Tax liability & Deposit (Quarterly)

[hazelgoods]

Hello
I just started a company where there is noone to break me into the accounting software..no let me know what they did & where the did it from


HOW DO I GET THE 3RD QUARTER FEDERAL UNEMPLOYMENT INSURANCE LIABILITY & DEPOSIT INFORMATION FOR MY PAYROLL COMPANY????

Help is much need..thank kindly all cathy

[chikamic]

That info is in payroll reports.

Peachtree's online help file will be very helpful in helping you accomplish basic tasks.

Also, Peachtree for Dummies is an excellent resource for learning the basics.

Michelle

[hazelgoods]

Thanks for replying, I have gone to both of those sources that is why I am here questioning my outcome.
What I have is this:
Tax Liability Report from the 3rd quarter Is that my liability for the 3rd quarter?
Then I have PayRoll Tax Report (FUTA ER) as of Sept 30 (or up to 3rd quarter) Is that my deposit? or is the deposit something else or am I all twisted in this..

Thanks again for anyone to read and help....
Hazelgoods

[chikamic]

Hazelgoods,

Pull a Form 941 worksheet, available from the FedForms 941 folder. The worksheet is contained in the drop down box. It will give you explanation of the detail contained in the 941 report.

Michelle

[hazelgoods]

Thanks for your advice Michelle, that was nice to take your time on me: I'm not 100% positive but the 941 form is not the FUTA its the 940 Form..I just paid it & have no clue what it was for. What is the 941 for?
The peachtree online help charges money as far as I could see, was there another site I missed? Thanks kindly again!

However this is the best advice I have received on this issue: It is from someone else not me:

You need to run a Tax Liability Report from the Reports: Payroll section. Run it to cover the whole 3rd quarter date range. This will tell you all your liabilities including FUTA. Then you will need to run a check register for the Vendor they are using to make the deposits and see what has been paid. All this assumes that the Peachtree chart of accounts was set up properly in the first place.

[lustbergcpa]

The Payroll tax liability reports will show your federal and state tax liabilities. This is the amount you owe. It will not show what you have paid. This needs to be accomplished through your General Ledger setup. The 941 report is for your federal withholdings, social security and medicare (both employee and employer portion)

You need to set-up expense accounts and liability accounts for payroll. You need seperate liability accounts for each taxing authority. I am in Texas, we have no state income tax. However, we do pay state unemployment tax. Your accounts may look as follow:

Expense accounts:

Wages Expense - Gross employee wages go there
Employer 941 Expense - employer matching of SS & med
Federal Unemployement Tax (940) Expense
State Unemployement Insurance Expense

Liability Accounts

941 Tax Payable - this would include federal withholding, SS & medicare and employers matching of SS and Med.

Federal Unemployment (940) tax payable

State Unemployment Insurance Payable

Each Payroll period the liability amount (credit) will increase. Then when you pay the taxing authority, the payments applied will decrease (debit) the balance.

It is in the liability accounts where you will know how much you owe in payroll liabilities at any given time.