Processing QuickBooks Online payroll for a small business, generating paychecks, processing payroll tax forms
QuickBooks Online payroll will describe the payroll process for a small business in detail, so bookkeepers, accountants, and business owners can better understand how to set up payroll, process payroll, and troubleshoot problems related to payroll.
This course will introduce the payroll set-up in the QuickBooks Online system, walking through payroll screens.
We will discuss payroll legislation that will affect payroll calculations within QuickBooks Online and list the payroll forms we will need to generate from Quickbooks Online.
The course will walk through the process of entering a new employee into the QuickBooks Online system and describe where the data would be received from in practice including Form W-4.
We will discuss Federal Income Tax (FIT) calculations within QuickBooks Online. The course will describe how FIT is calculated, what is needed for QuickBooks Online to calculate FIT, and how to enter the data into the accounting system.
The course will describe the Federal Income Contributions Act (FICA) and its components.
We will calculate social security and describe how QuickBooks Online will help with the calculations as we process payroll.
The course will calculate Medicare and describe how QuickBooks Online will help with the calculations of Medicare when we process payroll.
We will calculate Federal Unemployment (FUTA) and discuss how FUTA is related to state unemployment (SUTA).
The course will describe and calculate employer taxes and discuss which taxes are employee taxes and which taxes are employer taxes.
We will describe payroll journal entries and discuss how payroll data is populated in the QuickBooks Online reports and financial statements including the profit and loss and balance sheet.
We will discuss and enter both mandatory and voluntary deductions into the QuickBooks Online system.
The course will discuss retirement plan options, how to enter them into the QuickBooks Online system, and how they are used to calculate net income and payroll taxes.
We will work a comprehensive problem, processing payroll within QuickBooks Online. The comprehensive problem will use the paid QuickBooks Online feature.
The comprehensive problem will start very basic with one employee and will increase in complexity as we enter more benefits and payroll details each year.