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creeksideautomot
Level 1

How do I pay payroll taxes minus the portion that I am allowed to defer under the cares act?

 
3 Comments
john-pero
Community Champion

How do I pay payroll taxes minus the portion that I am allowed to defer under the cares act?

It is a credit for covered paid leave, not a deferral.  If you have not followed the setup procedures for national paid leave in your version of QB payroll, or use another method, then just deduct what you get as a credit and pay the balance. If you submit through eftps.gov then simply enter the info on the amount you are paying. There will be no penalty for underpayment if the underpayment is eligible tax credit 

pay22
Level 3

How do I pay payroll taxes minus the portion that I am allowed to defer under the cares act?

There is also a deferral of employer portion of social security tax.  It has nothing to do with the paid leave.  I am also wondering how it will be handled in Quickbooks desktop payroll, in an easy manner.  There should be an easy way to deduct it off of what is owed.  It also has to be accounted for on the 941 form.  How is Quickbooks handling this??

Nick_M
QuickBooks Team

How do I pay payroll taxes minus the portion that I am allowed to defer under the cares act?

Hey there, pay22. 

 

Thank you for coming into the QuickBooks community. At this time, our engineers are working on implementing the ability to defer the employer portion of social security tax within QuickBooks Online. 

 

Make sure to follow the steps listed in the link below on how to set up pay for employees under the FFCRA and when an update is released, that link will be the first place you'll want to check. 

 

- Pay employees under the Families First Coronavirus Response Act. 

 

As far as QuickBooks Desktop, If the steps in the following link were followed and your software is up-to-date, It will work. 

 

- How to track paid leave and sick time for the Coronavirus

 

Once you've finished that set up process, check and make sure that your product is up-to-date, if it isn't you'll want to manually update. 

 

Check to see if you have the latest release

  • Open QuickBooks Desktop.
  • Press F2 (or Ctrl+1) to open the Product Information window.
  • Check your current version and release.

See if you have the latest available release for your version by clicking this link:

 

- Update QuickBooks Desktop to the latest release

 

If you need to manually update, follow these steps:

  • Close your company files and QuickBooks.
  • Open the Windows Start menu.
  • Search for QuickBooks Desktop. Right-click the icon and select Run as administrator.
  • While on the No Company Open screen, go to the Help menu and select Update QuickBooks Desktop.
  • Go to the Options tab. Select Mark All and then select Save.
  • Go to the Update Now tab and select the Reset Update checkbox.
  • When you're ready, select Get Updates.

When the update finishes, close and reopen QuickBooks Desktop. To install the updates, select Yes.

 

When the install finishes, restart your computer.

 

Now you'll be able to account for Coronavirus when you run in QuickBooks Desktop.

 

If you have any other questions or concerns, reply below, I'm just a click away.

 

 

 

 

 

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