An Overview Wage Base And Tax Adjustment In Quickbooks
In this tutorial, we will learn how to use a wage base adjustment in order to correct an employee’s year-to-date (Ytd) details (wage base and tax amount) for flat rate taxes like FUTA, Social Security, Medicare and SUI.
- For Assisted Payroll: contact us at 888.712.9702 in case you need wage base adjustment on taxes filed by Intuit.
- Basic, Standard, and Enhanced: running the Payroll Checkup will not auto correct the wage base.
Important Technical Issues
- Some of the common scenarios that can be changed or corrected by making a wage base adjustment in QuickBooks Tutorial.
- You need to change the tax item employee that is subjected in the middle of the year, resulting incorrect wage and tax amounts on tax forms.
- Employee’s total wage base hasover exceeded the annual limit and you are expected to correct it.
- You need to change the default tax settings in the payroll item set up causing error in tax calculation.
- You need to change the rate for a tax item in the middle of a filing quarter or year and is required to apply this change retroactively.
How to make a wage base adjustment