In this article you will learn how to pay a bonus on regular paychecks in quickbooks desktop payroll. To know more call quickbooks support USA.
You can pay a bonus to an employee on a regular paycheck during the employees scheduled payroll in Quickbooks desktop.
By including the bonus on a regular paycheck:
• Along with regular pay the bonus will be paid and delivered at the same time and method and with regular paychecks.
• Regular deductions such as retirement, health insurance, child support may be applicable to the bonus amount. For information about these deferrals on bonus paychecks, consult your tax/financial advisor or the plan advisor.
• According to the Filing Status and Allowances in the Employee Profile the withholding taxes will be calculated by the Quickbooks desktop. You must consider the taxability of bonuses. Based upon the selection and disbursal of taxes the net pay on a bonus check can change drastically.
See to set up a payroll item for a bonus? If you do not have a bonus payroll item already created.
You can create a bonus payroll item to pay a bonus paycheck/paycheck to employees in Quickbooks desktop payroll.
How to set up a Bonus payroll item?
Follow these steps to set up a Bonus payroll item:
• Choose Lists from the Quickbooks desktop menus at the top
• Select Payroll Item List.
• Select the Payroll Item buttonat the lower left of the Payroll Item List and then select New.
• Select Custom Setup, and then select Next.
• Choose Wage, and then select Next.
• Choose Bonus, and then select Next.
•Enter the name of this item, and then click on Next.
• Select the expense account that you wish the item to track to, and then click on Finish.
Please Note: If you calculate for Workers’ Compensation Quickbooks desktop will include this item. You will need to create the Bonus payroll item as an Addition with a tax tracking type of Compensationif you want to exclude Bonus in your Workers’ Compensation calculation.
Follow these steps to add a bonus item to a regular paycheck:
• Firstly, start by creating a payroll according to your regular process.
•Click in the Item Name column under the regular salary or hourly item to get a drop-down menu in the Earning box of the preview paycheck window, choose a bonus item.
• Enter the gross amount of the bonus in the Rate column.
• Adjust federal and/or state withholding taxes as needed.
• To continue creating paychecksclick on Save and Close or Save and Next.
To know more on how to pay a bonus on regular paychecks in quickbooks desktop payrollcall on Quickbooks support USA on toll free phone number 1-800-593-0163. Also, you can write us at [email protected]. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbookpayrollsupports.com.