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debh2020
May 2, 2024
Question

accounting of 2 different states income and expenses --

  • May 2, 2024
  • 1 reply
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Thanks in advance -- we operate out of Montana (primarily products sales and trucking services to our customers)  -- obtained 4 month gravel hauling job in North Dakota (contract price - $2.1M - including upwards of 12 trucks and 24 drivers)  -- need to track and file company and personal income taxes in both states -- which would be better to provide proper accounting and reports -- add classes  or setup a project or track by location.

 

Also have to provide payroll reports by separate states including certified payroll reports in ND as this is a federal highway project.    We have Quickbooks Online Plus

Deb [Removed]

[Removed]

1 reply

MariaSoledadG
MariaSoledadG
May 3, 2024

Tracking and filing personal income taxes can be determined by your state, Debh2020.

 

Once you know about the process, you can set up or make any changes to your employees. To do so, follow the steps outlined below:

 

  1. Go to Payroll, then Employees.
  2. If your employee is new, select Add an employee.  Select your employee from the list if an existing employee moved to a new state.
  3. From Employment details, click Start or Edit. Select or add the work location where you’re required to pay State Unemployment Insurance.  If you have remote employees, the work location may be different than where your employee physically works. Then select Save.
  4. From Tax withholding, select Edit. Go to the State withholding section. If you see two states:
    • If you don’t need to collect state withholding in one state: in the Filing Status dropdown, select Do not withhold (exempt).
    • If there’s a reciprocity agreement between the two states, select if your employee gave you a Certificate of Nonresidence form. The form determines which State Withholding is collected.
  5. If you see a Local Taxes or Other taxes section, select the applicable taxes and enter the rates.
  6. If you or your employee are exempt from any taxes (not common), from Tax Exemptions, select the applicable tax(es).
  7. Click Save.

 

Also, ensure to complete the state tax setup if you want us to make your tax payments and file forms electronically. You can check out Step 3 of this article for the correct steps: Set Up Employees and Payroll Taxes in a New State. Aside from that, you'll want to set up sales tax. You might also need this in the future. 

 

On top of that, you can use class tracking to track payroll or assign a single class to all your employees, while location, if you want to track the state of each of your employees. This way, you'll get the right data when running payroll reports.

 

Furthermore, QuickBooks Online (QBO) provides several payroll reports you can run to view useful information about your business and employees. Consider checking out this article for reference: Run Payroll Reports.

 

If there's any help you need with state taxes, you can always get back to us so you can we can further assist you. We're always here to get you covered.

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