QuickBooks Payroll taxes handle all paycheck and taxes functions including the Payroll item tax tracking. Payroll items include taxes, addition, deductions, employer-paid expenses, and compensation. But, item tax track is the individual processing that leads to track the payroll item on-time. It is an automated function, user just needs to fill required data and switch to ON mode. With the help of this approach, you can view the clear vision from where your money deducts or where you get compensation. This blog will provide all necessary information to understand the Payroll item tax tracking in QuickBooks.
What is payroll tax tracking?
Payroll tax tracking imposed on employees of your organization. It is generally calculated your all expenses, additions, tax paid, and deductions. You can estimate paid tax and all other paycheck processing on the auto-mated mode to find the accuracy.
How to set up payroll tax tracking?
To set up the payroll tax tracking, perform the below guidelines:
- Open your QuickBooks Desktop. Accessible to Pro and Premier version
● Go to the list menu, choose the “Payroll Item List”
● Open the Payroll from the top-menu. This step is accessible for QuickBooks Desktop users
● Hit the next on the “Setup and Maintain”
● Now, select the “View/Edit” the payroll items
For Desktop users, click on the “Add a Payroll item” link from the list of related activities.
- After this, you have to select the “Custom Setup” and moving forward
● Choose the “Deduction” and click on the “Next” button
● In the given section, name the specified item in the given section
● Make sure about the above step and then choose the “Liability account”
● Now, you can set the tax tracking type as an HSA Emp.
● Go to the Taxes window and click on the Next button
● From the calculated based on quantity window, choose the “Neither” option
● Go ahead with NEXT click
● Go to the Gross vs. Net window and choose the “Net pay” button
● Fill default name, if it is required, and click on the Finish button to close the program
Wrap-up the important points in the frame of this blog to get to know about the QuickBooks Payroll item tax tracking. For more queries, keep in touch with the QuickBooks expert team via helpline number 1-844-640-1481 or do LIVE CHATs (Link is visible at the right corner of the website). Thank you for the Reading, I hope the information was useful for you.