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Ted Fees
December 1, 2024
Question

Weekly Tax withdrawal

  • December 1, 2024
  • 1 reply
  • 0 views

Hello

 

Now that Quickbooks is deducting taxes weekly for my Federal Tax liability where can I find a detailed breakdown of the amounts taken out?  

 

Thank you

    1 reply

    E
    Erika_K
    December 2, 2024

    You'll receive a receipt through email for each withdrawal, Ted. Let me discuss this in detail.

     

    When QuickBooks processes a withdrawal, you'll automatically receive a detailed email receipt, and the transaction amount will be recorded in the Payroll Tax Center within the program. Here's what you can expect with the new automated tax withdrawal system for QuickBooks Online Payroll:

     

    • Whenever there is a change in the amount of taxes you owe, we will automatically withdraw the necessary funds to cover the difference. This will occur during payroll processing when a previous payroll is adjusted, or if there is an update to a tax rate.
    • You’ll see how much money you need to fund your payroll taxes and direct deposits in Preview payroll.
    • The withdrawn tax funds will be used to schedule and pay your taxes when they are due.
    • You grant Intuit the authority to retain your payroll tax funds until they are due to the appropriate taxing authority. Additionally, you acknowledge that you will not earn any interest or other earnings on the funds held by Intuit.

     

    You can check out this article to learn more: Set up QuickBooks Online Payroll to pay and file your payroll taxes and forms.

     

    Finally, I’d like to share a few articles you can explore to learn how to correct an employee's paycheck and what to do if an employee does not receive their direct deposit:

     

     

    I'm still ready to answer any questions you may have about the withdrawal process, or if there's anything specific you'd like me to clarify, please feel free to post them in the comments below. I’ll be more than happy to provide any additional information you need.  

    T
    Ted FeesAuthor
    December 2, 2024

    Thank you so much.  Also when I export the weekly withdrawals from Payroll to QBO the amounts are not broken down by category (Medicare, Social Security etc) is there a way to set this up so that when exported to QuickBooks Online they are categorized?

    Thank you for your help

    Ted 

      E
      Erika_K
      December 2, 2024

      You're most welcome, Ted. It's great to have you back. While QuickBooks Payroll doesn't support the automatic categorization of weekly tax withdrawals, I have a workaround to help you manage your payroll data effectively. 

       

      Currently, QuickBooks Payroll processes these withdrawals as lump sum amounts, detailed categorizations for individual components such as Medicare, Social Security, and other deductions aren't included.

       

      In this case, I recommend generating the Payroll Summary report. This report offers a detailed breakdown of your payroll data, including tax withdrawals and other deductions. By using the Payroll Summary report, you can gain valuable insights into your payroll expenses, making it easier to track and manage your financial obligations.


       

      I'm sharing these helpful resources for you to explore, which will guide you on how to correct an employee's paycheck and what steps to take if an employee does not receive their direct deposit:

       

       

      I'm available to address any further questions you may have about exporting and managing your payroll data. Hit the Reply button, I'll get back to you as soon as I can.

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