I already made the payroll tax deposit for the payroll that the paycheck was in, submitted the quarterly tax returns for the prior quarter and made the quarterly tax payments for the prior quarter. I would like to void a paycheck for the prior quarter and have the all the adjustments appear in the new, current quarter (the employee's YTD earnings so that his W2 is correct at the end of the year and have the negative tax amounts appear in the current quarter).
Thanks for reaching out, feliciacole1. I'm here to help you provide insights regarding the effect of voiding a previous paycheck.
The previous tax report's liability will be moved, thus showing it as either underpaid or overpaid. If it's already filed, please check with the State or IRS if they can resend the payroll tax reports for correction. Otherwise, recreate the taxes for adjustments.
You may also want to visit Internal Revenue Service Payroll Tax Compliance to learn more details on tax forms, withholdings, unemployment and other tax, e-file and pay information, general state and agency information, and employer registration.
Also, check out these payroll liabilities-related articles for additional guide: