Standard AQ - Taxes Summary

Purpose: This report provides a summary of taxes calculated and withheld for employees across payroll runs.

Why It Matters: Understanding your organization's tax liabilities is crucial for accurate financial planning and compliance. This report offers a consolidated view of all tax types (federal, state, local) processed, helping you verify amounts and identify discrepancies quickly.

Efficiency Drivers:

• Quick Validation: Easily compare total withheld amounts against expected values to catch errors early, reducing time spent on reconciliation.
• Compliance Assurance: Ensures that your payroll tax calculations align with legal requirements, avoiding potential penalties.
• Enhanced Financial Planning: By providing a clear overview of tax obligations, this report aids in more precise budgeting and cash flow management.

Parameters

Parameter Name	Options	Description
Branch (Paycheck)	All available branches	Paycheck’s branch
Start Date (Check)		Check Date
End Date (Check)		Check Date
Date Type	Accounting Period Date, Check Date	Paycheck Accounting Period Date or Invoice Date
Show Summary	Yes, No
Show Local Taxes	Yes, No

Report Fields

Show Summary =  Yes

Field Name	Description
Supplier Description	Paycheck’s Supplier
State Description	Description of State on which tax is implied. Like example – Alabama, Alaska, etc.
Tax Type	Type of the Tax. Like example – Federal Income Tax, FICA, FUTA, SUI, etc.
Tax Name	Name of the Tax. Like example – FICA EE, FICA ER, AL WH, AR AUI ER, etc.
Tax EIN	Supplier’s Tax EIN
Tax Code	Payment Check's Tax Code
EmployeeTax Checkbox (checked or unchecked)	Checked If it is Employee Tax, unchecked if Employer Tax
ResidentTax	Resident or Non-Resident Tax
Gross Amount	Total Gross Wages earned by Employee in given date range
Subject Gross	Total Wages Subjected on which Tax is applicable in given date range
Taxable Gross	Total Wages in which actual Tax is calculated in given date range
Tax Amount	Total Tax amount deducted in given date range

Show Summary = No

Field Name	Description
Supplier Description	Paycheck’s Supplier
SSN	Employee's SSN
First Name	Employee’s First Name
Last Name	Employee’s Last Name
Check Number	Paycheck’s number
Check Date	Paycheck’s date
Accounting Period Date	Paycheck’s Accounting Period Date
State Description	Description of State on which tax is implied. Like example – Alabama, Alaska, etc.
Tax Type	Type of the Tax. Like example – Federal Income Tax, FICA, FUTA, SUI, etc.
Tax Name	Name of the Tax. Like example – FICA EE, FICA ER, AL WH, AR AUI ER, etc.
Tax EIN	Supplier’s Tax EIN
Tax Code	Payment Check's Tax Code
EmployeeTax Checkbox (checked or Unchecked)	Checked If it is Employee Tax, Unchecked if Employer Tax
ResidentTax	Resident or Non-Resident Tax
Gross Amount	Total Gross Wages earned by Employee in given date range
Subject Gross	Total Wages Subjected on which Tax is applicable in given date range
Taxable Gross	Total Wages in which actual Tax is calculated in given date range
Tax Amount	Total Tax amount deducted in given date range

Actionable Insights:

• Review Regularly: Make it a routine to check this report after each payroll run. Look for any anomalies or unexpected changes in tax amounts.
• Set Up Alerts: If available, set up alerts for significant deviations in tax withholdings, enabling proactive management and swift resolution.
• Integrate with Audits: Use this report as a part of your internal auditing process to ensure accuracy and compliance.

Leveraging this report effectively means fewer errors, improved compliance, and a more streamlined payroll process, freeing up time to focus on strategic activities that drive business growth.