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Penny Rounding Differences |
Problem When paying taxes to a tax agency, some amounts are off by a few cents. Diagnosis This is a general mathematical problem that occurs whenever you apply percentages to a series of numbers. Because values are rounded to the nearest penny, the sum of the tax on each individual pay period will not be exactly equal to the same percentage applied to the total. Solution The US Federal 941 form has a place where you can enter the penny rounding difference, so you can get the payment amount to match Goldenseal's calculation. Most state and provincial forms have a similar place for penny adjustments. You can also adjust Goldenseal construction payroll software to match the final, calculated sum from the payroll form. To do so, follow these steps:
HINT-- You can also use the Adjust column to tweak the totals in an Other Cost record that covers a tax payment. Comments Entered
3/21/03 by Dennis. Updated 11/12/2010. |