click the down arrow on the "Select Ending Date"
and click on the 4th pay period date (YTD4).
5. Click the “Review and Print Federal Form 941” button.
6. Type the number 1 for the 1st quarter for the popup window
and click the “OK” button.
8. Click the “OK” buttons for the deposit and fractions of cents
windows and Form 941 will display the totals for January.: