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I'm in Ontario, Canada. I started a sole proprietorship. I need clarification about paying myself vs money the business made. 1) Let's say I charge my customer $100/hour for a service, and I decide to pay myself a wage of $25/hr. How do I pay myself, how do I subtract all the necessary deductions when I pay myself. In previous jobs I have had employers deducts Federal Tax, Provincial Tax, EI and CPP. How do I do that on the money i pay myself. How do I enter this into QBSE? 2) At the end of the year does any money my business made count towards my personal income when I do my personal taxes? That is to say, not just the $25/hour I payed myself, but the leftover $75/hr the business made? Or does the business pay taxes on that separate from my personal taxes. Thanks
My T4 summary does not show Box 82, TWS amount claimed.Is there a way to edit my T4 Summary, or will QB be correcting this issue?
Hi there,I am using quickbooks payroll to calculate the source deductions. I made my monthly payment outside of QB (i.e. I calculated the amount, generated the necessary documents, and completed a transfer in my bank account). On QBO, I got a notification that my taxes are still outstanding, I assume it's because I did not pay within the QBO module; so i clicked "record entry" on QBO to clear the alert. The entries are recorded in the respective liability accounts. What I'm struggling with is that under my banking transactions, it shows the amount I paid out, but I can't seem to match the transaction back to the payment QBO recorded automatically for me (when i click "Find Match", the entry is not there). So it appears in my books there were two payments that were made. Just wondering how to resolve this. Thanks,Simon
Currently, it is not possible to pay an employee both a salary and an hourly wage. This is ridiculous as it is relatively common practice in some industries to pay an employee salary for shop hours and an hourly wage on top of that salary for field hours. The current workaround is to run payroll with the employee's pay type as salary, then change the employee's pay type to hourly and run payroll again for their hourly wages. This results in the employee having two separate paystubs for the same pay period and is altogether a large waste of time to be switching back and forth and running multiple payrolls. Please implement a feature allowing any employee to receive an hourly rate, salary, or any combination of the two.
Using Quickbooks online standard payroll, I am setting up a manager on salary. As per their contract agreement and the BC employment act, this manager is entitled to be compensated at an hourly wage for any hours worked over the agreed upon 40 hours a week. Is there a way to set up a salary employee to receive an hourly wage for additional hours? Could I do this using the "Add other earning type"? But then how would I include the # hours worked? Thanks for your help!
Recieved a refund for overpayment for EI from Gov't. How do I input this in QuickBooks Online so the credit gets applied to my next remittance and also is added as income? Any insight would be great - Thanks ahead of time - Randy
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