Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I need some help in running payroll outside of my standard…

Hello, I need some help...
Hello, I need some help in running payroll outside of my standard schedule for a couple of employees. I'm not sure what dates to use for pay period and also how to make sure I file my payroll liabilities correctly with the additional payroll run. I'm using Quickbooks as my accounting software.
Show More
Show Less
Ask Your Own Finance Question
Answered in 14 hours by:
3/8/2018
Kelly McGlynn
Kelly McGlynn, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 30
Experience: President at Exceptional Bookkeeping Inc.
Verified

Hello. Thank you for your question. I'm Kelly and am here to help you today. I am reviewing your question and will be with you shortly.

Ask Your Own Finance Question

When you go into your pay employees option, there should be an option that says start unscheduled payroll. Do you see that?

Ask Your Own Finance Question
Customer reply replied 1 month ago
Hello, sorry for the delay. Yes, I do see that. I have gone into it and selected the people who need to be paid and updated the amounts

Perfect. The process now should be the same as a regular payroll. As far as the payroll tax go, if you are preparing your payroll tax reports through QuickBooks, it will pull the correct information or all returns.

Ask Your Own Finance Question
Customer reply replied 1 month ago
Okay-question on what to use for my pay period dates though. What does this decision impact? Since this pay should have taken place with my last pay period, should I make the dates in line with the prior period?As for payroll tax, we file and pay our own. I have already made my deposit to the federal government but this was based on amounts excluding these new payments. Are familiar with the EFTPS portal to make deposits on FICA and Withholding?

What was the last pay period? Are you a monthly depositor or a semiweekly depositor for payroll taxes?

Ask Your Own Finance Question
Customer reply replied 1 month ago
Last pay period was Feb 1 through Feb 28th but we actually pay on the 5th of the next month. We have to submit a schedule B so I believe we are semi-weekly? This doesn't make sense to me though since we only pay once a month however when I look at our latest 941 it does show semi-weekly.

Okay, so you can use the same payroll period and it's only 3 days late. As long you are not willfully not paying employees, just go ahead and pay them and submit another tax deposit for the taxes. If you are filing schedule B, you are semiweekly so you will want to make sure and get those taxes paid on time.

Ask Your Own Finance Question
Customer reply replied 1 month ago
could I just go into the EFTPS portal, and make another deposit to account for these two additional deposits? My understanding is the deposit to EFTPS is due the following Friday (since we paid out on a monday). If that holds true, going into EFTPS and adding additonal payment will essentially just increasing what is deposited for that period. Then, for my actual 941, I should be alright because that is all activity for Q1.

Correct, for Monday payroll, the taxes are due by Friday. Technically, for a Thursday payday, the taxes are due by the following Wednesday but since these should have been paid on Monday I would pay the taxes ASAP. Yes, just go to EFTPS and schedule another payment. As far as the 941, it is fine also, you will just have 2 payments in March instead of 1 but both are timely so there should not be any issues.

Kelly McGlynn
Kelly McGlynn, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 30
Experience: President at Exceptional Bookkeeping Inc.
Verified
Kelly McGlynn and 87 other Finance Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Okay- I think that takes care of everything! Thank you so much for your help!

Glad I could help. Thank you for the 5-star rating.

Ask Your Own Finance Question
Was this answer helpful?
Ask Kelly McGlynn Your Own Question
Kelly McGlynn
Kelly McGlynn
Kelly McGlynn, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 30
30 Satisfied Customers
Experience: President at Exceptional Bookkeeping Inc.

Kelly McGlynn is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,920 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
D: had question earlier in the week re pension fund in
For Robin D: had question earlier in the week re pension fund in Cayman and taxes. If we wire transfer from Cayman pension into 401K here in US what are tax implications. The pension fund was earned b… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
To Taxmanrog, pls? Thanks very much for your brief and
ToCustomer pls?Hi: RogerThanks very much for your brief and precise answers of my last question. May I have one more question, pls? As you mentioned that sometime foreign law differs from US law. For … read more
taxmanrog
taxmanrog
Master\u0027s Degree
909 satisfied customers
Need a CPA I am purchasing an s corp foe 4 mil including 1.2
Need a CPA Hi I am purchasing an s corp foe 4 mil including 1.2 in land. there is 500k in carry over loses and 3 million left to depreciate. This is all due to 6 million in improvements made in 2008. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Need tax pro to interpret a W2. On a W2 an entry for
On a W2 an entry for $190,000 shows in Block 12b V. Do I ignore the 190K when I do the Form1040 and just report the Gross Wages in Block 1 … read more
Carter McBride
Carter McBride
LLM
973 satisfied customers
Not a tax question. I am closing books for the year, and it
I am closing books for the year, and it seems my accounts payable is off . It is off the amount from 2016, when we changed systems, What is the entry to adjust for this. Should this be an expense item, if so won't that put my books off for 2017?? … read more
Carter McBride
Carter McBride
LLM
973 satisfied customers
I'm in Florida and plan to open a business in about 3 years.
Hello, I'm in Florida and plan to open a business in about 3 years. I manage a hotel and want to open a franchise of it. My current employer recommended I open an LLC and have him pay me through my bu… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am settling my mother's estate. My mother's house
I am settling my mother's estate. My mother's house appraised at 246,000 at the time of her death. She didn't have anything else and my daughter paid off debts and estate expenses so we could keep the… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have an accounting question, unrelated to taxes. Is that
I have an accounting question, unrelated to taxes. Is that ok? … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I'm not sure what expert I can ask about the stock market? I
I'm not sure what expert I can ask about the stock market?I have a small 20 shares of stock in a company. It's been pretty steady, a little up and a little down. Lately, with the market wide turmoil t… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
Question on family irrevocable trust. The trustee sold the
Question on family irrevocable trust.The trustee sold the only property that was in the trust for $170,000 in mid January. He claims to be still debating if he should file K-1 with 1041 or just file w… read more
taxmanrog
taxmanrog
Master\u0027s Degree
909 satisfied customers
I have setup my new LLC as a sole member and have questions
I have setup my new LLC as a sole member and have questions that I want to be certain of the answer to. … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
California C corporation went out of business in 2015 but
California C corporation went out of business in 2015 but neglected to dissolve with Secretary of State. As a result, minimum corporation tax is due California for 2016 and 2017. Non-stockholder, form… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Bryan, in continuation to my previous questions about LLC, I
Hello Bryan, in continuation to my previous questions about LLC, I would like to figure out if it is really necessary to do an LLC for a rental home. I believe the liability is less with an LLC. For e… read more
Bryan Mullis
Bryan Mullis
Managing Partner
Masters of Accountancy
34 satisfied customers
I moved some rental properties into an LLC and I need some
I moved some rental properties into an LLC and I need some help with my balance sheet calculations. Is there an accountant online that can help?… read more
Bryan Mullis
Bryan Mullis
Managing Partner
Masters of Accountancy
34 satisfied customers
I recently started my own LLC (single-member) and I have a
I recently started my own LLC (single-member) and I have a consulting business with no real write-off's. I was going to lease a new vehicle in hopes to create a write-off, and was wondering if I shoul… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My question is I am 150000 in debt can you tell me what
my question is I am 150000 in debt can you tell me what would be the best way to get out of my hardship? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
828 satisfied customers
I am 62 years old. i have an ira at fidelity for 14k. what
i am 62 years old. i have an ira at fidelity for 14k. what are my costs if i liquidate the full amount? will i be hit with the 10 percent penalty and the income tax or just the income tax? my income i… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Will you PLEASE direct me to a (PENSION LOAN COMPANY
will you PLEASE direct me to a (PENSION LOAN COMPANY MANAGER) that would approve me for $40,000 PENSION LOAN with (POOR) CREDIt … read more
Bryan Mullis
Bryan Mullis
Managing Partner
Masters of Accountancy
34 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x