Summary

To recap, you now know what information is required to set up employees, what payroll reports are available so that you can gain insight into your total payroll costs, and we discussed the importance of filing payroll tax forms and submitting payroll tax payments on time. Be sure to consult with a CPA, HR professional, or a payroll expert to ensure payroll is set up properly. Otherwise, you run the risk of encountering errors, which could result in steep penalties.

In addition to payroll, we have also discussed how to set up 1099 contractors in QuickBooks, how to track payments that have been made to 1099 contractors, the various ways you can pay 1099 contractors, and how to report and file 1099 forms at the end of the year. If you hire individuals such as an attorney or a bookkeeper to provide services to your business, you now know how to set them up in QuickBooks and track payments that are made to them throughout the year. You also know that the threshold for reporting...