Company Tax Packages Overview

This article provides you with a breakdown of all the information you can find within a Tax Package.

TAX PACKAGES 

Tax Packages include all of your company's tax filings based on a specific quarter. This information can be exported at any time once Namely uploads it into the system. 

Refer to this video: Company Tax Package

ACCESS

To view your Tax Package in Namely Payroll:

  1. Go to Reports > Quarterly and Year End.

  2. Select your desired quarter. 

  3. Click View to download the report as a PDF.

Refer to Where can I find my company's quarterly and annual tax packages? for further details.

 

INFORMATION WITHIN THE PACKAGE

The Tax Package generally contains the following information:

  • Company Package Front Cover page

  • Reconciliation Recap

  • Deposit Recap

  • Federal. Tax Filings

  • State specific tax filings

 

Reconciliation Recap

This recap provides a summary of the activity on your account for each tax type. Each line displays the tax liability, prepaid deposits, tax deposits, prior period adjustments and any variance. When the variance is not zero, a type is displayed indicating the disposition of the variance. 

TIP:

Find the amount of the quarter end variance debit/credit (if applicable) in the top right corner of page 2. This amount is derived from adding the Deposit Types and Credit Types.

 

Deposit Recap

This recap allows you to confirm timely and accurate deposits. It includes the following information of your quarterly deposit activity:

  • Tax Code

  • Description

  • EIN

  • Period End Date

  • Due Date

  • Created Date

  • Method

  • Type

  • Confirmation

  • Tax deposits

 

Federal Tax Filings

  • 940 FUTA Deposit Notice (if applicable)

    • This allows you to review Wages, Taxable Wages, and Tax Amounts. This is helpful when auditors ask for this specific information regarding these wages and tax items.

  • Form 941

    • This allows you to review the information in the form, especially if auditors ask for specific data that pertains to “Box 1” Wages from the W-2, Social Security and Medicare Taxable Wages.

  • W-3 (if applicable)

    • This is only available in the Q4 Tax Package and allows you to review the total of all W-2s issues by the company.

 

State specific Tax filings (if applicable)

  • Reference the data for audits and confirm whether or not employees were reported to their corresponding correct state (for Unemployment). 

  • Reference the returns if you have received notices from agencies regarding Late Filing, P&I, Missing Returns, and more.

 

Company Tax Profile

  • This provides a recap of the data that was on file at this specific point and time.

  • It contains a list of all of the federal and applicable states with the following information:

    • Tax Code

    • Tax Description

    • EIN Rate (%)

    • Frequency 

    • Payment Method

 

FREQUENTLY ASKED QUESTIONS

What is a 941?

All employers, who are not farmers, who pay wages subject to income tax withholding or Social Security or Medicare taxes, must file Form 941, Employer’s Quarterly Federal Income Tax Return. Agricultural employers file an annual return, Form 943.

For more information, read Federal Payroll Taxes and Withholding from our Comply Database. 

What is a 940?

Employers may also have to file a federal unemployment tax return Form 940 by January 31 of each year if they paid $1,500 or more in wages in any calendar quarter in the current or previous tax year or had at least one employee work for some part of a day in any twenty different weeks the current or previous tax year. This includes regular, temporary, and part-time workers.

For more information, read Federal Payroll Taxes and Withholding from our Comply Database.

 

How are amounts coded as a fraction, carry, refund, and/or adjustment handled?

  • Carry: Amounts classified as ‘carry’ are being carried over to next quarter as a credit. There is no immediate impact at this time, so carry amounts do not roll up to the deposit or credit amount. 

  • Refund: Amounts that you can anticipate receiving back from the agency. 

  • Adjustments: These are rare, but they are amounts (credits or debits) from the prior quarter that affect the current quarter.

 

How do I determine the credit/debit/write off on the reconciliation recap?

Review How do I read the tax variance reports? for more information.