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Cherrycokegirl
February 17, 2019
Question

Payroll taxes on Profit and Loss Report doesn’t match Tax and Wage Summary in Intuit Online Payroll

  • February 17, 2019
  • 1 reply
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The Payroll Taxes amount on my Profit and Loss Report doesn’t match the amounts on my Tax and Wage Summary in Intuit Online Payroll for the last fiscal year.  Does anyone know why?

1 reply

Angelyn_T
Angelyn_T
February 17, 2019

Hi there, @Cherrycokegirl.

 

Welcome and thank you for posting here in the Community. It's my pleasure to help share information about running reports in QuickBooks.

 

The Tax & Wage Summary Report gives a snapshot of your employee's taxable wages. It also shows the taxes withheld from those wages. On the other hand, the Profit and Loss Report summarizes your income and expenses for the year, so you can tell whether you're operating at a profit or loss.

 

The reason why the two reports have different amount because the Profit and Loss Report only shows the employer expenses, which includes the employee's wages and the taxes paid by the employer.

To learn more about these reports, you can check these articles:

 

Don't hesitate to add a comment below if you have any other questions about running reports, I'm always here to help you. Have a good one!

qbteachmt
qbteachmt
February 17, 2019

It also matters if you have Fringe Benefits, Tipped Wait Staff, and other activities that are not Wages or even as expense for the employer. Example:

 

Tips are not Expense to the employer, but there is Employer tax and this is Wages for the Wait Staff, not paid from the employer but from customer tips collected, which was carried as a Liability for the employer, until payroll is run.

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CherrycokegirlAuthor
February 17, 2019

Thank you for your reply.  I don't have fringe benefits or tips or any special circumstances.  My payroll is very straightforward.  I just want to understand why the employer tax amounts paid on the Tax Liability report don't match the payroll taxes paid on the Profit and Loss report for the same time period?

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