Pay Your Payroll Liabilities
Lesson #3: Managing Payroll Taxes
Now that you've set up payroll in QuickBooks and learned how to run a payroll, we'll show you how to pay your payroll taxes and other liabilities. QuickBooks automatically tracks the amounts of taxes and other liabilities that accrue on each paycheck. When their due date arrives, you just need to pay them. This third lesson from QuickBooks Payroll Starting Points will show you how.
If you haven't set up your QuickBooks Payroll, go back to Lesson #1: Get Started with QuickBooks Payroll. For tips on processing payroll, go back to Lesson #2: Pay Your Employees by Using QuickBooks Payroll.
This Week: Pay Your Payroll Liabilities
To learn more about paying your payroll liabilities, click a link:
Next week we'll discuss the preparation of payroll tax forms in QuickBooks.
Tips
Know Your Tax Schedule
Employers have different payroll tax payment and filing schedules depending on the size of their payroll. You'll need to know your tax schedule, so you can pay your payroll taxes on time. Learn more.
Do Not Use the Write Checks Window to Pay Your Payroll Liabilities
A common mistake among new QuickBooks Payroll users is to pay payroll taxes and other payroll liabilities using the Write Checks window. You don't want to do this. Instead, you want to create payroll liability checks whenever you pay a payroll liability. Creating payroll liability checks allows QuickBooks to accurately track how much tax and other liabilities you've paid, as well as how much you still owe. To learn how to create payroll liability checks, see Pay Your Payroll Taxes and Other Liabilities.
Update Your SUI and SDI Rates in QuickBooks When Your State Sends You New Rates
QuickBooks Payroll subscribers in most states must update their state unemployment insurance (SUI) rates in QuickBooks themselves. The QuickBooks Payroll tax table does not include updates to these rates because states assign each employer a unique rate. Employers located in states that have state disability insurance (SDI) will also need to update their SDI rates themselves. Learn how.
View the QuickBooks Payroll Tax Table
At some point, you might decide you want to take a look at the tax table QuickBooks Payroll uses to calculate your taxes. To do this, you can run a Payroll Item Listing report that shows you the tax rates and wage bases for each of your taxes. Learn how. |
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Resources
QuickBooks Resources
Use these valuable resources to get the answers you need:
- QuickBooks Help: Access the program Help within the software for technical or troubleshooting issues. From the Help menu in QuickBooks, select QuickBooks Help.
- QuickBooks Knowledge Base: Get answers to thousands of QuickBooks questions.
- QuickBooks Message Boards: To ask questions of users like you, use the QuickBooks Community Message Boards.
- QuickBooks Payroll News: For a summary of all payroll updates for the current year, go to the Payroll News page.
Additional help options include:
Free Callback Support
As an active QuickBooks Payroll subscriber, you will receive free callback support*
to help you get started and manage your payroll in QuickBooks with confidence.
IRS Resources
Visit the IRS at www.irs.gov for more information about the following:
- Publication 15 (Circular E), Employer's Tax Guide
- Form W-4, Employee's Withholding Allowance Certificate
- Form W-4(SP), Employee's Withholding Allowance Certificate (Spanish Version)
Get Help from a QuickBooks Expert
Certified QuickBooks ProAdvisors® are usually accounting professionals and consultants who specialize in providing
local one-on-one help to small businesses using QuickBooks. Some QuickBooks Payroll users find it helpful to consult with a ProAdvisor
when they have questions on setting up a payroll in QuickBooks or to review their setup to make sure everything's good-to-go.
Search for a ProAdvisor.
Upcoming Issues
Future lessons will cover:
- Paying your employees and processing payroll
- Paying payroll liabilities
- Preparing payroll tax forms
- Getting the most out of QuickBooks Payroll
Quick Response
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