SEP IRA

Question: My 941’s filed timely however they did not reflect my deductions for a SIMPLE IRA. How do I adjust?

FICA & Med are correct. How do I adjust the other taxes?

Answer: I’m confused by your question. Contributions to SIMPLE IRA’s do not lower the taxes you report quarterly on a 941 form. Yes, they are pretax dollars, but you still have to pay tax on the gross amount of income paid out if you are the employer. There is no deduction for SIMPLE IRA Contributions or what you have matched as the employer.