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How to record payroll taxes in QuickBooks

How to Record Payroll Taxes In QuickBooks

QuickBooks accounting software integrated with many applications to track all accountancy functions in one place. Among all applications payroll is one of the best approaches to record the payroll taxes in QuickBooks. Payroll accountants make employee’s salary statements to maintain the record and process paychecks on-time.

So, you can easily create reports and payroll files. Payroll taxes make sure about all procedures which are in line with Government Laws and Policies. Read this article and you know “How to record payroll taxes in QuickBooks” along with all related information.

Before moving forward, ensure these things

To record your use of accessible retention tax credits;

  • Utilize the journal entry
  • Credit Withholding tax and debit
  • Payroll journal entries sway the money account
  • represents retaining taxes and medical coverage action.

In case you’re searching for specific journal entries in the record. Tax payment is definitely not a Taxable expenditure for your tax prepares. 

How to record payroll tax from a prior tax period

Here, you get to know how to record a tax payment for a prior tax period (This is specifically for that tax which is longer available in the list of the taxes):

  • First of all, open your QuickBooks
  • Go to the left menu and chooses the “Taxes” option
  • From the available preferences, You have to choose the “Payroll Tax”
  • Then, hit the next click on the “Prior Tax History”
  • Now, you have to choose the “Add Payment” option
  • After that, enter all required payment information
  • To end the process, click on the OK button

For a payroll tax that is presently due 

If you’ve just covered a tax, however, the tax payment actually shows up due, you may have paid the tax outside of QuickBooks Online Payroll (for instance, via mailing a check to the tax office). You can record the tax payment in QuickBooks Online Payroll to eliminate the tax payment update:

1. To record a tax payment, the user has to perform the below steps:

  • First of all, open your QuickBooks and drop your arrow at the “Left Menu”
  • Then, you have to choose the “Payroll Tax”
  • From the available option, you have to choose “Pay Taxes”
  • After that, the Pay taxes page will appear on your screen 
  • Then, choose the “Record Payment” option for the tax that you need to Pay
  • Then, you have to enter the Payment Dat. For that, choose the “Other” option 
  • Then, hit your click on the “Actual date of the payment when you were made”
  • After filling in all the required details, enter your cheque number 
  • Then choose  “Approve and print” to close the program 

2. To verify the tax payment that was  already recorded, you need to know and perform the below guidelines:

  • The first thing you have to do to go to the “Left Menu” and choose the “Reports” option
  • Then, enter your click on the “All Reports” option
  • The next thing you have to do to choose the “Manage Payroll”
  • After that, choose the “Payroll tax Payment report”
  • Ensure and confirm the tax payment that was recorded
  • Select the Payroll Tax Payments report.
  • Confirm that the tax payment was recorded.

Throughout this, you can oversee an employee’s paychecks. You can easily calculate the net salaries of your employees and handle all deductions and withholdings. Make sure that payroll and tax documents are correctly updated. Make accounting files, records, and schedules. To get more visible with your record update general ledger and payroll files. Track and monitor paid and unpaid leaves. The user has also an option to process overtime earnings or holiday deductions and now you know how to record payroll taxes in QuickBooks.

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