We will describe payroll journal entries and discuss how payroll data is populated in the QuickBooks Online reports and financial statements including the profit and loss and balance sheet. The course will describe and calculate employer taxes and discuss which taxes are employee taxes and which taxes are employer taxes. We will calculate Federal Unemployment (FUTA) and discuss how FUTA is related to state unemployment (SUTA). The course will calculate Medicare and describe how QuickBooks Online will help with the calculations of Medicare when we process payroll. We will calculate social security and describe how QuickBooks Online will help with the calculations as we process payroll. The course will describe the Federal Income Contributions Act (FICA) and its components. The course will describe how FIT is calculated, what is needed for QuickBooks Online to calculate FIT, and how to enter the data into the accounting system. We will discuss Federal Income Tax (FIT) calculations within QuickBooks Online. The course will walk through the process of entering a new employee into the QuickBooks Online system and describe where the data would be received from in practice including Form W-4. We will discuss payroll legislation that will affect payroll calculations within QuickBooks Online and list the payroll forms we will need to generate from Quickbooks Online. This course will introduce the payroll set-up in the QuickBooks Online system, walking through payroll screens. QuickBooks Online payroll will describe the payroll process for a small business in detail, so bookkeepers, accountants, and business owners can better understand how to set up payroll, process payroll, and troubleshoot problems related to payroll.
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