Preparing Payroll Taxes in QuickBooks on a Quarterly Basis

Towards the end of each quarter, it is important to file taxes. QuickBooks is an essential accounting tool that helps in filing taxes. But there are several users out there who do not know how to make use of the payroll taxes in QuickBooks feature. So here, we will talk about the entire tax filing process on a quarterly basis.

 

QB actually makes the entire process easier, but that too depends on the kind of payroll service you subscribe to. The tool offers various functionalities such as QuickBooks Federal Tax Withholding which helps you to know how much tax has been withheld.

 

For Basic Payroll

If you hired an accountant and made him fill out Form 941 and 942, this means you have subscribed to the basic payroll alternative. The accountant will easily be able to file payroll taxes in QuickBooks quarterly using the payroll report option. If you have basic payroll, then you do not have to worry about the tax payment as the accountant will take care of it.

 

For Full-Service Payroll

If you have purchased full-service payroll then your quarterly tax payments will be done automatically.

 

For QuickBooks Enhanced Payroll

You require filling out and sending the payroll tax forms if you have subscribed to QuickBooks enhanced payroll service. The good thing is, QB will help you with creating and printing the copy of the 941 form which means you do not have to take too much stress about it. Visit your accounting tool’s Employees section and click on Payroll W2 and Forms, followed by clicking on the Process Payroll forms option.

 

QB will run a quick wizard wherein you will be asked to enter the state you have your business in along with the total number of employees that you paid to in the quarter. After entering all this info, a form will be generated; all you need to do is print that out.

 

You may also make use of the payroll summary report feature that will display all the information like - overall balances and gross totals in the tax liability accounts. To attain the reports, click on the Reports Menu, followed by Payroll and Employees and in the end Payroll Summary.

 

Doing this will showcase the full report. One thing that you need to remember is, specifying the date range for each quarter while preparing the report. To know more about the payroll taxes or even cloud hosting options associated with QuickBooks, contact Account Cares.

 

The team will help you out in the best possible manner and you wouldn’t require paying a hefty amount for it. Reach out to us through our toll-free number and we will be more than glad to serve you with our payroll, cloud hosting, consultation, and data migration services.

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