Quarterly Payroll Tax Checklist - Federal & Nevada


Are you processing payroll using QuickBooks Enhanced Payroll?

If you aren't, you should be!



Those of us how process our own payroll using QuickBooks Enhanced payroll are fortunate because Enhanced Payroll now includes the ability to produce State Unemployment Forms and, in Nevada, a great worksheet for Modified Business Tax.

This is a great service because it makes Quarterly Payroll Tax reporting so easy. I process Payroll taxes for California, Idaho, and Nevada and absolutely love the forms Intuit has included in this service.

If you haven't upgraded to the Enhanced Payroll Service, take a look online at the cost & features....I think you will find it is worth the price....it saves so much time and reduces the potential for "human error."

Here's a handy checklist for Federal and Nevada Quarterly Payroll Tax Processing. Your state may have different reports, but you can use this guide to start your own checklist.

940 FUTA - Quarterly - No Form or Report to File

940 FUTA must be paid quarterly or when the $500 minimum liability threshold has been reached. I typically just pay this tax quarterly regardless of the amount in order to assure that I am always current and compliant.

This tax is paid through the "Pay Liabilities" module. Print a check to take to your bank or pay online through EFTPS.


941 Quarterly Report

Using the Payroll Forms function in the Payroll module, select 941/Schedule B form.
Create the 941 report onscreen.
  • Select YES on the first page when asked about Schedule B.
  • Confirm on the second page that all liabilities have been paid & that you don't owe anything
  • Complete Section 4 on page 3 - IRS Designee information
  • Fill in your name, title, date on page 3
  • THEN, Save a PDF of the report....I keep a folder in My Documents for Quarterly tax returns.
  • Finally, print the report - I select Tax Forms Only and print 2 copies...one to mail and one for my files
  • Mail to IRS 941, Ogden, Utah 84201
NV Unemployment - Nevada Economic Security Division Report

Pay the State Liabilities first; note the amounts for UI and CEP, leave the check in your register as "To be Printed" until you are ready to print & mail.

Using the Payroll Forms function, select State. Then select the NV4072 report.

You shouldn't have to do anything here except check the accuracy of the information; compare to the check you created to assure that CEP and UI figures to pay agree.

Save this one as a PDF, too. Then you can print - Tax Forms only - 2 copies. Keep one for your files and mail one.

Modified Business Tax

QuickBooks has not added an actual form that you can process & mail to the Enhanced Payroll service yet, but they have created a wonderful worksheet.

Once again, you will use the State function inside Payroll Forms. Here you will use the Modified Business Tax worksheet to calculate your taxes due.

  • Once you open the report, you can enter the amount of qualified Health Insurance on line
  • You don't need to fill in anything else because this is just a worksheet.
  • Save this one as a PDF, too.
  • Use this form to manually complete the form sent to you by the State of Nevada Dept of Taxation or you can go to their website & download a blank form (pdf) to your computer that will calculate automatically. You can then print that form & mail with your check - be sure to print 2 copies, saving one for your files.

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Comments

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