"Stan McFarland" <stanmcfarland[at]comcast.net> wrote:

- quote -

It looks like you set up payroll using the default
QuickBooks accounts, "Payroll expenses" and "Payroll
Liabilities." To have QB report this correctly, you need to
edit the payroll items to separate the accounting for wages
from the accounting for payroll taxes (create a new expense
account). This is one reason it's good to have a
professional help you set up the program so it's right for
your business.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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Can someone help me with this? I'm using TurboTax Business
which imported my an amount of $102,426 (I'm a one-person
Chapter S corp) from Quickbooks, which to my calculations
includes not only compensation but the employer portion of
FICA, Medicare, FUTA, and State Unemployment (total:
$6,593). Then, Quickbooks wants me to include the $6,593 on
line 12 under Payroll Taxes. I would have thought that the
correct thing to do would have been to have listed only
compensation - minus the employer payroll expenses - on Line
7. Am I wrong, or is it QuickBooks/TurboTax?

Thanks,

Stan McFarland

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