Yes, there is a way, korissa. I'm here to help you pay yourself.
In QuickBooks Online (QBO), you'll want to create a manual paycheck to generate a W-2 form. The system will automatically calculate taxes for you.
Before proceeding, ensure your payroll settings are configured to monitor your payroll expenses. It is an initial step for identifying which Payroll Expenses or Payroll Liabilities will be shown on your Profit & Loss or Balance Sheet reports. Here's how:
Go to the Gear icon and select Payroll Settings.
Scroll down to the Accounting section. Map the correct accounts, then click Save.
After making sure the correct accounts are added, hit Done.
Also, make sure to set up your Company type correctly in your settings. This ensures QuickBooks uses the correct form when managing your taxes:
Click the Gear icon, then select Account and settings.
Go to the Company tab.
Expand the Companytype section.
Select the correct form under Taxform.
Hit Save.
Once everything is updated, you can start running your payroll.
Next, go to the Payroll menu, then click Runpayroll.
Select a pay schedule, then hit Continue.
Check your employee profile.
Enter the hours worked or the salary amount.
Proceed with Preview Payroll.
When you're ready, hit Submitpayroll.
If you need additional help paying yourself and handling your taxes, I recommend consulting an accountant.
Finally, I've added this resource that can help you learn more about paying yourself as a business owner: Owner's Draw vs. Salary.
Do you have more questions about the features and the tax forms in QuickBooks? Let me know, and I'll gladly lend a hand. If you happen to come across any difficulties while recording your entries, fill me in with the details, and I'll help you fix them.
Need QuickBooks guidance?
Log in to access expert advice and community support instantly.