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ebkiln
December 27, 2023
Question

one-time payroll with specific dollar amount withholdings

  • December 27, 2023
  • 1 reply
  • 0 views

Per my accountant, I need to run a one-time payroll that has very specific dollar amount withholdings. It doesn't seem I can do this via the "bonus" payroll option, since Quickbooks calculates the tax withholdings for you. Is there a way to run a one-time payroll for a specific amount that's different from the weekly salary, and where I can control the withholdings? Should I just change the withholdings and payment amounts, run payroll, and then change them back? I imagine this is something anyone with an S-Corp/pass-through entity deals with, so curious how folks do it. Thanks!

1 reply

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DebSheenD
December 27, 2023

Hello there, @ebkiln.

 

I'm here to help you enter a one-time payroll with a specific dollar amount withholding in QuickBooks Online (QBO).

 

QuickBooks calculates the federal withholding taxes based on the following elements: 

 

  1. Employee’s W-4
  2. Pay frequency
  3. Gross wages
  4. Percentage or wage bracket method

 

With this, you'll have the option to pay as a separate bonus paycheck either as a net or gross, or you can change the withholding or payment amounts with the guidance of your accountant.

 

For more information about paying an employee bonus separate from their salary, you can check out this article: Pay an employee bonus

 

Additionally, QuickBooks provides a variety of payroll reports to help you get a closer look at your business finances and employees. You can access, customize, and print these reports by following the steps outlined in this article: Run payroll reports.

 

If you have any further inquiries about processing payroll in QBO, feel free to reach out to us anytime. I'll be happy to help. Have a great day.

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ebkilnAuthor
December 27, 2023

So would the best thing to do in this case be to change the amounts and withholdings just for one payroll, and then change it back to the regular schedule amount and withholdings after that? 

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