I am the owner of a business and pay myself when there is enough money in the business account, therefore my check amount is always different and no set schedule of when I pay myself. For tax purposes I need to override the federal and state taxes so that it just takes out the correct percentage for my tax bracket no matter the amount . Anyone know how to do this?
Yes I do. Highlight the Federal and State withholding amounts and using the numeric keys on your key board enter the amounts you desire withheld.
>
Your taxes are determined by the net profit of the business, not by what you take from the business account (Owner's draw).
Bob
Not the taxes that I owe for the business, but what my personal taxes are. I am also an employee of the business and not enough taxes are taken out of my pay stubs.
You said you owned the business so I assumed a sole proprietorship.
Bob
Do you mean that I need to calculate the amount I need taken out by hand and then enter that exact amount or do I put in the percentage I want taken out and the program will then calculate the exact amount that needs to be deducted?
It is a PLLC
Sorry, can't help on that, let's hope someone else jumps in with the information you need.
Bob
Do you mean that I need to calculate the amount I need taken out by hand and then enter that exact amount or do I put in the percentage I want taken out and the program will then figure out the exact amount that needs to be deducted?
Say what?
There is no where in the program that allows the user to change the calculation method. Just as a side bar, it is not often that a PLLC would opt to be taxed as a corporation thereby requiring you to pay yourself a salary. Did you consult with your accountant?
>
Speak to your accountant.
Yes, NOW.
If you do not have one, get one.
If you are paid with a paycheck, then QB should be taking out the correct amount for taxes. Even if you are not paid the same amount every week. Even if you take a few weeks off from being paid now and then. (Consider retail employees who work extra hours during the holidays, or who are on flexible schedules.)
If you are paid with a draw of some sort, or a member guaranteed payment, then taxes are not taken out of the checks you recieve, but instead you must file and pay estimated taxes.
And, if you need to pay estimated taxes you should know that the first payment is due on the 2006 tax year this Monday.
Not enough? That one is easy. Employee record, payroll and compensation tab, hit the taxes button, for each of the Federal, State and Local tabs enter the extra amount you want withheld.
Now as for the number to enter, see your tax accountant yesterday.
As for if you can be an employee see your accountant yesterday!!
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.