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BUSINESSES COULD FACE LOWER UNEMPLOYMENT TAX BURDEN
CARSON CITY- The unemployment tax assessed 36,310
businesses in Nevada could be lowered in
2014 if the state pays off its federal loan earlier. The state Employment
Security Council this month recommended the average tax rate be reduced from
2.25 percent to 2.1 percent if bonds are issued. Council member Paul Barton
said, “ We need to keep the tax rate as low as possible to give employers the
best chance of creating jobs. Employers are struggling and they need help.” Renee Olson, administrator of the state Employment Security Division appeared
before the state Board of Finance to request permission to issue bonds of $580
million to $600 million to repay the federal government for money it loaned
during the recession to pay jobless rates and build up the reserve. The state
is paying an interest rate on the federal loan at 2.5 percent. The bonds might
be sold at a rate of 0.5 to 1 percent. In addition to retiring the debt, it
would also eliminate a yearly $63 federal tax imposed on employers.
given the authority by the council to adjust the rate based on the interest
rate of the bonds. Olson said she would hold a work-shop on the unemployment
tax rate on Oct. 29 and then she has 30 days to make a financial decision. Based on worker turnover, employers now pay a rate ranging from a high of 5.4
percent to 0.25 percent on a wage of $26,900. New employers which now total 21,402,
pay at a rate of 2.95 percent for the first three years they are in operation.
The wage level will rise to $27,400 next year. The rates will help Nevada build
its trust fund to pay for benefits for jobless workers. Olson said it will be a
better position to deal with any downturn in the economy. “ We want to be put
in a position where we don’t have to borrow again.” The state at one point owed
the federal government $846 million during the high point of the recession. Chief Economist Bill Anderson told the council the economy was “ growing at a
modest pace.” But he cautioned it was rebounding from a “ historical low.” He
estimated there would be an added 30,000 jobs next year. Supervising Economist
David Schmidt said jobless workers are getting off of unemployment benefits
earlier. The average during the downturn was drawing checks for 19 weeks of the
maximum 26 weeks. It is down to 15 weeks, he said.
Source: Ryan,Cy. “Business Could Face Lower
Unemployment Tax Burden.” Las Vegas Inc. Business Weekly. 28 October 2013.
Got a QuickBooks Mess? Call The QuickBooks Gal!
Welcome to the QuickBooks Minute.
I’m Jayne Miller, the QuickBooks Gal
Recently, one of our Reno QuickBooks customers asked about "unapplying" credits in QuickBooks. While there are nicely labeled apply credits buttons, there are none marked unapply. This is the case for both customers (invoicing) and vendors (paying bills).
So here is how it is done:
For customers, it is a fairly easy process. Go to the invoice to which the credit was applied. Then click on the "Apply Credits" button. In the lower half of the new window that pops up is a list of Previously Applied Credits. Simply find the one, or ones you wish to unapply and click on the check mark next to it to make the check mark disappear. The credit will no longer be applied or tied to that invoice.
For Vendors, i.e. bill payments, it is not as clean and simple. The only way to unapply a credit in such a case is to Delete the credit. You can then re-enter the credit…
Welcome to another QuickBooks Gal Minute. I'm Jayne Miller, The QuickBooks Gal. Do you need to produce a report by Employee that lists only Employee Name and Wage Rate?In QuickBooks that's easy! Here's how to modify a standard report to include the data you want to report.
In the top tool bar, select ReportsSelect Employees & PayrollSelect Employee Contact List from the drop-down listOnce inside the report, select Modify Report in the report tool barIn the "column" section, remove the check marks from the information choices you don't need.In the "column" section, place a check mark next to "Employee"In the "column" section, place a check mark next to "Earnings/1 Rate"This will customize the report to include only employee names & salary/wage amounts.
As you explore the Modify window, you will find that there are many useful information options you can use to create really great custom reports...by the way, you can…
Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal
Do you know the difference between a QuickBooks Back up (.qbb), QuickBooks Portable file (.qbm), Accountant's Copy (.qbx) and a QuickBooks Company file (.qbw)?
As a consultant & a bookkeeper, I am often asked what's the difference between these types of files.
Many times a client will bring me their work along with what they think is a backup when, in fact, they have just copied the entire QuickBooks company file.
Of course, I can't restore from that type of file, however I can drag & drop it into the proper directory on my computer in order to process their work.
However, if they had just brought a backup or portable file, then I could have restored and worked just as easily and they would not risk their company file by copying it....I am always afraid that I might accidentally delete it, so I stay away from that option!