Paying employees and paying taxes are the two hardest necessities that you have to do as a small business owner. Part of the stress is having to do both correctly. There is no room for error when it comes to paying your employees or paying the IRs.
If you are using QuickBooks then you have a good start. QuickBooks payroll tables can be automatically updated to give you the correct information at your fingertips. If you want to look at the tax table in QuickBooks Payroll follow these steps:
From the Lists menu, select Payroll Item List.
Click the Reports menu button, and select Payroll Item Listing.
Checking a Rate
The Amount column of the Payroll Item Listing report shows the tax rate of all flat-rate taxes (such as federal unemployment or Social Security). Depending on the tax, the rate either comes from the QuickBooks Payroll tax table (which is delivered to you via payroll updates) or is one you entered manually when you set up the payroll item (such as a local tax not tracked by QuickBooks Payroll or your state unemployment rate, which is unique to each employer and therefore not included in the QuickBooks Payroll tax table).
There are many places online and on Intuit’s website to get QuickBooks training. Learn how to take care of your accounting needs or hire someone to do it for you.