Adjust Officer Wages...

Nickerz · ‎December 18, 2024

My current Officer Wages in QB shows $36,401.19 so far for this year but I need to report between $75k-$80k to the IRS for the 2024 year. Last year my accountant simply created a "paper check" in QuickBooks so that I didn't have to take the difference out in actual draws but it will be appropriately reported as taxable income to the IRS. They suggested I do this again this year to make up the difference but they wanted $190 to do it. I'm assuming this is a simple change in QB that I can do and save myself nearly $200 - I hope!

If so, is it that simple and what steps would I do in QB?

Also, do I need to account for other taxes or anything that is part of Officer Wages? For example, do I simply make a paper check for $38,598.81 (Gross Pay)? or do I need to take into consideration FUTA taxes that have been paid for the year, or is this already part of the Officer Wages being totaled for the year?

Thanks in advance!

FishingForAnswers

@Nickerz FUTA, or Federal Unemployment, caps out after the first $7,000.00 gross wages, so you should be fine there. Should just be $42.00 for you already.

I'd say that it should be as simple as creating a paycheck (Not a regular check) dated within 2024 for the necessary gross pay, but if they're charging you $190 for it, they're either greedy or you have something else going on.

In any case, your system should already have an example to follow in whatever they did for you last year.

If that doesn't work for you, you may want to describe your situation in more detail.

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FishingForAnswers

@Nickerz FUTA, or Federal Unemployment, caps out after the first $7,000.00 gross wages, so you should be fine there. Should just be $42.00 for you already.

I'd say that it should be as simple as creating a paycheck (Not a regular check) dated within 2024 for the necessary gross pay, but if they're charging you $190 for it, they're either greedy or you have something else going on.

In any case, your system should already have an example to follow in whatever they did for you last year.

If that doesn't work for you, you may want to describe your situation in more detail.

Nickerz

Thanks for the reply! Good point about the FUTA cap of $7k. And yes, my accountant is ridiculous with nickeling and diming me for simple tasks and they said their hourly rate is $190/hr. so they always charge a minimum of 1 hours work apparently even for a task that I felt could take 5 minutes.

At first I called QuickBooks but the 2 agents couldn't help me. After I called and got a 3rd agent (Natasha - VERY nice), she knew exactly what I meant and showed me how to create a paper check with the amount I need and she was even able to show me (via screenshare feature) the previous year where my accountant did this for me. It's really rolling the dice talking with QB agents, some absolutely know their stuff and some have no clue, no clue at all.

Thanks again for your help and I'll do this towards the end of this month for 2024 and see if I have any more questions. Have a great week FishingFor Answers!

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