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You can add $100 of taxable income without actually paying the employee by creating a zero net paycheck in QuickBooks Online (QBO) Payroll, @userlzb65.
There are three reasons you'll want to create a zero net paycheck in QBO Payroll.
When you add the entire $100 paycheck for taxable income, you'll have to first need to add an Other Earning pay type to the employee's profile, then use the net to gross formula to determine the gross pay amount. Before that, I'd recommend checking out this article for the descriptions of the supported pay types and deductions in QBO Payroll and how they impact federal taxes and forms: Supported pay types and deductions explained.
Once everything is all set, you can follow these steps:
After that, I'd recommend pulling up the Payroll Summary by Employee report. This will give you comprehensive details about your employee's wages, deductions, and tax info. Just go to the Payroll section from the Reports menu's Standard tab.
Additionally, you also need to confirm that each employee's compensation, benefits, and withholdings are correct at year-end. This is to make sure you'll be submitting the right amount of payroll taxes to the agency.
Leave a comment below if you have follow-up concerns regarding employees' payroll checks or other inquiries. I'll be around to help. Take care always.
You can add $100 of taxable income without actually paying the employee by creating a zero net paycheck in QuickBooks Online (QBO) Payroll, @userlzb65.
There are three reasons you'll want to create a zero net paycheck in QBO Payroll.
When you add the entire $100 paycheck for taxable income, you'll have to first need to add an Other Earning pay type to the employee's profile, then use the net to gross formula to determine the gross pay amount. Before that, I'd recommend checking out this article for the descriptions of the supported pay types and deductions in QBO Payroll and how they impact federal taxes and forms: Supported pay types and deductions explained.
Once everything is all set, you can follow these steps:
After that, I'd recommend pulling up the Payroll Summary by Employee report. This will give you comprehensive details about your employee's wages, deductions, and tax info. Just go to the Payroll section from the Reports menu's Standard tab.
Additionally, you also need to confirm that each employee's compensation, benefits, and withholdings are correct at year-end. This is to make sure you'll be submitting the right amount of payroll taxes to the agency.
Leave a comment below if you have follow-up concerns regarding employees' payroll checks or other inquiries. I'll be around to help. Take care always.
Thank you!
Hey there, @userlzb65.
You're most welcome. Please know that you can reach out to the Community any time you need a helping hand. We're always around any time you need guidance.
Take care and have a fantastic day ahead!
We paid an employee a $100 cash bonus. How do I record the CASH transaction in Quickbooks?
We paid an employee a $100 cash bonus. How do I record the CASH transaction in Quickbooks for PAYROLL purposes.
We got you here in the Community space, @susank.
In QuickBooks, we have three steps to follow on how to record bonus pay to your employees. But, it depends on how you want to pay out the bonus. Either you pay bonus along with the regular pay or through a separate bonus check.
Let me guide you with process.
Step 1: Determine how you want to pay out the bonus
Step 2: Add the Bonus pay type
Here's how:
You may skip this step if you give the bonus through a separate check.
Step 3: Pay out the bonus
If you pay bonus along with the employee's salary:
If you pay a bonus-only paycheck:
You can refer to this article if you have clarifications: Pay an employee bonus
Additionally, if you want to get a closer look at your business's finances, you can run payroll reports of you choice. In this article it includes lists of several payroll reports you can use to view useful information about your business and employees.
I'll be around if you need more help in recording your employees pay. Have a good one!
What about a $100 cash payout?
What I've learned-
in quickbooks
1) record the $100 bonus
2) record the $100 "cash giveout"
This creates a "negative" paycheck because of SS, medicare and other taxes, thus, it can only be done as part of a regular payroll process to include other earnings.
Hi could this be used in the case that my boss uses the company vehicle for personal use so he gives me the mileage for the year and I send it to my accountant who gives me a figure to Add to his income and then what the Social Security and Medicare tax would be on the income?
Hi there, @Chanel30.
We'd like to know where the steps or compliance would apply. Or additional info on your goal so we can further discuss it here and achieve it.
Click the Reply button below. I'll reply as soon as possible. Have a good day.
Basically I what I'm trying to ask is how would a person go about adding this income ( not actually paid in monetary for) to his total income so that it will show the correct amount on the 941s and W-2s. I don't know if that helps to clarify my question!
Thank you for providing us with more information about your concern, @Chanel30. I can share additional information about creating a payroll check.
You can create a zero net paycheck in QuickBooks Online if you want to withhold an entire paycheck and put it toward income tax. However, I suggest verifying with your accountant the best option that suits your situation.
Here's how:
Check out this article for more information when to create a paycheck that has a net pay amount of zero: Create a zero net paycheck.
Here's additional information about adding deductions your employee needs to pay each payday: Set up, change, or delete employee-paid payroll deductions.
Let me know if you need further help or if you mean something else. I'm always here to answer them for you. Have a great rest of the day!
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