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January 24, 2022
Question

How can the payroll liability created by running a special payroll to include information for the S-Corp HC company payment to shareholder be cleared out?

  • January 24, 2022
  • 1 reply
  • 0 views
This special payroll was run for informational purposes only, to include it on the shareholder's (owner) W-2. It has left a payroll liability in the balance sheet and is also included in total wages paid for the year, even though it wasn't technically a "wage paid.

1 reply

January 24, 2022

Let me help you clear out the payroll liability in the balance sheet, SDM2. 

 

We can create a tax payment for the tax liability to remove them from the balance sheet and that's also included in total wages paid for the year. If you opted to make your tax payments yourself, or your automatic tax setup isn’t active yet. Here's how: 

  1. Go to Taxes on the left menu. 
  2. Choose Payroll Tax.
  3. Select the Payments tab.
  4. Follow the on-screen steps to complete your tax payment.

 

Here's an article you can refer to for more details about paying and filing payroll taxes and forms in QuickBooks Online (QBO). If you need to correct the payroll instead of paying them in QBO, I'd suggest contacting our Payroll Support Team to help you with this one. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how: 

  1. Click Help in the upper-right corner and select Contact Us.
  2. Enter the details of your concern and click Let's talk.
  3. Select how you want to reach them (phone or chat).
  4. Enter the necessary details to complete your request.

 

Feel free to browse this link here if you need help with adding and managing your tax forms. It'll route you to our general payroll topics with articles.

 

The Community always has your back, and I'm just a post away should you ever need anything. Just leave a comment below and I'll get back to you. Take care always.