Quarterly Payroll Reports - Federal & Nevada

“Quicklet” - A Podcast for QuickBooks Pro, Premier, Enterprise Solutions, Point of Sale and Peachtree users featuring helpful information, tips, tricks and suggestions for bookkeepers, business owners, and consultants.

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Hi, I'm Jayne Miller, The QuickBooks Gal. Welcome to another in my series of “Quicklets” – informational podcasts about QuickBooks, Peachtree and related bookkeeping topics.

Quite often, I get calls from folks who do their own payroll with questions about the standard payroll tax reports that need to be filed. Since I am in Nevada, I would like to recap the payroll reports, Federal and State, that need to be filed quarterly.

Here's a quick Check-list of the quarterly and annual reports you will need to file if you live in Nevada:

941 Employers Quarterly Federal Tax Return
Nevada State Unemployment
Nevada Modified Business Tax
940 FUTA
Nevada Child Support Collection Fee

Let's take these one by one, quarterly and annually "to do's". . .

Quarterly Reporting

1 - Quarterly Form 941/Schedule B - Employers Quarterly Federal Tax Return

Typically, you will receive this form in the mail, however you can produce it directly from your QuickBooks company file by selecting Process Payroll Forms in the Home Page of QuickBooks.

Follow the onscreen instructions to complete the form. Ideally, you have made all of the required 941 tax deposits for the quarter reported and you have process liability payments properly in QuickBooks.

Once the report is completed, if possible save a PDF copy for your records. Print 2 copies - one to mail and one for your files.

2 - NV Employers Quarterly Contribution & Wage Report

If you purchase the State tax tables from Intuit when you obtain payroll tax tables, you can produce this report directly from information in your QuickBooks payroll file.

Make sure you have properly paid all liabilities for the quarter reported and it is very important that you set up the payroll items with the proper rates and the correct liability agency.

Once you have completed the form in QuickBooks, make sure you save a PDF of the form for your files. Print 2 copies, one for your records and one to mail to the proper agency.

If you have not purchased the state tax tables, I suggest you call Intuit today and do so....it is worth the additional annual fee.

Follow the link above to find a blank form. It is not an onscreen fill-in form, but you can print it and fill it out.

3 - NV Modified Business Tax Return

This is another Nevada quarterly return. You should receive this by mail quarterly, but if you prefer, you can follow this link to a fill-in form. You can not produce this form from QuickBooks, but you will need to know the GROSS WAGES and any qualifying MEDICAL INSURANCE amounts in order to complete the form.

4 - 940 FUTA

You will not receive a form nor is there one for this tax....you have to remember to pay this one when it is due!

This is a tax that you will pay to the IRS the same way you pay 941 liabliities. By that, I mean that if you take 941 payments to the bank using a coupon (8109-B), then you will do the same with these payments only you will select tax type 940 and, of course select the proper quarter. If you pay by phone or online, pay this tax the same way.

You will not get a reminder on this one. You are not required to pay this one until you have a liability of $500. Since this tax is only on the first $7000 earned per employee, typically most employers will have little or no liability after the second quarter (unless they hire new employees or have a lot of turnover).

5 - Nevada Child Support Fee

If you have employees for whom you pay child support that is withheld from their paychecks, you are required to pay $2.00 per paycheck (if there was a child support deduction). This is due quarterly. Check your child support orders for the proper submission address. This fee is deducted from employee's gross pay and should be accrued as a payroll liablility that you pay quarterly.

This form recaps the liabilities and payments made for 940 FUTA.

You should receive a blank form from the IRS in late December or early January. It can also be produced in QuickBooks or you can follow the link above for an online fill-in form.

This report is due (mailed to IRS) by Jan 31st of the new year.

2 - W-2 forms

These are the forms we send out to our employees that recap their gross earnings, Federal Tax withheld, Social Security & Medicare Withheld and any applicable funds (401K, Simple IRA, for example).

You can produce these forms directly from QuickBooks (visit my e-store for great savings on forms, checks and supplies).

They are due:

Employee copies - postmark no later than Jan 31st

Federal copies - postmark no later than Feb 28st (29th - leap years)

W-4 Forms

These are issued to your employees at the time of employment and should be updated annually. Employers use the information on these forms to input the employee's correct social security number, address, filing status and number of withholding deductions.

1099 Independent Contractors

While this is not a payroll issue, you should obtain a W-9 from your independent contractors or independent service providers. Those who are not incorporated will be issued a form 1099 at the end of the year....same issuing deadlines as W-2 forms.

You can produce these from QuickBooks...check out my archives for step by step directions.

This is a good check list for payroll processors. I had many clients who did not receive the 941 Employers Quarterly Report from the IRS for Q-2 2008. That is not an acceptable excuse for not filing this report.

You have the list and you have the links....if you don't have Federal and State tax forms in QuickBooks...get it! It is a great value, saves time and in the long run, will save you money. Now you have all the tools to process payroll forms like a pro!

Well, that’s it for now. Please tune in again for another in our Quicklet© series. If there are topics you would like me to cover send me an email at jayne@quickbooksgal.com.

I’m Jayne Miller, the QuickBooks Gal. Thanks for listening.

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