 QuickBooks Online 2024. Pay payroll taxes. Get ready and some coffee because we're doing some quick thinking with QuickBooks Online 2024. Here we are in our jick-gray guitars 2024 QuickBooks Online sample company file. We set up in a prior presentation, opening up the major financial statement reports like we do every time the reports on the left in the favorites. We're right-clicking on that balance sheet to open a link in a new tab. Right-clicking the profit and loss. Also opening link in a new tab. Same thing with the trustee trial balance. Let's tab to the right, close up the hamburger and change the range. We're going from 010124 tab 022924 tab and then let's see it month by month side by side. Run it and then we'll tab to the right, close up the hamburger again and range change 010124 tab 022924 tab and month by month. Run it one more time, repeating the process, tabbing to the right, closing the hamburger and the times they are changing. 010124 tab, 022924 tab, dropping it down to months, refreshing the report. Let's go back to the balance sheet and discuss what we're going to do next which is the pain of the payroll taxes. You will recall in a prior presentation we processed payroll for the second time in our practice problem and now we have all these these liabilities piling up here that we need to be paying to the government. So quick recap of the process of the payroll process. If we look at the flow chart this being a desktop flow chart that we're using for online purposes just so we can see the flow of the forms which will be in essence the same for the payroll process. So payroll down below. First we have the time entry which might not be something you do for payroll. You might be using that to generate invoices if you have salaryed employees then you might not have to enter the time at all because you're paying them salary. Then we process the pay. You might do that weekly semi-weekly bi-weekly or semi-monthly or bi-weekly or monthly. We're doing it monthly so we had two months we've processed two payrolls at this point in time. So when we process the payroll as we saw last time we have an increase to a liability as a result of us having to withhold money from the employees as though they're babies so we have to pay the taxes on their behalf because the government makes us do that and we had our payroll taxes that we had to also pay and we have not yet paid it so it's in the liability account now. Now sometime after processing the payroll we will have to take the money that we took from the employees as well as our payroll taxes and pay them to the government reducing the liability and then that's going to be when we pay the liability. So there's kind of a widget to do that if you're processing in QuickBooks they hopefully have everything set up and QuickBooks will make that an easy thing to do. Once we pay the the liabilities at the end of the quarter on a quarterly basis then we typically have to file 941 forms summary forms kind of like a 1040 for individual income taxes and at the end of the year we then have to do the 940 for federal unemployment tax summary report similar to a 1040 for individual income taxes and then we have to do the W2s and the W3s of course and if we deal with state taxes state tax stuff as well. So we're going to imagine back on over here we turned on our payroll and prior presentations that's in the first tab we have the payroll on the left noting that you might do payroll in QuickBooks you might have a third party process to payroll either way you're typically going to have to pay for the processing of payroll upselling in QuickBooks or possibly paying someone else to do it outside of QuickBooks that's just the way it goes you could try to do it yourself without the upsell but wouldn't really recommend it even if you only have a few employees because payroll can get complicated and you want to make sure that you're in compliance so that you don't get hit with fairly hefty penalties and interest and the pain of trying to fix a messed up payroll process. So we turned on the payroll we added our employees and then we processed the payroll for two months of payroll as of this point in time and so now we have the the point where we need to be paying the payroll the payroll taxes that is. So we can go over here then we have the employees and then we have the payroll taxes if I go into the payroll taxes tab I'm going to close up the hamburger it says here we need more information to pay and file your taxes so you'll have to manually file and pay your taxes until you provide all the necessary information so obviously if you're going to be paying electronically on the payroll taxes you have to have the system set up to be properly paying those institutions and oftentimes the government might want their money in some kind of electronic type of transfer system and then down below you have the the time frame of the items in a nice handy little widget that basically is all set up for us so we have the California PIT the income tax and the and the SDI that is currently owed and it's going to be due on 215 according to what we have in the system for our practice problem the federal taxes on the 941 which includes the social security medicare and federal income tax for both the uh uh the well those are the federal taxes and then we also have the federal taxes here which is going to be this is the following month I believe so that's due on 315 so these are the two that we're basically looking at at this point let's show all and this gives us the rest so this one is due on 315 and then 430 and then and then 131 25 okay so if we look at our liabilities over here our liabilities have been broken out in the liability section by who we need to basically pay california taxes and then the sui for california a different type of california tax and then the federal taxes for this whole this whole group would be the the social security medicare and federal income tax and then this is the federal tax for unemployment or futa now I and then we have our adjustment that we made now if you're running real time then you can basically if everything's running smoothly then we can process the pay with our pay liabilities section and that would process another check which would be