Flashcards
Chapter 8 Quickbooks
Flashcards do conjunto (13)
- 1Payroll SetupPayroll Setup requires: (a)Set up Employees List, (b) Turn on Time Tracking preference, (c) Turn on QBO Payroll
- 2Payroll ProcessingPayroll processing consists of the following four main types of tasks: (1) Enter time. (2) Pay Employees. (3) Pay Payroll Liabilities. (4) Process Payroll Forms.
- 3Employees Listcontains employee information such as address, telephone, salary or wage rate, and Social Security number.
- 4Contractors ListContractors are paid a contracted fee, a fee specified by a contract. The business does not pay payroll taxes or additional benefits. The contractor is responsible for paying self-employment taxes. Contractors are vendors.
- 5Time TrackingThe time-tracking feature can be used to track time worked by any of the three. How we recorded the payment, however, depends upon the status of the individual who performs the work: employee, contractor, or business owner.
- 6Invoice Tracked TimeConsists of transferring billable tracked time to an Invoice to bill a specific customer for the time
- 7QBO Payroll OptionsThere are three QBO payroll plans: (1) QBO Core Payroll, QBO Premium Payroll, and QBO Elite Payroll. QBO payroll is relatively complex to set up and Intuit offers payroll specialists to assist in the payroll setup process. After QBO payroll is set up, it is relatively easy to run payroll.
- 8Pay EmployeesAfter entering time worked and setting up payroll, we would pay employees on a scheduled payroll payday. For weekly payroll payday might be every Friday. For a monthly payroll schedule, payday might be the first of the month. QBO payroll will send you email reminders when payroll should be run.
- 9Pay Payroll LiabilitiesPayroll liabilities include amounts for: (1) Federal income taxes withheld from employee paychecks. (2) State income taxes withheld from employee paychecks. (3) FICA (Social Security and Medicare, including both the employed and the employer portions) (4) Unemployment taxes.
- 10File Payroll FormsPayroll tax forms include: (1) Federal Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return. (2) Federal Form 941: Employer;s Quarterly Federal Tax Return. Fedral Form 944: Employer's Annual FederalTax Return. Form W-2: Wage and TAx Statement. Form W-3: Transmittal of Wage and Tax Statements
- 11Accounting EssentialsSummarizes important foundational accounting knowledge you may find useful when using QBO.
- 12Payroll TaxesPayroll tax forms summarize the amount of payroll withholdings that have been collected and remitted>
- 13Navigating EmployeesThere are two main aspects to using QBO for Employees and Payroll Transaction Purposes. Payroll Setup requires: Set up Employees List, Turn on Time Tracking preference, Turn on QBO Payroll.
Payroll Processing consists of the following four main types of tasks: (1) Enter time. (2) Pay Employees. (3) Pay Payroll Liabilities. (4) Process Payroll Forms.
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- FlashCards sobre Chapter 8 Quickbooks, criado por Deborah Abram em 25-11-2022.
- Criado por
- Deborah Abram
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