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JCWatson
Level 2

Profit and loss report that includes employers taxes (SS, Med, State Unemployment, FUTA)

Is there a Profit and loss report that includes employers taxes (SS, Med, State Unemployment, FUTA). I want to make sure it also includes our portion to get the real profit or loss.

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Best answer February 03, 2021

Best Answers
Angelyn_T
QuickBooks Team

Profit and loss report that includes employers taxes (SS, Med, State Unemployment, FUTA)

Hi there, @JCWatson.

 

I can share with you some information about running reports for your payroll and taxes.

 

Yes, you can pull up the Profit and Loss Detail report to see your payroll expenses (employee's wages, employer's taxes). To open the report:

 

  1. Go to the Reports tab, then select Company & Financial.
  2. Click on Profit & Loss Detail.
  3. Customize the report and filter the dates.
  4. Review the taxes from there.

 

To learn more about running and customizing reports in QuickBooks Online, you can open this article: Understand Reports QBDT.

 

I also recommend checking out the topics from our help articles for more resources while working with QuickBooks in the future: Find QuickBooks help articles, Community discussions with other QuickBooks users, video tutorials an....

 

Please feel free to get back to me here for any additional questions about payroll or reports. I always have your back. Thanks for dropping in, and cheers for more success!

View solution in original post

2 Comments 2
Angelyn_T
QuickBooks Team

Profit and loss report that includes employers taxes (SS, Med, State Unemployment, FUTA)

Hi there, @JCWatson.

 

I can share with you some information about running reports for your payroll and taxes.

 

Yes, you can pull up the Profit and Loss Detail report to see your payroll expenses (employee's wages, employer's taxes). To open the report:

 

  1. Go to the Reports tab, then select Company & Financial.
  2. Click on Profit & Loss Detail.
  3. Customize the report and filter the dates.
  4. Review the taxes from there.

 

To learn more about running and customizing reports in QuickBooks Online, you can open this article: Understand Reports QBDT.

 

I also recommend checking out the topics from our help articles for more resources while working with QuickBooks in the future: Find QuickBooks help articles, Community discussions with other QuickBooks users, video tutorials an....

 

Please feel free to get back to me here for any additional questions about payroll or reports. I always have your back. Thanks for dropping in, and cheers for more success!

View solution in original post

john-pero
Community Champion

Profit and loss report that includes employers taxes (SS, Med, State Unemployment, FUTA)

As long as you did not change anything substantial during payroll setup then your payroll costs include all employer charges in addition to gross wage. You can verify this by viewing your Payroll Expense account in your chart of accounts for a single pay period. It will be gross wage plus employer share of taxes and even any 401k match - it is all payroll

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