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Rbond143
October 20, 2022
Question

New York Withholding Payments

  • October 20, 2022
  • 1 reply
  • 0 views

This article by QuickBooks (https://quickbooks.intuit.com/payroll/new-york/) indicates that once I reach the $700 witholding threshold and I send in that payment, then I need to change my payment frequency to 5 days for the rest of the quarter.

 

My question is: So, do I have to change this back and forth (quarterly to 5 days after payroll) during each quarter? This seems very cumbersome. Can I just pay monthly instead? Or some other method?

1 reply

R
rvrfrf
October 20, 2022

Thanks for reaching out to the Community, Rbond143. I appreciate you reviewing our article about this topic.

 

If you're assigned Quarterly Frequency for Withholding by the New York Department of Revenue, your payments will be made Quarterly with the NYS-45 for payrolls where your total accumulated tax withheld is less than $700.00.

 

In the event you accrue $700.00 or more in withholding liabilities,  they'll need to be paid within 5 business days. You can make your initial payment using Quarterly Frequency. After doing so, you have to change the Deposit Frequency to 5 day for the rest of your Quarter. When doing so, be sure to use the same paycheck date for your beginning and ending dates of the filing period.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

 

If there's any additional questions, I'm just a post away. Have an awesome Thursday!

R
Rbond143Author
October 21, 2022

Will there be a problem if I leave the settings on "5 days" and just watch when it accrues to $700? Or do I change it back to Quarterly? Like, now that I am in the next quarter, my understanding is that I am waiting for the witholdings to accrue to $700 again before I pay. And then after that I need to pay at the end of the quarter again. The changing of the settings is what I am frustrated with. This is inefficient. This just started when we got raises in July, that the witholdings hit $700 before the end of the quarter. (Also, why does NYS have such a stupid law, but that's not QuickBooks fault.)

    MaryLandT
    MaryLandT
    October 21, 2022

    Welcome back, Rbond143.

     

    I'll also feel frustrated since you have to change the deposit frequency accumulated tax withheld to $700 or more. However, this is mandated by NYS that you need to change it to 5 day for the rest of the Quarter.

     

    Here's how:

     

    1. Go to Employees, and select Payroll Center.
    2. Select the Pay Liabilities tab.  From Other Activities select Change Payment Method.
    3. In the QuickBooks Payroll Setup, select Schedule payments.
    4. Select the tax liability you want to set up a schedule for.
    5. Select Edit.
    6. From the Payment frequency  ▼ drop-down, select your schedule.
    7. Click Next, then Finish.
       

    Set up a payment schedule to keep track of when your taxes are due.  You can also set up a payment schedule for your state taxes and non-tax liabilities.

     

    I'm adding these articles to help pay and file your returns in QuickBooks.

     

     

    Stay in touch with me if you have other payroll concerns. It's always my pleasure to help you.

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