Items #1-5 pertain to taxes only; no cash entries are included. Item #6 is the only reference to cash.
1. Tax Type: List of all federal, state, and local tax types with tax liabilities during the current quarter. Federal tax types are listed first and then state tax types are listed in alphabetical order. Local taxes appear after each respective state.
2. Prepaid W/H: Data here is applicable if you started with the Tax Service after your first payroll of the quarter (mid-quarter start). If you provided Current Quarter Tax Information, you will find it here.
3. Withheld: Total tax liabilities reported during the quarter on a per pay period basis.
4. Due/Deposited: Quarter-to-date totals (i.e., quarter close totals) reported to the Tax Service, and not deposited as the heading implies.
5. Variance: Difference between taxes reported, prepaid W/H plus Withheld columns, and total taxes reported at quarter end, or the Due/Deposited column. A negative variance represents a decrease to the periodic taxes your company owes; a positive variance indicates an increase to the periodic taxes your company owes.
6. Memo Items: Total dollar amount of any memo items on your account, if applicable. These are charges or credits already included in current quarter funds received (i.e., record of miscellaneous exchange of cash). Memo items are used to record cash collected for late taxes, late penalties, late interest and quarter-end variances, as well as cash returned manually for reversed payrolls.