Payroll Support

Pay liabilities by pay period rather than paycheck date

Article ID: 1000083

Overview

QuickBooks uses the paycheck date when calculating liabilities.

Assumptions

You are setting up a payroll liablity schedule or you are having trouble with the amounts due in a schedule you have already set up.

Expected Outcome

You can pay the liabilities due.

Details

When your pay liabilities in Create Custom Liability Payments, be sure to use paycheck dates. All federal and state agencies use paycheck dates. If you pay liabilities by pay period dates instead of paycheck dates, there is a high risk you will pay the incorrect amount. That can result in penalties and interest for underpayment, or waiting a minimum of 6 weeks after you file returns to get the overpayment credited.

For more information regarding tax deposit schedules, refer toIRS Publication 3151: The ABC's of FTDs: Quick Reference Guide for Understanding Federal Tax Deposits.

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