Payroll deductions - where do I get the amounts to deduct?
I'm setting up a brand new business. Where do I learn how much to deduct from payroll?
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11/01/09 9:41am PST
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Michelle Long CPA
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11/01/09 10:39am PST
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If you want to do payroll manually (which I don't recommend), you would look in the Circular E from the IRS. 1 out of 3 small businesses that try to do payroll themselves have an average annual penalty of $1,500 per year!
In QuickBooks, if you subscribe to a payroll service, then QB will calculate the payroll deductions for you. I recommend QuickBooks Assisted Payroll for my clients--Intuit takes care of the payroll taxes and filings for them. You can learn about all the payroll options at http://payroll.intuit.com
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Author of the books 'Successful QuickBooks Consulting' http://amzn.to/lJqmb8 and
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'How to Start a Home-Based Bookkeeping Business' http://amzn.to/jNk9Bg
www.LongforSuccess.com - my blog, resources, webinars & more
