Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?

bcarmichael · ‎October 20, 2020

john-pero · ‎October 20, 2020

When you hit $500 of FUTA liability within a quarter you are then obligated to remit a quarterly payment. Look at your payroll liability report for 1/1-9/30 and you will probably find that your liability exceeds $500 and thus needs remitted by 10/31 - which is a Saturday so the extended due date is 11/2. If you balance was less than $500 disregard the notice

At least your version of QB correctly identifies the payment due. Our desktop version (Pro 2020) did not. I made my payment to avoid penalties from teh IRS

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john-pero · ‎October 20, 2020

When you hit $500 of FUTA liability within a quarter you are then obligated to remit a quarterly payment. Look at your payroll liability report for 1/1-9/30 and you will probably find that your liability exceeds $500 and thus needs remitted by 10/31 - which is a Saturday so the extended due date is 11/2. If you balance was less than $500 disregard the notice

At least your version of QB correctly identifies the payment due. Our desktop version (Pro 2020) did not. I made my payment to avoid penalties from teh IRS

bcarmichael · ‎October 21, 2020

I should've figured that one out. I see that on the form now that I printed it off. Thank you so much for your time and help!

MOSEED · ‎January 14, 2025

how do you run a report for futa

JeveeAdvin__la · ‎January 14, 2025

Hi there, @MOSEED.

I'll guide you through the process of accessing your payroll reports in QuickBooks Online to ensure you can easily understand and manage your FUTA (Federal Unemployment Tax Act) related information.

Here’s how to run the report:

From the left menu, select the Reports tab.
In the drop-down box menu, choose Payroll tax and wage summary.
Choose the report you wish to run.
On the right side, click the Customize.
Finally, hit Run report.

Afterward, we can access the following link for instructions on how to generate the payroll report: Run payroll reports.

Additionally, consider personalizing your payroll reports for more tailored insights. We recommend reading the article: Customize Reports in QuickBooks Online.

Before we conclude, if you're aiming to simplify your payroll process, consider exploring Explore QuickBooks Payroll.

If you have more questions about running a payroll report in QBO, don't hesitate to keep your posts coming. I’m here to help you further. Have a fantastic day.

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Since FUTA is normally an annual tax payment, why does it show in Payroll Tax Center that we will owe a FUTA (940) payment on 11/2/20?