How can I change the FUTA to Quarterly so it will allow me to make a pymt?

How can I change the 940 FUTA tax payment to a Quarterly NOT annual?

Answer

Hello there, Dania34,

QuickBooks OnlinePayroll is in compliance with IRS thus the system will automatically update your deposit schedule to quarterly once your FUTA liability exceeds $500. This way, you can deposit your FUTA tax before you file your return.

The system will notify you to pay your deposit in the Overview tab from the Workers menu. Here are the steps:

  1. Go to the Workers menu.
  2. Select the Overview tab.
  3. Visit the To Do section and locate the FUTA notification.

You can also visit the Taxes menu, then select the Payroll Tax tab to view the taxes you need to pay for that specific quarter.

If you accrue less than $500 of FUTA liability in a quarter, you do not need to deposit until the following quarter. It'll carry over to the next quarter until your collective tax is more than $500. On the other hand, if you accrue less than $500 of FUTA tax in a year, the payment is not due until the end of the year.

By the end of the year, you can refer to this article that explains how QuickBooks populates each line on Form 940: How QuickBooks Populates The 940.

In case you want to know how FUTA is calculated, when to pay and who pays it, check out this article: What Every Business Owner Needs to Know About the FUTA Tax.

Please let me know if you have other payroll concerns. I'm just around if you need further help.

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