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lukereinhart3
December 30, 2023
Question

How can I enter a payroll where the federal withholding is more than gross wages and instead going against employee loan?

  • December 30, 2023
  • 1 reply
  • 0 views
We're trying to run a year-end payroll that reports 2% SH health insurance of $20k and federal tax withholdings (FIT) of $45k (the SH was behind on withholdings). There will not be any regular payroll, net pay should be zero and the offsetting account would be SH loan or contributions. Quickbooks Payroll will not let me have FIT that exceeds the $20k health insurance. If I only enter $20k of FIT then QBO automatically creates an employee loan for that same amount. This treatment is fine but I want to show $45k instead of $20k. Any suggestions?

1 reply

C
CamelleT
December 30, 2023

Let's figure out how to show the $45k instead of $20k, luke.

 

The amount of federal income tax(FIT) withheld from employees' paychecks depends on their marital status and adjustments on form W-4, pay frequency, and their projected annual income. 

 

Since you want a specific amount to show, you can contact our Customer Support. They might be able to help you show the $45k. Here's how you can reach them:

 

QuickBooks Online Payroll Core - Monday to Friday, 6 AM to 6 PM PT.

QuickBooks Online Payroll Premium, Elite - any time.

Except for closed holidays: 4th of July, Thanksgiving Day, Christmas Day, New Year's Day

 

  1. Sign in to your QuickBooks Online account.
  2. Go to Help.
  3. Select Contact Us.
  4. Enter your concern, then hit Let's talk.
  5. Choose a way to connect with us:

  • Start a chat with a support expert.
  • Get a callback from the next available expert.
  • Ask the community to get help from businesses like yours.

 

Additionally, I'll share this article to guide you about the employee cap on taxable earnings: Understand payroll tax wage bases and limits.

 

Comment below if you have additional questions about managing your payroll. I'll be here to assist. Take care!

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