QB Tax Advisor Accounting

QB Tax Advisor

Processing payroll efficiently and accurately is critical for any business. QuickBooks Online makes this easy through built-in payroll features tailored for small businesses.

With QuickBooks payroll, you can automate payroll runs, pay employees and contractors, file taxes, and generate key reports. No more manual calculations or paper checks!

Follow this simple guide to get payroll up and running in your QuickBooks Online account.

Choose Your QuickBooks Payroll Plan

QuickBooks Online offers a few different payroll options:

  • Basic payroll – $25/month base. Additional $4 per employee per month. Ideal for businesses with <10 employees.
  • Premium payroll – $40/month base. Additional $8 per employee per month. Provides additional features like next day direct deposit. Best for 10-100 employees.
  • Elite payroll – Custom quote. Full service payroll. Dedicated payroll expert and account manager. Designed for 100+ employees.

Assess your payroll needs and employee count to pick the right plan. You can easily upgrade later as your business grows.

Once signed up, QuickBooks will walk you through setting up payroll step-by-step.

Step 1: Set Up Employee Information

The first step is inputting details about each employee:

  • Personal details – Legal name, address, date of birth, social security number.
  • Pay details – Pay rate, frequency (hourly, salary, etc), payment method.
  • Tax details – Filing status, federal and state tax withholdings. QuickBooks uses smart default rates.
  • Bank details (for direct deposit) – Account and routing number.
  • Paid time off – Vacation, sick time, etc. QuickBooks tracks accruals and balances.
  • Additional info – Departments, location, employee type.

Inputting this info accurately from the start prevents future headaches! Employees can also provide some of their own details through self onboarding.

Step 2: Set Up Pay Schedules

Next, set up when payroll runs:

  • Pay period – Weekly, biweekly, semi-monthly, monthly.
  • Pay day – Day of the week or month that employees are paid.

QuickBooks automatically calibrates pay periods and pay days. You can customize further if needed.

Step 3: Choose Tax Forms

Now select the tax forms you need to comply with federal and state regulations. Common options include:

  • Form W-2 – For W-2 employees. Issued at year-end reporting annual wages and withholdings.
  • Form 1099-NEC – For 1099 contractors. Reports non-employee compensation.
  • Schedule H – Summarizes quarterly payroll tax liability for Form 941 reporting.
  • State tax forms – Withholding and unemployment forms that vary by state.

QuickBooks certified payroll guarantees you stay compliant. Tax forms are filed and submitted correctly on your behalf.

Step 4: Set Up Payroll Payments

Lastly, choose how your employees will get paid:

  • Direct deposit – Fast, secure, preferred by employees. Need bank account and routing numbers.
  • Pay cards – Optional prepaid debit cards. Let unbanked employees get paid electronically.
  • Paper checks – Mail physical checks. Higher fees apply.
  • Cash payments – In-person cash. Require employee receipt signature.
  • Third party payments – Integrated apps like Gusto, Wisely Pay, etc. More advanced features.

Select the right mix for your workforce. Employees are paid automatically each pay period!

Next Steps After Payroll Setup

Once payroll is set up, a few next steps:

  • Enter employee hours – Track hourly or use time tracking apps. Pay periods close automatically.
  • Review payroll previews – QuickBooks shows a preview before each run. Double check accuracy.
  • Pay contractors – 1099-NEC contractors can be paid through payroll.
  • Enable payroll reports – Gross pay, taxes, deductions, liabilities, more.
  • Pay payroll taxes – Automatically withdraws from your bank. Reminders before due dates.
  • File forms – W-2’s, 1099’s, 941’s, state forms all filed for you.

With that, you’re all set for automated payroll in QuickBooks Online! Reach out to a QuickBooks online support number expert for help with setup or advanced features.

Why QuickBooks Payroll is the Best Choice

QuickBooks Online Payroll provides the easiest, most compliant payroll for your small business:

  • Automatic tax calculations and filings remove huge headaches. Never miss deadlines.
  • Accurate payroll previews let you confirm everything before running payroll. No more mistakes.
  • Tools for managing PTO, benefits, and reimbursements in one place. Easy HR.
  • Direct deposit or pay cards get employees paid promptly and securely.
  • Contractor payments through 1099’s integrates with employee payroll.
  • Accessible from anywhere via the cloud. More flexibility.
  • Dedicated U.S.-based support and no long-term contracts.

With QuickBooks Payroll powering your small business payday, you can pay employees quickly, accurately, and compliantly. Spend less time on payroll and more time growing your business!

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