I'm here to provide insights about your payroll history and explain why your Social Security and FICA amounts are incorrect in QuickBooks Online (QBO).
One possible reason for the incorrect amounts is that the system doesn't allow us to enter inaccurate tax deductions. It reminds us to enter the correct SS deduction amount in the employee's prior payroll. For SS, it should be 6.2% of the taxable gross pay. We should only enter the employee's part, as QuickBooks will automatically match it. As for FICA, you can also view the calculation. Additionally, in QBO, only quarterly amounts can be entered, and the total should not exceed the calculation for a 3-month period.
On the other hand, here are some articles to help you manage tax payments and their schedules inside the program:
Please do come back to this post if you have other concerns about your payroll history in QuickBooks Online. I'll be here to lend a hand. Have a good one!
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