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Level 1

We set up payroll item wrong on 401K contribution and underpaid FICA on prior quarters this year. How do we fix this?

 
3 Comments
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Anonymous
Not applicable

We set up payroll item wrong on 401K contribution and underpaid FICA on prior quarters this year. How do we fix this?

It's nice seeing you today, @anchorman,

 

I can help you correct your payroll taxes in QuickBooks Desktop.

 

The tax tracking type of your payroll items in QuickBooks Desktop determines where these taxes are reported on your forms. Since the payroll item is incorrectly set up, you must edit and correct it first to make sure you get the accurate tax information. 

 

Before doing any troubleshooting, I'd recommend creating a backup copy to make sure your file is safe from any accidental data loss. 

 

Once done, you can run a Payroll Checkup to determine any tax discrepancy. It also offers suggestions on how to fix the problem. Please follow the steps below to get started.

  1. Go to the Employees tab.
  2. Go to Payroll setup
  3. Select Run Payroll Checkup.
  4. Click Data Review.
  5. Follow the instructions that appear for each item that has a red "fix it" error. 
  6. Once done, click on Data Review again.
  7. Click No then Continue to finish the checkup.

You may refer to this article for the complete steps: Run Payroll Checkup

 

To verify the discrepancy, you can pull up a Payroll Detail Review report. here's how:

  1. Go to the Reports tab then select Employees & Payroll.
  2. Select Payroll Detail Review.
  3. Click Customize Report.
  4. Go to the Filters tab.
  5. On the Filters tab locate and click Payroll Item.
  6. In the Payroll Item drop-down select Multiple payroll items.
  7. Select the 401k contribution.
  8. Click OK twice.
  9. Update the report date then click Refresh.

Once you have identified the tax discrepancies, you can now create manual adjustments to correct wage or tax discrepancies.

 

That should circumvent your 401k contribution issue. Please let me know if you need further assistance with the process. I'm here to help you anytime. Have a good one!

Highlighted
Level 1

We set up payroll item wrong on 401K contribution and underpaid FICA on prior quarters this year. How do we fix this?

Very helpful. I'll move forward with your action steps and reach back out to you with any questions that might arise!  Best to you.

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QuickBooks Team

We set up payroll item wrong on 401K contribution and underpaid FICA on prior quarters this year. How do we fix this?

Don't mention it, anchorman!

 

We always strive hard to provide the best help possible. I'm delighted that my colleague, @Anonymous was able to do that for you.

 

The Community has a lot of QuickBooks experts geared and ready to lend a hand. If you have further questions with the process, please get back to us. 

 

Wishing you a great holiday and more success to your business! 

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