Taxes
Acronym used for Federal income tax withheld
FIT
Something that your employees pays out of their paycheck (that is not mandatory)
Voluntary deductions:
Examples:
Medical, dental, and vision insurance
Retirement plans
What determines the 941 deposit schedule a Employer will be on
Look-back period
Tool used to see payroll info
CS Server
True or False:
Having special character anywhere in Payroll can "Break" Payroll
True!
If the customer is experiencing odd functionality check for special characters:
COA
Names
Addresses
Work locations
Pay Schedules
basically anywhere a customer can manually input something
What is reported on the 940
FUTA: Federal Unemployment Tax
What is a Contribution
Company-paid benefits for employees
Example: When Intuit matches our 401(K) that is considered a contribution. Our personal contribution to the 401(K) is considered a voluntary deduction.
What is the Threshold for being required to file 1099s
$600 (and up)
Who is able to chat into Payroll Risk to see about getting a NSF hold removed after the customer has paid their balance.
A Payroll Risk POC (point of contact)
Malcolm H
Keoni G
Leon B
Angel K
Payroll products that have expert review
Elite
Premium (optional)
What is reported on the 941 (*Hint* it is not just one thing)
reports:
wages paid & tips EEs have received,
federal income tax withheld
Both the ER and EE share of SS and Med.
Who is responsible for making the payment for Garnishments
The Employer
The agreement between states that income tax does not need to be withheld by one of the states
Reciprocity agreement
An Elite customer just got a notice from their state saying they did not pay Q2.
What will an Agent instruct this customer to do?
email the tax notice to: taxnoticeresolution@intuit.com
Bonus* It is free for Elite customers
The 941 for 3rd quarter is due...
October 31 (3rd Quarter= July 1 - September 30)
"Form 941 is due on the last day of the month following the end of the quarter. "
Garnishments such as Child Support and Tax levies are considered...
Mandatory Deduction:
The EE is required by law to have these taken out
If you have a new employee that lives in another state you need to
Register with that state as an Employer so you can collect and pay taxes for that state
Customer is unable to file a form due to penny (or fractional penny) discrepancies in the tax liabilities and payments. What will an Agent need to do to fix it?
Enter a rounding adjustment to remove the discrepancy
CS Server > Tier2> Tax Adjustments
Will payroll data transfer to QBO from QBDT?
No
the transactions that show up in the COA will but not the Year to date totals
What is the Wage Cap for FUTA
$7,000.00
What is the contribution limit for a 401(k) in 2020
19,500
Constructive Receipt requires that the Employer
Reports income the day it's paid and not the period in which the work was performed
Customer made a mistake on the payroll they just ran. What will an agent need to check before deleting the checks
What type of paycheck: DD or paper check
If the DD has been funded (check sentinel)
If a tax payment has already been made from that liability period
A customer calls in because the local taxes are not calculating for their EE that lives in PA.
What article will you use to help this customer?
Local tax setup and support: Pennsylvania
KB: ID1762803