Filing payroll tax forms and payments
Employers are required to file payroll tax forms and make payroll tax payments at the federal, state, and sometimes local levels. The due dates will vary by employer and are generally based on the dollar amount of the payroll and other factors specific to your business. The good news is that all QBO Payroll plans will take care of calculating, paying, and filing payroll taxes at the state and federal levels. As discussed, the Core plan is the only one that does not automatically take care of the local tax authority.
There are a few key reports that you should generate to help you understand the total cost of payroll to your business. These reports are also shown in Figure 8.5:
- Payroll Tax Liability: This report provides you with the details of how much payroll tax you are required to pay and how much you have already paid to state and federal tax authorities for a specified period of time.
- Payroll Tax Payments: This report...
