Federal Unemployment Tax

jhunter 18 years ago

I use QB Pro 2005.

All my payroll liabilities (Employees-Process Payroll Liabilities-Pay Payroll Liabilities) show up correctly except "Federal Unemployment" which always shows $0.00. But if I go to the actual register for "Federal Unemployment" it say the balance is $56 (and I can see where it accrues a bit each payroll check until it gets to $56). Anyone know how to fix this? Details below...

Under Payroll Item List-Federal Unemployment I have...

Liability account (company paid) = 25100 FUTA Payable Expense account = 6560 Payroll Expenses

Federal unemployment tax rate = 0.8%

Taxable compensation (all are checked except)... 408(k) SEP Co. Allocated Tips S Corp. Medical Simple IRA Co. Taxable Group Term Life

Pre-tax decuctions (all are checked except)... Simple IRA Emp.

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Jeff 18 years ago

Check your dates. Make sure its for the right period (i.e. 1/1/2007 to

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jhunter 18 years ago

Yeah, my dates are correct. And all the other stuff (like N.C. Unemployment, N.C. Withholding, Federal Withholding, Medicare Company & Employee, and Social Security Company & Employee) show up correctly. The only one that's off, AND HAS BEEN EVERY QUARTER FOR AWHILE NOW, is "Federal Unemployment".

Any other ideas?

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Jeff 18 years ago

Are you signed up for Payroll? I'm assuming you are. You've stated that you went to the Chart of Accounts (Ctrl-A)>25100 FUTA liability account register and your balance as of 12/31/2007 is $56.00 ? If this is correct and you use the matching dates, then FUTA should show you needing to pay that amount in the "Pay Liabilities" screen. I use QBP07 and it functions the same as QBP05. Jeff

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Laura 18 years ago

$56 is the amount for a single employee so I am wondering if that is from another year? How many employees do you have in 2007? Does the employee summary report show FUTA calculated for all employees?

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jhunter 18 years ago

Yes

I know, that's what's crazy.

No, it's from 2007

One

Yes, it shows $56 for 2007 (there is just one employee)

Any other ideas???????

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jhunter 18 years ago

Solved!!

My fault. I thought that the Federal Unemployment balance should show up if I displayed the last calendar quarter (which is where all my other tax liability stuff showed up). Once I changed it to all of 2007 (in Process Payroll Liabilities) then it showed up correctly.

Thanks!

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