Payroll
If you have a payroll that does not have any other deductions. Do you tax SS and Medicare?
Yes
What does P/R Mean?
Payroll
how is medical taxed
It is not tax at all
Where do all our document get saved
Engagement
What is step 1 to year end clean up?
Tie to prior year tax return
how is Simple taxed
it is taxed with SS and Medicare, but not Federal and State Withholding
What does YTD Mean?
Year to Date
It is called S Corp MP
It is only tax with Federal and State withholding
How would you gross up a net pay check
You would divide the net check by .9235
What is step 2 for end clean up
Journal entries Distribution (draws) into retained earns
How are kids wages taxed
Only Federal Withholding
What does CY Mean?
Current Year
What does PFNQ mean?
Point for next quarter
How do you get an EFTPS pin that was lost
Call and ask the EFTPS reps to mail the pin
What journal entry does QBs automatically journal entry at year end?
They journal entry income into retained earnings.
How is household taxed?
It is taxed as normal but we only file state withholding, unemployment (if they qualify), and W2
What does F/A Mean?
Fixed Assets
What is the top page in a financial packet
Control Sheet
How do you code estimated payment?
Distribution and not in the PFNY when and for how much.
What accounts do you look in to find misclassed assets
Supplies
Office Supplies
repairs and Maintanence
Equipment Expense
What schedule is filed instead of the form 941 and 940 for house hold help?
Schedule H
What does R/E Mean?
Retained Earnings
When cleaning up the payroll section on the balance sheet if you are missing payments or accrued taxes where should you look?
Look on the P&L in payroll expense or payroll taxes
When do we update the current year SUTA rate
As soon as it is posted in the Unemployment web sit or the letter comes.
What is an ITIN?