How to Measure QuickBooks Payroll Significance? Get Acquainted With Common Terms!

Measure QuickBooks Payroll Significances by Customer Service

QuickBooks payroll is not only about paying your employees, however, but it also comes integrated with so many features & additions for simplifying user-experience. Here in this blog, we have discussed some important payroll utilities which will be known to every user.  Another option to get viable assistance on the payroll, its features, and all functionality is joining accounting experts via QuickBooks Payroll Customer Service.

Tax forms that small businesses need

As a small business owner, you have options of several forms for filing taxes and making deductions. Any business owner or a professional accountant gets more organized and become capable to file essential tax returns on time. Here are discussed some forms:

Form 940- It is used for reporting annual (FUTA) tax. Employees get insurance in case they have to leave the organization due to unwanted situations. Form submission is required once in a year, however, payments are done four times in a year.

Form 941/Schedule B- It is used for reporting the amount of federal income tax & other taxes which should be withheld from paychecks during the business quarter.

Form 1099- It is sent to contractors as an information to report how much you have paid them for their services.

Form W-2- It is filled by the employer for its every salaried employee for reporting their annual wages & tax withheld.

Form W-4- It is filled by employees end for as a reporting information of how much money to withhold as federal taxes.

Form 1040/Schedule C- Sole proprietorship business owner use schedule C( 1040 form) in business every year. In short, the schedule c form is filled for reporting how much did your business made.

Form 1065- ( for LLC or partnership companies) It is used for reporting income & loss to internal revenue service.

Form 1120-( for regular enterprises). It is used for filing income & losses.

Other tax terms which you should be familiar with

Estimated tax- Every business needs to calculate & pay taxes for his business. This calculated amount is called the estimated tax as it becomes very difficult to make a prediction of revenue with 100 percent accuracy.

Payroll tax- It is of two kinds-the amount deducted from employee salary and tax paid by an employer to the government.

Exemption- It reduces taxable income, however it varies from the deduction. The amount priorly set by the government.

What is the PayCheck Calculator?

Well! You’ve started doing business relying completely on QuickBooks. Still, If you wonder how quickly & accurately you can pay your employees? Then free paycheck calculator by Intuit makes is extremely easy for calculating paychecks for both salaried and contract basis employees.  It is as simple as entering payment information of employees. Rest all will be done by Intuit itself. The Intuit provides numbers by providing you the exact estimation that how much you need to pay your employees & how much tax will be deducted.  Accurate calculations are assured by utilizing up-to-date tax table. Also, it is very easy to include bonuses, commissions, overtime etc.

Paycheck Calculator-Hourly basis

Hourly paycheck calculator provides the estimation of net pay for workers employed on an hourly basis after processing all taxes and deduction. To use it, select an hourly pay rate in paycheck calculator, choose the option, “hourly pay rate”, employee work hours and hourly rate. A right calculation will be in a jiffy. It’s the paycheck magic!

Paycheck Calculator-Salary basis

If you make payment to some of your employees on monthly basis, then try salary paycheck calculator is one of the perfect options for you. To use it, choose the option of salary pay rate & submit a salary amount of employee. The paycheck calculator will calculate the complete pay automatically and accurately.

Hope, you got the significance of QuickBooks payroll and understood the common terms used in payroll & tax management. To get more enhanced knowledge about the accounting software, you avail quick assistance from experts at QuickBooks Online Support Phone Number.