Transaction code : PU19 - Quarterly Form 941
When generating the 1st quarter (01.01.2011-31.03.2011) Form 941 ,we noticed that the taxable social security wages and tips as populated in Section 5a and 5b not generating the correct percentage.
Section 5a and 5b reflecting taxable social security wages and tips as x.124 (EE 6.2%+ER6.2%) but wef 01.01.2011 Social security wages and tips should change to x.104 (Employee portion 4.2 + Employer portion 6.2)/100.
We did maintained V_T5Utx with tax authority FED and Tax type 03 (Employee Social Security Tax) and 04 (Employer Social Security Tax).
Please suggest what else needs to maintain to get correct percentage for social security wages and tips Section 5a and 5b not generating the correct percentage.