From the course: QuickBooks Payroll Essential Training

Adding federal tax information

From the course: QuickBooks Payroll Essential Training

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Adding federal tax information

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- [Instructor] QuickBooks Payroll takes care of setting up federal payroll tax items in your company file. But you can edit those items if necessary. For example, you can change the accounts for items to track taxes in more detail. At this point, we're going to finish up with the company category in the QuickBooks Payroll setup interview and move on to taxes. Over on the left-hand side, click Taxes. And that takes you to this introductory screen. You can read up on what you need to set up your federal and state taxes, but I'm going to go ahead and click Continue to move on to federal tax. Most of the time the only thing you really need to do is select the form. By default Form 941 is selected. That's the most common one. But if you use a different form you can select it in this list. I'm going to keep Form 941 in place. To take a look at the federal tax items that are created automatically, click this right pointing arrow in the federal tax items box. That expands the table and shows all the items that are set up. Things like federal unemployment, federal withholding, Medicare, and social security. They're already assigned to expense accounts and liability accounts. If you decide to track in more detail you can edit the items to change these accounts. So let's select federal unemployment. Then click Edit. You can change how it appears on a paycheck but federal employment pretty much says it all. And if you want, you could edit the accounts. You can also edit the accounts in the payroll item list outside of the QuickBooks Payroll set up interview. Let's go ahead and click Next. That takes us to the screen with the company rate. Most of the time that rate is 0.6%, but if you need to edit that you can do that in the payroll item list as well. Now I'm going to click Done, and that takes us back to this list. And that's all you have to do to set up federal tax items for payroll.

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