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The steps provided by the Help button depends on the region or version of the product you're using, @userreneesawvell.
This can be the reason why the Action drop-down list isn't available in your end.
However, I can provide you other steps on how you can make your employee's inactive in QuickBooks Online (QBO) Payroll.
Additionally, you can run several payroll reports in QuickBooks Online Payroll. This will help you view useful information about your business and employees.
I'm always here to help if you have any other concerns or questions. Just tag my name in the comment section and I'll get back to you as soon as I can. Have a great weekend.