What is Intuit Payroll 101?
Payroll is the process of making payments to employees. Though it sounds simple, it is one of the most complex processes of a business. It doesn’t simply mean making payment to employees; it includes calculating employees’ earnings and factoring out the taxes imposed by federal and state government on the employees’ salary, and this calculation makes this process hectic as every state and federal government impose different tax slab on employees’ pay. A minor error in this process can result in heavy loss, and Intuit Payroll 101 helps you execute this process smoothly.
The details we will share about the Intuit Payroll 101 in this blog are authentic. If you have any queries regarding the same, don’t hesitate to call us by dialling 1-855-948-3646.
Essential steps for processing payroll
The first thing you do when you hire an employee is filling the W-4 form. This form includes the personal and tax-related information of the employee.
Calculation of net pay
Net income is the gross pay minus federal and state tax and other benefits.
This is a bit tricky task, and the QuickBooks payroll can help you calculate it.
QuickBooks payroll allows you to pay your employee in two different ways. Either you can use direct deposit, or you can issue paper check.
You must submit a tax filing for the federal and state tax withholdings to the IRS and the state revenue department.
This is the final step to follow for processing payroll. After you file all tax-related information, it is time to pay these taxes to the related authorities.
You may read also : QuickBooks Payroll Error 557
Different ways to Process Payroll
There are various ways you can use to make payments via QuickBooks payroll. Each method has its advantage and disadvantage based upon which you can choose the best way for yourself. In this blog section, we will share with you all three ways you can choose to make payments via QuickBooks payroll.
Manually: This method is highly prevalent for small size businesses. In this method, you yourself make payment to the employee by filling all the required information in the QuickBooks payroll. But this process is both time-consuming and hectic, and any minor problem can result in a heavy loss.
Outsource Payroll: This is another prevalent method used by medium-sized businesses. Instead of making payments by yourself, you can hire someone else who will use the QuickBooks payroll service to make payments to your employees. This method is less time-consuming and safe.
Payroll Software: In this method, neither you outsource nor do you use QuickBooks payroll by yourself. In this method, you hire payroll software that automatically makes payment to your employees. This method is both cheap and time-saving, and you can access it from anywhere. There are many privileges payroll software offers to you.
- Computerized record-keeping.
- Automated tax deductions.
- Automated wage alerts.
The above-given information about the Intuit Payroll 101 is authentic and straightforward. However, if you still have any queries or find this information confusing, you can contact us 24/7 by dialling 1-855-948-3646.
You may read also : QuickBooks Payroll Error 30159