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How to Set Up & Pay Payroll Tax Payments in QuickBooks

How to Set Up & Pay Payroll Tax Payments in QuickBooks

Setting up payroll tax payments in QuickBooks may seem like a difficult task if you’ve never done it before, but the truth is that it’s not that hard at all! If you’re looking to do this yourself and avoid paying your accountant to set it up for you, then this guide will help you understand exactly what to do when setting up payroll tax payments in QuickBooks. This guide will help you setup payroll tax payments in QuickBooks and pay your taxes on time each quarter.

What Is Federal Insurance Contributions Act

The Federal Insurance Contributions Act (FICA) is a payroll tax that funds Social Security and Medicare—the two social welfare programs in the United States. FICA is composed of two parts the Social Security tax and the Medicare tax. The Social Security tax funds retirement benefits, disability benefits, and survivor benefits, while the Medicare tax funds hospital insurance. Employers are responsible for withholding these taxes from their employee’s wages.

Once they have withheld these taxes, employers must pay them to the appropriate agencies on behalf of their employees; each employer has its own account number for reporting purposes with both agencies. Employers are required by law to withhold all FICA taxes from an employee’s paycheck, and it is illegal for employers not to withhold all applicable taxes from an employee’s wages.

Employers must also file Form 941, which is the Employer’s Quarterly federal unemployment tax return, by January 31st each year if they withheld any federal income or social security taxes during the previous calendar year.

Does Your Company Need to Register for FICA

FICA is a payroll tax that is deducted from an employee’s wages and used to fund Social Security and Medicare. All businesses that have employees must register for FICA. To do this, you will need to obtain a Federal Employer Identification Number (FEIN) from the IRS. Once you have your FEIN, you will need to register for FICA by filing Form SS-4 with the IRS. After you have registered for FICA, you will need to begin making payroll tax payments. You can make these payments online through the IRS website or by mailing a check to the IRS.

Do You Need to File Form 941

Every business that withholds taxes from their employees’ paychecks must file Form 941. This includes federal income tax, Social Security tax, and Medicare tax. Businesses that are required to file Form 941 must do so every quarter. If you have any questions about whether or not you need to file Form 941, you can contact the IRS.

To set up payroll tax payments in QuickBooks, you’ll first need to create a liability account for each type of tax you withhold from your employees’ paychecks. To do this, go to the Accounts menu and select New. Then, choose Liability as the account type and enter the name of the tax in the Account Name field.

When Are FICA Payments Due

FICA (Federal Insurance Contributions Act) tax payments are made up of two parts Social Security and Medicare. The due date for FICA tax payments is the same as your federal income tax payment – April 15th. You will need to pay FICA taxes on behalf of your employees, as well as yourself if you are self-employed. For each employee, you’ll need to fill out their W-4 form so that they indicate how much they would like withheld from their paycheck. If you’re not sure what number an employee should use on the W-4 form, simply use the same number that they have been using so far. When it comes time to file your tax return at the end of the year, any excess withholding can be claimed back.

Calculating the Total FICA Amount Due

To calculate the total FICA amount due for your business, you’ll need to gather some information from your employees. Each employee’s Form W-4 will list their filing status and number of allowances, which you’ll use to determine their social security and Medicare tax withholding rates. You’ll also need to know each employee’s gross pay for the pay period. Once you have this information, you can use a payroll tax calculator like the one at to determine the total FICA amount due for your business.

How Do I Make FICA Payments If My Employer Only Takes Deposits via Electronic Funds Transfer (EFT)

If your employer only takes deposits via electronic funds transfer (EFT), you’ll need to make your FICA payments using the EFTPS system. You can either pay online or by phone. To pay online, you’ll need to create an account and have your employer’s tax ID number handy. To pay by phone, you’ll need to call the EFTPS Customer Service number at 1-800-555-4477 and have your employer’s tax ID number ready. You should also have your bank account information handy so that the operator can set up a payment from your account.

Where Should I Send My FICA Remittance

The FICA (Federal Insurance Contributions Act) is a tax that is automatically deducted from your employees’ paychecks. The money is then used to fund Social Security and Medicare. If you have an employee who has opted out of the program, the amount will not be withheld from their paycheck.

You may be wondering how you should send your remittance for payroll taxes, or where it should go.

The best place to send it depends on the number of employees you have on payroll. If you only have one employee, send the payment by mail directly to the address on Form 941 or with a designated private delivery service such as FedEx or UPS.

Paying Other Taxes with QuickBooks Online

QuickBooks Online can help you pay other taxes, including your payroll taxes. To set up payroll tax payments in QuickBooks Online, go to the Taxes menu and select Payroll Taxes. Then, follow the instructions on the screen. You’ll need to provide some information about your business and employees, as well as your bank account information. Once you’ve set up payroll tax payments, you can make a payment anytime by going to the Taxes menu and selecting Make a Payment.