It's nice to see you here in the community space, @dhender3. Allow me to show you how to pay yourself a lump sum in QuickBooks Online.
In QuickBooks Online, you can pay yourself a lump sum using an owner's draw account or an equity account. Owner's equity is used by S Corporations to show the cumulative net income or loss of their business as of the start of the fiscal year.
With regards to your concern, if you can enter multiple state withholding tax IDs on the W-4 form, I'd suggest you refer to your accountant for them to give you the steps and detailed information about the W-4 form.
Here's how to create an Equity account:
- Go to the Gear icon and select Chart of Accounts.
- Click New and, in the Account Type drop-down, choose Equity.
- From the Detail Type drop-down, select Owner’s Equity.
- Enter opening balance and then select Save and Close.
For more details about paying yourself as a business owner check out this article.
Here's how to write a check from an owner's equity account:
- Click +New and choose Check.
- Select the bank account where your money will be withdrawn.
- Fill in all the necessary fields and on the Account field be sure to select the Owner's equity that you've created.
- Put a check mark on the Print later if you want to print the check.
- Then select Save and Close.
Just in case you'll set up your company payroll for direct deposit you can refer to this article.
Let me know in the comment section if you want to know how to run a payroll report. I'll be glad to walk you through it. Have a great day!
