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Join nowFirstly apologies as I have read numerous threads on the above subject but I am dealing with a non accountant who insists on doing her own thing!
Given we have bi-weekly payroll, paid on a Friday, 2020 has 27 periods?
i am posting this specifically so I can send the reply from the professionals being yourself 😊to her
i would so appreciate a reply
thank you
Thank you for the great question, @KSM0507.
I'll help you verify how many periods are there in 2020 if you're on a bi-weekly payroll. This way, you'll be able to manage your client's books accurately.
When you're paying an employee every other week (paid on a Friday), there'll be 26 payouts this year 2020. The first pay schedule falls on January 3, 2020 and the last one will be on December 18, 2020.
I know it's a little bit confusing because paying every other week will sometimes have one more pay date in a year. That's once every five years or so.
Moreover, I'd also recommend consulting with the IRS about your pay schedule. This way, you'll be able to be guided accordingly and make sure you'll be reporting the right amounts when filing your taxes.
If you wish to learn more about pay schedules and how QuickBooks handles them, you can check out this article: Employee payroll schedules in QuickBooks Online Payroll. It also contains information about the supported pay types and deductions in online payroll.
Please let me know if you have other concerns. I'm just around to help.
Morning Rea
Thank you for your reply. Given the 1st pay period for 2021 is Jan 01, being a stat holiday, the client will pay on the 31 Dec? As you can’t mess with peoples pay I want to be sure please?
have a wonderful day. Thank you
Hi, KSM0507.
I'd be happy to share some insights about how payroll works and how they affect your tax forms in QuickBooks Online.
All payroll reports, forms, and tax liabilities will be based on the date the employee was paid.
If a check is in an employee's bank account before the end of the year, it's considered pay for that year, even if the employee hasn't spent it.
To know more about the constructive receipt, you can visit this article: Understanding the Doctrine of Constructive Receipt.
If you require more information about this, please let me know. I'll be around to help.
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