Now that you are aware of how to set up payroll tax payments, there may come a time when you need to modify your tax configuration or simply want to review previously filed tax forms. Select “Payroll Settings” by clicking the gear icon in the top right corner of the homepage.
As Shown Below, the Payroll Settings will Appear on the Screen. Let’s go over the information you can find in more detail.
- General tax info: Changes should be made to your company name, filing name, and filing address for tax purposes.
- Federal tax information: Make any necessary adjustments to your FEIN, state account number, required tax forms, and payment (deposit) schedule.
Scrolling Down Will Allow You to See or Edit More Details
- Notifications via email: If you want email notifications and reminders for tax payments, leave this on the default “Send to You” setting. You can turn it off if it isn’t.
- Shared data: You can decide whether or not to let employees import their W-2 tax information into TurboTax. Employees who file their taxes will benefit from not having to enter the data themselves.
Additionally, there are sections where you can modify the designated payroll general ledger accounts, direct deposit funding time, and paycheck printing options.
- Bottom Line: You are now prepared to process your first payroll because you are aware of how simple it is to use QuickBooks Payroll to set up, modify, and pay payroll taxes. For detailed instructions on setting up your employees in QuickBooks, visit our payroll guide if you haven’t already.
You can register for a free 30-day trial of QuickBooks Payroll if you haven’t already done so. Soon after, you can begin paying your employees via direct deposit. And the system will do everything necessary to withhold, file, and pay all payroll taxes.
This is How:
- At the top, select the Gear icon.
- Under “Your Company,” select Payroll Settings.
- Under the Taxes heading, choose the name of your state.
- Select the link for “Change or add a new schedule.”
- Select the Effective Date and enter the Deposit Schedule.
- Select OK.
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If you are Unsure What the Correct Deposit or Filing Schedule is for your company, contact the IRS or state agency
Your federal 941 taxes (federal withholding, Social Security, and Medicare) and state withholding taxes are determined by the IRS and state withholding tax. Depositor frequency is the frequency of your payments. The amount of your tax liability for a specific period of time known as a lookback period determines your depositor frequency. Your frequency may alter as your payroll changes over time.
To ensure that your tax payments are made on time, you must add your federal 941 and state withholding deposit frequencies in QuickBooks Desktop.
You May Also Need to Update Them if Your Frequency Changes
Step 1: Determine your Depositor Frequency
- 941 federal taxes: Your new Federal Employer Identification Number and your deposit frequency are both listed in the same letter you received from the IRS (FEIN). Contact the IRS if you don’t have this letter.
- State withholding tax: You ought to have gotten a payment coupon book with your deposit frequency if your state has withholding tax. Get in touch with your state’s withholding agency if you didn’t receive one.
Step 2: Understand Your Tax Deposit Frequency
Two deposit frequencies are offered by the IRS:
- Semiweekly Depositors: Your taxes are due on the following Wednesday after the date of your paycheck if it falls on a Wednesday, Thursday, or Friday. Your taxes are due the following Friday if your paycheck date is on a Saturday, Sunday, Monday, or Tuesday.
- Monthly Depositors: If you deposit payroll taxes on a regular basis, you must pay them by the 15th day of the following month for the current month. If the 15th falls on a weekend or a federal holiday, you must deposit on the following banking day.
The frequency of state deposit withholding varies. For information, visit the website of your state agency.
Step 3: Set up or Modify Your Deposit Frequency
Set up or modify your deposit frequency in step three.
Assisted by QuickBooks Desktop Payroll
- You won’t need to set up your deposit frequency because we will take care of paying your payroll taxes for you.
- Send an email to email@example.com with your change notifications if the frequency of your federal or state deposits changes. You can change it with us.
QuickBooks Desktop Payroll Enhanced
To remember when your taxes are due, set up a payment schedule. Additionally, you can create a payment schedule for your state taxes and other liabilities.
- Click on Employees, then Payroll Center.
- The Pay Liabilities tab should be chosen. Select Change Payment Method under Other Activities.
- Select Schedule payments from the Payroll Setup menu in QuickBooks.
- Choose the tax obligation for which you want to create a schedule.
- Choose Edit.
- Pick your schedule from the Payment frequency dropdown.
- Next, select Finish.
Read This: QuickBooks 2021 Enhanced Payroll
QuickBooks Online Payroll
Note: Form 943 is only available for customers who sign up for payroll service on or after June 18, 2022.
- Go to Settings ⚙ then select Payroll Settings.
- Select Edit ✎ next to the federal or state you wish to update.
- Select Change or add a new schedule.
- Select the new filing and deposit schedule. Then, select an effective date.
- Select OK, then Done.
Note: The system is designed to change your schedule when you exceed thresholds. This will help you avoid additional penalties.
Intuit Online Payroll
- Select Setup. Then select Federal Taxes.
- Select Change or add a new schedule.
- Select the new filing and deposit schedule. Then select an effective date.
- Select Ok.
What are the Advantages of Setting up Payroll Taxes in QuickBooks?
Payroll is a very busy task for many business owners that necessitates total concentration. To implement the most recent tax laws and employment regulations, one must be informed. In conclusion, many people find filing taxes to be very overwhelming.
Because of this, payroll software like QuickBooks can assist business owners in paying their employees on time and at the appropriate rate.
The following is a list of the main advantages of using payroll software like QuickBooks Desktop:
- Pay rates and employment status for employees are all gathered in one place.
- Notifications of paydays to stop users from skipping or missing payment deadlines
- Payroll tax calculation as a full-service offering combined with automatic tax analysis, payments, and filing tracking, seamless management, and description of employee benefits
How to Set up and Change Payroll Taxes in QuickBooks Desktop?
QuickBooks Desktop is as follows:
Step 1:Locate the Tax option
To access the tax button, look for it in the main menu bar.
Step 2: Select the Appropriate Tax Center of the Payroll.
In the event that you use QuickBooks Online, you must modify QuickBooks Payroll Online. Check to see if the payroll tax option was selected. Examine all the data, and ensure that the QuickBooks team offers you full support.
Step 3: Setting up taxes In addition to the Payroll Agreement
- You will see a list of all the employees who have already been set up on the screen in front of you. You must enter a specific birthdate. The payroll must also reflect the employees’ hiring dates.
- You must set up the taxes and ensure payroll compliance in order to obtain all the information from the W-4 form filled out by the employee.
Step 4: Enter all Company Details
Enter all of the company’s information. The information is detailed below:
- Business Addresses: If a business’s new address is blank, it will be filled in automatically.
- First Employee Hiring Date: Select Yes or No depending on whether the employee had been hired within the previous six months.
- Business Name: Enter your company’s official name here.
- Date of First Payroll: Indicate the day on which the payroll will be processed for the first time.
Step 5: Enter the Details Concerning Federal Tax
The details you must include in relation to federal tax are as follows:
- Forms for Payroll Tax: Fill out the specific payroll tax form that was given to you.
- Non-Profit Status: Press Yes if there is a non-profit organization. Press No if it’s a for-profit company instead.
- FEIN: If you have a Federal Tax ID on hand, don’t choose no. Choose the Tax ID number instead.
- Payroll Tax Forms: submit the specific payroll tax form that is assigned to you.
- SUI: Each employer has been given access to this piece of information.
- Account Number of the Employer: A unique number is an account number.
- ETT: This tax applies to all other employees as well.
- Deposit Schedule: As an employer, you must submit a schedule, and QuickBooks will set up payroll taxes based on that schedule.
Also Read: QuickBooks Tax Forms
Step 7: Set up the E-file along with the E-pay Tasks
- Two options for making the payment will be given to you. Either select the payment option, the e File option, or manually enter the payment amount.
- Both e-filing and e-paying should be automatic to save time and effort. Only when payment must be made using paper coupons, a long and tedious, and time-consuming process, is the manual option necessary.
Step 8: Conduct Tax Payments
- When everything is finished, look for the setting icon and select the payroll setting option.
- Everything according to how to configure or modify payroll taxes in QuickBooks has been covered. Every point has been clarified. You must follow the instructions exactly.
- However, you should get in touch with us right away if you are stuck somewhere and believe that an expert opinion can be constructive. We have a group of experts who are excellent at what they do.
Frequently Asked Questions
How do I adjust sales tax payable on QuickBooks desktop?
To change your required sales tax:
1. Adapt your sales tax due by visiting:
2. Select Sales Tax from the Vendors menu, then click Adjust Sales Tax Due.
3. Enter the adjustment date, sales tax vendor, adjustment account, and any other relevant data in the Sales Tax Adjustment window.
Note: Don’t use the adjustment account for sales tax payable. Select Sales Tax from the Vendors menu, then click Adjust Sales Tax Due.
Enter the adjustment date, sales tax vendor, adjustment account, and any other identifying details in the Sales Tax Adjustment window.
Note: Don’t use the adjustment account for sales tax payable.
How do you Adjust Sales Tax Payable?
You can use a journal entry to debit or credit sales tax payable if you need to make adjustments for changes that appear on the sales tax return. The Sales Tax Adjustment window is another option. When you create the subsequent Sales Tax Payment, you will then apply for this credit.
How do I Change my Sales Tax Payable Account?
When you submit your sales tax return and the balance due payment, make an adjusting entry. Post a credit in the amount of the outstanding balance to the “Sales Tax Payable” account. To reflect the payment completed, post a debit to the “Cash” account.