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Company payroll based in Texas. Received notification from the State that the SUI rate for 2021 will not be computed and therefore known until February, at the earliest. So if the 2021 rate is less than 2020 how will the adjustment when already into a quarter be corrected?
When you change the rate, QB will "catch up". If your rate goes up, it will catch up on the next paycheck.
If it goes down, then the tax will be reduced, possibly down to 0.00, on the next check(s) until the YTD tax is in balance using the new rate.
If the state can't bring themselves to issue the new rate during the first quarter, then you may need to enter liability adjustments before filing/paying the tax.
Okay, should Liability adjustments be necessary, would you provide those steps please.
I'm here to give the help you deserve and provide you the steps on how to adjust your payroll liabilities, smawagner12!
One of the reasons for liability adjustment is to correct YTD wages, deductions, or additions for an employee who'll not be receiving more paychecks. I recommend reaching out to your accountant to seek help if there's a need for you to do the process.
In the meantime, if you're required to do so, please check this article for the detailed steps: Adjust Payroll Liabilities In QuickBooks Desktop.
For your reference, if want to have a quick view of your payroll totals which include employee taxes and contribution, run the Payroll Summary report to get the information.
Please reply to this thread if you have any troubles with your liability adjustment, I know you'll be able to do it.
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