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December 23, 2023
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We use Quickbooks online with Enhanced payroll online as well.We pay our selves 1 time a year at the end of the year. I can not find a way to do this online.

  • December 23, 2023
  • 1 reply
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Since moving to Quickbooks on line we can not find a way to pay ourselves only 1 time a year at end of the year.  As then we also have to pay into our Simple IRA. It is limiting us to hours. Any help for an annual pay all at 1 time please.
Best answer by ArielI

Hello.

 

As a QuickBooks Online Payroll user, @customerservice24. You may have observed that there is no provision to run payroll annually. Nonetheless, you can still accomplish this by utilizing the commission paycheck method while establishing the supplemental rate. If you are uncertain about the rate, I highly recommend consulting an accountant. Moreover, before submitting payroll, you can adjust the tax figures to ensure accuracy.

 

Additionally, if you're interested in setting up a Simple IRA, it's a great way to prepare for your financial future and save for retirement. Here are the steps you can follow to get started and set up your Simple IRA: 

 

  1. Select Workers, then select Employees.
  2. Select the employee's name.
  3. Select the pencil icon in the Pay section. Scroll down on the deductions section. Then select +Add deductions.
  4. Select Retirement Plans under Deduction/Contribution type. Then select the type of Retirement plan
  5. Enter the name of the provider. And the amounts per pay period.

 

Then, pull up the Payroll Summary report to double-check the employee/employer deduction information. Here's how:

  1. Go to the Reports menu.
  2. Use the Find report by name search bar to search for reports by name. You can also browse the list.
  3. Select the report to open it.

However, if you have created items for your employer contribution and another one for your employee, you can separate the account on the Accounting Preference page. 

 

I've added this article to the list of reports available in QBO: Run Payroll Reports. Additionally, you can also customize a report to get the information you need. Please check out this article: Customize Reports In QuickBooks Online.

 

If you have any other questions regarding QuickBooks Online Payroll, you can ask us below. The community is always willing to assist you. Take care!

1 reply

ArielIAnswer
December 23, 2023

Hello.

 

As a QuickBooks Online Payroll user, @customerservice24. You may have observed that there is no provision to run payroll annually. Nonetheless, you can still accomplish this by utilizing the commission paycheck method while establishing the supplemental rate. If you are uncertain about the rate, I highly recommend consulting an accountant. Moreover, before submitting payroll, you can adjust the tax figures to ensure accuracy.

 

Additionally, if you're interested in setting up a Simple IRA, it's a great way to prepare for your financial future and save for retirement. Here are the steps you can follow to get started and set up your Simple IRA: 

 

  1. Select Workers, then select Employees.
  2. Select the employee's name.
  3. Select the pencil icon in the Pay section. Scroll down on the deductions section. Then select +Add deductions.
  4. Select Retirement Plans under Deduction/Contribution type. Then select the type of Retirement plan
  5. Enter the name of the provider. And the amounts per pay period.

 

Then, pull up the Payroll Summary report to double-check the employee/employer deduction information. Here's how:

  1. Go to the Reports menu.
  2. Use the Find report by name search bar to search for reports by name. You can also browse the list.
  3. Select the report to open it.

However, if you have created items for your employer contribution and another one for your employee, you can separate the account on the Accounting Preference page. 

 

I've added this article to the list of reports available in QBO: Run Payroll Reports. Additionally, you can also customize a report to get the information you need. Please check out this article: Customize Reports In QuickBooks Online.

 

If you have any other questions regarding QuickBooks Online Payroll, you can ask us below. The community is always willing to assist you. Take care!

December 23, 2023

I am sorry I need more detail on how to do this.

Is commission rate different on taxes rather than standard payroll?

or how can I do it as a bonus instead?

I use to always do it on desktop with Zero issues.

Also the Simple IRA is already in the system as we have been doing this for years.

 

Please help me understand better and provide steps if possible.

Thank you for your help and guidance on this.

 

Keith

Bryan_M
December 23, 2023

Thanks for coming back here, Kieth.

 

Let me share insights about paying your employees through commissions and bonuses.

 

You can pay a commission to your employees as their salary or in addition to their regular pay. Here's how:

 

  1. Go to Payroll, then Employees.
  2. Choose your employee.
  3. In the Pay types, pick Start or Edit.
  4. From the Pay type ▼ dropdown, select Commission only.
  5. Click Save.

 

For the next steps, check out this article: Pay your employees a commission.

 

Moreover, paying commission-based employees, be sure to follow the federal and state laws. Talk to your agency to learn more about the regulations.

 

On the other hand, bonuses are paid along with the regular pay through separate paychecks. These are fun to pay out for a job well done. However, if you're looking for another way to pay your employee, I recommend getting in touch with your accountant or running payroll outside QuickBooks QB.

 

If you want to learn how QB calculates taxes, you can read this article: Understand how your payroll taxes are calculated.

 

Feel free to come back here if you have additional payroll questions. I'll be willing to lend a hand. Have a good one.