Employees & Payroll
Recently active
Original commenter did not share additional details
I'm in Ontario, Canada. I started a sole proprietorship. I need clarification about paying myself vs money the business made. 1) Let's say I charge my customer $100/hour for a service, and I decide to pay myself a wage of $25/hr. How do I pay myself, how do I subtract all the necessary deductions when I pay myself. In previous jobs I have had employers deducts Federal Tax, Provincial Tax, EI and CPP. How do I do that on the money i pay myself. How do I enter this into QBSE? 2) At the end of the year does any money my business made count towards my personal income when I do my personal taxes? That is to say, not just the $25/hour I payed myself, but the leftover $75/hr the business made? Or does the business pay taxes on that separate from my personal taxes. Thanks
My T4 summary does not show Box 82, TWS amount claimed.Is there a way to edit my T4 Summary, or will QB be correcting this issue?
Hi there,I am using quickbooks payroll to calculate the source deductions. I made my monthly payment outside of QB (i.e. I calculated the amount, generated the necessary documents, and completed a transfer in my bank account). On QBO, I got a notification that my taxes are still outstanding, I assume it's because I did not pay within the QBO module; so i clicked "record entry" on QBO to clear the alert. The entries are recorded in the respective liability accounts. What I'm struggling with is that under my banking transactions, it shows the amount I paid out, but I can't seem to match the transaction back to the payment QBO recorded automatically for me (when i click "Find Match", the entry is not there). So it appears in my books there were two payments that were made. Just wondering how to resolve this. Thanks,Simon
