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DanielleCPA
DanielleCPA, CPA
Category: Financial Software
Satisfied Customers: 789
Experience:  Certified Quickbooks ProAdvisor & Small Business Accountant
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Hello, Question on Intuit Payroll that I use with Quickbooks.

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Hello, Question on Intuit Payroll that I use with Quickbooks. I have always just plugged in the hours and let it do the rest, but was running reports and now have questions :) On the paystub it lists Payroll Expenses: wages and payroll expenses: employer taxes - both as positive numbers. Then it has the state income, federal, etc as liabilities. What line do I assign these on for tax reporting? Right now they are unassigned - not sure what to select. Thanks!

DanielleCPA :

Welcome and thanks for your question!

DanielleCPA :

For the liabilities, you will want to select the tax line "B/S-Liabs/Eq: Other Current Liabilities"

Customer:

Ok - for the others - I selected wages and taxes subcategories under payroll expenses - would that be correct for them?

DanielleCPA :

That would be correct.

Customer:

Thank you! What about dividends? Sorry for all the questions - I assumed Quickbooks would have assigned these categories but assumed wrong.

DanielleCPA :

Dividends paid?

Customer:

Yes, dividends company paid out

DanielleCPA :

And your company is a C Corporation, correct?

DanielleCPA :

If it is a C Corp, they would go to line Schedule M-2, Cash Distributions

Customer:

It is an S corporation -

DanielleCPA :

If it is an S corp, then it would be Schedule K -Other Items, Prop Distr (incl cash)

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