Hello @JamesG1
Yes wrote checks and cashed checks for 12 x $4,000 = $48,000.
Yes generated EFTPS payments for correct amount of federal withholding ($2,481 joint married) + 12.4% social security ($6,200) and 2.9% medicare ($1,450)
This should of been federal withholding, 6.2% Social Security & 1.45% Medicare for employer
Yes prepared and balanced all four 941's.
Yes the mistake made was overpaying the amount of the withholding, SS, and Medicare.
I should of withheld the federal withholding, and employee half of SS, and Medicare.
$4,000 - federal withholding ($206.75) - Social Security 6.2% ($258.33) - Medicare 1.45% ($60.42) = $3,474.50
Does this help clarify? thank you.
