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Level 1

How do I set up payroll to pay $60k over the remainder of the year?

I've got a single-member S-Corp and I'd like to set my salary for $60k per year. However, I'm just now setting up the payroll, so if I set my employee pay rate to $60k on a weekly schedule then running payroll writes my check as $1,153. Since there are 28 weeks left in the year, this would only result in a total pay this year of ~$32k.

 

What's the proper way to set things up so that I get paid the full $60k in 2020? Since we are about halfway through the year, do I just need to set the salary to $120k and then change it back at the beginning of 2021?

Solved
Best answer June 25, 2020

Best Answers
QuickBooks Team

How do I set up payroll to pay $60k over the remainder of the year?

Thanks for sharing with us the details you want to achieve, @mrweiner.

 

Allow me to provide some insights about setting up your payroll. Since you've got 28 weeks left, you'll have to set the salary to $2142.86 per week to exactly get $6000 for this year.

 

Also, I encourage you to visit our Employees and payroll taxes page to learn some updated tips and tricks on how QuickBook Online Payroll works.

 

Should you have other concerns in setting up your payroll, you can always drop a comment below. We're always here to help. Take care!

View solution in original post

1 Comment
QuickBooks Team

How do I set up payroll to pay $60k over the remainder of the year?

Thanks for sharing with us the details you want to achieve, @mrweiner.

 

Allow me to provide some insights about setting up your payroll. Since you've got 28 weeks left, you'll have to set the salary to $2142.86 per week to exactly get $6000 for this year.

 

Also, I encourage you to visit our Employees and payroll taxes page to learn some updated tips and tricks on how QuickBook Online Payroll works.

 

Should you have other concerns in setting up your payroll, you can always drop a comment below. We're always here to help. Take care!

View solution in original post

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