How to do Payroll Taxes and Process Payroll Yourself?

Firstly you hire the employees and review basic payroll requirements, you need to figure out how to get them paid. You are using the three ways to approach payroll processing — do payroll yourself, use a payroll service like Square Payroll, or hire an accountant.
As well as which option might be best for your business. Remember, this post is for educational purposes only. For specific advice, be sure to consult with a professional.

How to do Payroll Taxes:-

QuickBooks Payroll taxes are federal, state and local taxes withheld from an employee’s paycheck by the employer. They include Income Tax, Social Security, and Medicare. In order to properly calculate what your payroll tax should be, you need to know the current tax rates. For example, the Social Security tax for 2016 is 6.2% and the Medicare tax rate is 1.45%. The percentages are determined on a yearly basis.

We are using some steps here:-

Step 1: Have all employees complete a W-4.
Step 2: Find or sign up for Employer Identification Numbers.
Step 3: Choose your payroll schedule.
Step 4: Calculate and withhold income taxes.
Step 5: Pay taxes.
Step 6: File tax forms & employee W-2s.
For more information about importing invoices into QuickBooks, dial QuickBooks Customer support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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What is payroll in human resources?

Human resources take care of employee relations. They also share functions that are crucial to the organization’s success. As a business owner,  You need to recognize the difference in terms of their functions but also harmonize the tasks of the two areas. Allows automatic updating and reduce difficulty in providing consolidated reports.

Payroll Functions:-

QuickBooks payroll department takes care of wage deductions, record keeping and verifying the reliability of pay data. Records paperwork for new hires and edits existing employee files. Payroll professionals are also responsible for calculating reimbursements, bonuses, overtime and holiday pay.
For more information about importing invoices into QuickBooks, dial QuickBooks tech support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts

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Is Quickbooks India GST compliant?

Step 1: Get GST registered
Get registered for GST. In case you don’t have GSTIN, learn more about the GST registration process. If you have already registered for GST, keep your GSTIN handy.

 Step 2: Add your GSTIN details
 GST for QuickBooks companies which have set up tax agencies
1.Existing companies which have set up tax agency will see the “GST ready” widget on the dashboard page.
2.Enter your GSTIN (Not having GSTIN won’t stop you from creating invoices using GST tax rates in QuickBooks) and click Save.
 GST for QuickBooks companies without taxes setup
Companies (existing and new) which have not enabled tax will see a Setup GST widget on the dashboard page
1.Click Setup GST
2.The Edit GST settings pop up will appear
3.Enter Start of the tax period, which would be July 1st, 2017 
4.Enter your GSTIN
5.Choose your Filing frequency and Accounting method
6.Click Save
 Step 3: Add your HSN, SAC codes
Important: 

• To make your invoices GST compliant, you will need to add the relevant HSN/SACcodes. Learn more about the new HSN and SAC codes.
• Know the codes for your products (HSN) and/or services (SAC) you offer. You can download the HSN codes and check your HSN code for your business in the Central Board of Excise and Customs website. 

How to add HSN/SAC codes in QuickBooks for new products

1.  Select Add HSN/SAC for items

           2. If no products or services are added, select Add a product or service
           3. Select product type – Inventory/Service/Non-inventory/Bundle
           4. Along with other details, add HSN/SAC code
 How to add HSN/SAC codes in QuickBooks for existing products
           1. Click on Edit in existing product or service
           2. Add HSN/SAC code


Step 4: Record GSTIN of customers, suppliers
1.You will need to  add your customers’ and suppliers’ GSTIN to facilitate the generation of accurate GST Reports (GSTR)
2.Add GSTIN of your customers and suppliers (if applicable) to QuickBooks for GST-compliance.

 Step 5: Create GST invoices
1. Learn more on how your invoice changes to be GST ready.
What is a GST-ready invoice (India only)
1.Customize your invoice template to display GST specific information, or enable GST information on your invoice.
Customise invoice for GST (India only) 

3. Customize your invoice to start new invoice number series from 1st of July

          Change the number on invoices or other transactions

4. Check out the video on invoicing for GST:  Invoicing – QuickBooks for GST – YouTube

Step 6: Run GST reports

1. GenerateGST Reports (GSTR) or lets your accountants generate it to complete filing.

           2. Create transactions (invoices, expenses) with the new GST tax rates. Here’s a quick guide on how to enter and pay bills on QuickBooks: Enter                 and Pay Bills Owed to Suppliers
           3. You will also be able to create backdated transactions (prior to July 1, 2017) using prevailing rates, i.e., Service Tax, VAT.


Your GST FAQs answered
Have more questions about QuickBooks Payroll support and GST? 
Hope this answer will be helpful for you. For more information about this, dial QuickBooks support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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How do you record a journal entry as GST inclusive?

GST will be one tax to subsume all taxes. “One nation one tax” regime.
GST will bring in much clarity in many areas of business.Read on to find out about accounting entries under GST. One of the areas is accounting and bookkeeping. Current scenario:
Separate accounts have to be maintained for excise, VAT, CST and service tax. Here’s a list of the few accounts currently any business has to maintain (apart from accounts like purchase, sales, stock) –

• Excise payable a/c (for manufacturers)
• CENVAT credit a/c (for manufacturers)
• Output VAT a/c
• Input VAT a/c
• Input Service tax a/c
• Output Service tax a/c

For example, a trader Mr. X must maintain the minimum basic accounts –

• Output VAT a/c
• Input VAT a/c
• CST A/c (for inter-state sales and purchases)
• Service tax a/c [He will not be able to claim any service tax input credit as he is a trader with output VAT. Service tax cannot be set off against VAT/ CST]
• QuickBooks Payroll support services
• QuickBooks point of sale support

Hope this answer will be helpful for you. For more information about this, dial QuickBooks support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.
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How QuickBooks set common GST codes?

you need to setup the Tax Account. To simplify the process, you can consider setting up one single Tax account – GST Payable, to capture both the input and output tax. This account acts as a control account and will be in Other Current Liability types of QuickBooks payroll account. Since there is only one account for both input and output tax, the value will be in negative when there is a claim of GST from the tax department.
The user needs to set up the Tax Agent — IRAS. This is a supplier type of name. The user needs to check the check box for Tax Agent when setting up the name. In the Tax Agent profile, the user can set the quarter ending for GST, Tax label and the Tax Accounts associated with Sales (Output) and Purchase (Input) with the Tax Agent.
Hope this answer will be helpful for you. For more information about this, dial QuickBooks support phone number+1-855-441-4417. You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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How do you pay Payroll Taxes from QuickBooks?

How do you pay Payroll Taxes from QuickBooks?
In this answer Payroll tax is an unavoidable part of running a business in the United States. If you want to legally employ people, you’re going to need to pay payroll tax. There’s no way around that.
Today, I’m going to explain the intricacies of payroll tax. I’ll show you the best ways for a business to manage its payroll taxes, reduce errors, and increase bookkeeping efficiency.
What Is Payroll Tax.
Payroll taxes consist of two types of taxes employers are required to pay:

• Withholding taxes, which are taxes employers are required to withhold from the wages of every employee. These are also known as Pay-As-You-Earn (PAYE) taxes.
• Other employer taxes, which are required from all employers in order to cover federal programs like Social Security and unemployment insurance. Both employers and employees are required to pay their portion of these taxes.

Hope this answer will be helpful for you. For more information about importing invoices into QuickBooks, dial our QuickBooks payroll support phone number+1-855-441-4417 You can ask any query related to QuickBooks from well qualified and experienced accounting experts.

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